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Bussiness News Wrap Up

Thu, Mar. 8, 2018

Tourism in Egypt on way to restore its boom: Min.

Tourism Minister Rania el Mashat said the tourism sector in Egypt is on the way to regain its boom.

The foreign tour operators asserted their optimism of the return of tourism in Egypt, a statement released by the Tourism Ministry quoted the minister as saying on Thursday.

No official statement concerning dollar price in 2018/19: Min.

There is no official statement concerning the dollar price in the budget of fiscal year 2018/2019, Minister of Finance Amr el-Garhy said at the Conference of boosting the mobilization of Egypt’s domestic resources.

Egypt signs 4 agreements with France worth €60M

Egypt signed four agreements with France in the fields of energy, transportation, health care and small and medium enterprises (SMEs) at the Ministry of Investment and International Cooperation with a total value of €60 million.

EGX ends Thursday on mixed note amid Egyptian, Arab selling

The Egyptian Exchange (EGX) ended Thursday on a mixed note after keeping its upward trend for four sessions, amid Egyptian and Arab selling.

The benchmark EGX30 rose 0.54 percent, or 88.21 points, to end at 16,472.28 points.

Egypt’s GDP could jump 32% by achieving gender equality: IFC

Egypt’s gross domestic product (GDP) could soar 32 percent if gender equality achieved in the labor market, World Bank’s (WB) arm for private sector financing, the International Financial Corporation (IFC) said Thursday citing a WB study.

France's MEDEF delegation in Cairo next week

A delegation of the French Business Confederation (MEDEF: the Mouvement des entreprises de France) will visit Egypt on March 12-13.

A statement by the French embassy in Cairo on Thursday said the delegation is led by Chairman of MEDEF's Task Force Numérique (TFN) Marc Rennard, who is also Deputy CEO, Customer Experience at Orange SA.

Egypt’s imports decline to $66 billion in 2017

Egypt’s petroleum and non-petroleum imports declined by $2.1 billion in 2017, recording $66.02 billion, compared to $68.14 billion in 2016, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Thursday.

MSME signs a contract with Gastec for LE 20M

The Micro, Small & Medium Enterprise Development Agency (MSME) signed Thursday a contract worth LE 20 million with the Egyptian International Gas Technology Co. (Gastec) as a first stage of the initiative "Towards Natural Gas”.

The signing was attended by Minister of Petroleum Tarek el-Molla and Minister of Industry and Trade Tarek Kabil.

Dollar exchange rate stable at major banks in Egypt

The US dollar exchange rate was relatively stable at Egypt's major banks on Thursday.

The dollar rate reached LE 17.55 for buying and LE 17.65 for selling at the National Bank of Egypt and Banque Du Caire.

Unofficial economy represents 40%: Minister

Egypt’s unofficial economy represents about 40 percent of economy volume, Minister of Finance Amr el-Garhy said at the Conference of boosting the mobilization of Egypt’s domestic resources.

Garhy clarified that this percentage is not accurate, affirming that the volume of unofficial economy is immense in comparison to other countries.

Egypt’s annual inflation falls to 14.3% in February

Egypt’s annual consumer price inflation dropped to 14.3 percent in February 2018, compared to 31.7 percent in the same month of 2017 that rose due to the flotation of the Egyptian Currency, state-statistics body said Thursday.

EGX, partners ring the bell for gender equality on Women's International Day

Minister of International Cooperation and Investment Sahar Nasr and Chairman of the Egyptian Exchange (EGX) Mohamed Farid rang the bell for Thursday's trading session in celebration of the International Women's Day.

Egyptian Railways record actual loss of LE 6.3B in 2016/17

Egyptian Railways Authority recorded an actual loss of LE 6.3 billion by the end of fiscal year 2016/2017, compared to LE 4.3 billion estimated for the same year, Vice Chairman of the Board of Directors of the Egyptian National Railways Authority for Financial Affairs, Hosney Abdullah said.

CBE issues LE 15.5B in T-bills Thursday

The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue LE 15.5 billion in treasury bills on Thursday.
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