Business News Wrap-up
Thu, Mar. 22, 2018
Petroleum Minister Tarek el Molla unveiled preparations for conducting the first strategy to develop the mining sector in Egypt to optimize the country's benefit from mineral wealth.
The step comes as part of the 2030 Egypt Strategy for Sustainable Development, the minister said.
Ministry of Finance announced Sunday a list of 10 state-owned companies that will be released as initial public offering. The ministry also revealed a list of 10 companies that will have additional shares listed.
With the state offering 15 percent to 20 percent of each of the companies listed over the next 24 to 30 months, the cumulative value of the listings is expected to rise to LE 80 billion, raising the collective market capitalization to LE 450 billion, according to a statement from the Ministry of Finance.
Yields on Egypt’s 182-day and 357-day treasury bills in Thursday’s auction recorded LE 14.5 billion, according to the Central Bank of Egypt (CBE).
The average yields on the 182-day bills recorded LE 6.75 billion, reaching an average yield of 17.81 percent, while the average yields on the 357-day bills reached 16.68 percent, with an outcome of LE 7.75 billion.
Minister of Petroleum Tarek el-Molla Thursday conferred with the CEO of the Italian SNAM Company Marco Alverà on opportunities of cooperation in the coming period in light of the increasing oil activities in Egypt and making use of the company's expertise in implementing an integral program to turn Egypt into a regional hub for trading gas and petroleum.
A high-level economic delegation from the United Arab Emirates visited on Thursday the premises of the Micro, Small and Medium Enterprises Development Agency (MSMEDA).
The delegation is led by Chairman of Sharjah Economic Development Department (SEDD) Sultan Abdullah bin Hadda al Suwaidi.
A number of Central banks in the Gulf raised the interest rates by 25 base points, following the decision of the U.S. Federal Reserve to increase the interest rates to 1.75 percent.
Central Banks of Kuwait, United Arab Emirates and Bahrain raised their interest rates after the announcement of raising the rates in the United States of America, while Saudi Arabia raised its rates earlier due to expectations that the Fed would lift the rates.
The Egyptian Exchange (EGX) ended Thursday in red, amid Egyptian selling.
The benchmark EGX30 declined 0.48 percent, or 82.54 points, to end at 17,064.58 points.
The announcement of signing a trade agreement among African Countries, including Egypt, to ease the trade exchange between them, raises questions concerning the agreement and how Egypt and other African countries can benefit from it.
Egypt Today reviews these questions and provides answers to understand how the trade agreement, the African Continental Free Trade Area (CFTA), can be applied, taking a deeper look at its advantages.
Food Industries Holding Company marked a five-percent surge in its net profit during fiscal year 2016/2017, recording LE 310 million, compared to LE 294 million in 2015/2016, with an increase of LE 16 million.
Net profit of Food Industries’ subsidiaries increased 148 percent to LE 882 million in 2016/2017, compared to LE 356 million in 2015/2016, according to Ministry of Supply.