Business News Wrap-up

Egypt’s new budget under the microscope

Egypt awaits President Abdel Fatah al-Sisi’s approval of the budget for the upcoming 2018/2019 fiscal year after it was discussed by the Cabinet on Sunday.

Egypt’s fiscal years starts on July 1 and lasts until June 30 of the following year.

Brazil’s exports to Egypt record 42.4M in 2017

Brazil’s exports to Egypt increased 41 percent in 2017, recording $2.4 million, compared to $1.7 billion in 2016, Brazil’s Ambassador to Cairo Roy Amarell said Monday.

Profit picking processes push EGX into Red

The Egyptian Exchange (EGX) ended Monday in Red within profit picking processes, amid Egyptian and Arab selling.

The benchmark EGX30 slipped 0.57 percent, or 98.9 points, to end at 17,172.13 points after passing the resistance point of 17,200 by the end of Sunday’s session.

Egypt’s iron exports decrease 7% in January

Egypt’s total iron exports decreased 7 percent in January 2018 to reach $50 million, compared to $54 million in January 2017, according to a recent report from the Export Council for Building Materials (ECBM).

While in December 2017, Exports rose 23 percent, reaching $2.47 billion in December 2017, compared to $2.01 billion in the same month of the previous year.

Egyptian Railways to manufacture 50% of contracted vehicles

Egyptian Railways Authority will manufacture 50 percent of the locally contracted 1300 train vehicles through a joint agreement with the Arab Organization for Industrialization, Chairman of the authority Said Salem stated.

Orascom Construction Consortium wins $180M contract

Consortium of Orascom Construction Ltd (ORAS) and UAE’s al-Sahraa Holding Company have won a project to develop the Fujairah International Airport in the United Arab Emirates for $180 million.

EMRA takes $6.2M on profit account from Sukari Mine

The Egyptian Mineral Resource Authority (EMRA) has took around $6.2 million on profit account from the Sukari Gold Mine during February 2018, General Manager of Centamin Egypt and Managing Director of Sukari Gold Mining Company Youssef el-Raghy said Monday.

Egypt to float shares in 4-6 companies during 2018

Egypt will offer shares in four to six companies in 2018, seeking to earn between LE 12 to LE 15 billion ($680 million -$850 million), Finance Minister Amr el Garhy told Reuters on Monday.

The country plans to float shares in the state owned oil company – Engineering for Petroleum and Process Industries (Enppi) – in September, Garhy said.