Business News Wrap-up

Finance Ministry works to reduce the budget deficit to 4%

Minister of Finance Amr el Garhy on Tuesday said that the second term in office of President Abdel Fattah El Sisi will see a strong economic performance.

Saudi Arabia lifts ban on Egyptian frozen guava

The Saudi Food and Drug Authority (SFDA) decided to lift the temporary ban on Egyptian imports of frozen guava to Saudi Arabia on Tuesday.

Molla says oil sector big contributor to national projects

The petroleum sector in Egypt is strongly contributing to national projects, besides oil ventures.

Thanks to highly-skilled experts, many oil projects have been implemented with high performance and in record time, said Petroleum Minister Tareq el Molla Tuesday.

Loan deal still going on without problems: Telecom Egypt

Telecom Egypt denied reports claiming that there are problems concerning the LE 13-billion loan deal with five banks.

EGX ends Tuesday on mixed note amid profit picking process

The Egyptian Exchange (EGX) ended Tuesday session with a semi-collective regression pushed by profit picking processes, amid Egyptian and Arab selling.

The benchmark EGX30 slipped 1.90 percent, or 191.95 points, to end at 17,492.71 points.

Export Authority organizes 1st trade mission to Brazil

Export Development Authority has organized the First Egyptian Trade Mission to Brazil from April 2 to 5, 2018, within the framework of activating the Mercosur Agreement to maximize trade movement from Egypt to Brazil.

Egypt’s exports to Spain rise to €640.5M in 2017

Egypt’s exports to Spain jumped 52.3 percent in 2017, recording €640.5 million (LE 13.9 billion), as compared to €420.5 million in 2016, according to an official statement.

Sunday, Monday official holidays in EGX

The Egyptian Exchange (EGX) decided that Sunday April 8 and Monday April 9 will be official holidays as they coincide with Easter and Sham el-Nessim.

Cityscape Egypt event promotes real estate projects

Cityscape Egypt concluded its seventh edition on March 31, showcasing how the Egyptian real estate market continues to provide new opportunities, with some of the country’s leading developers highlighting new, varied projects throughout the exhibition.

ITFC contributes more than $40bn to funding trade operations in 10 years

Over 10 years, the Islamic International Trade Finance Corporation has contributed more than 40 billion dollars to funding and developing trade operations, said ITFC CEO Hani Sonbol Tuesday.

Egyptian non-oil private sector fell to 49.2 in March: PMI

Egypt’s Emirates NBD Purchasing Managers’ Index (PMI) for the non-oil private sector fell to 49.2 in March, compared to 49.7 in February.

Egypt to meet investors this week ahead of euro-denominated bond

Egypt will start meeting bond investors in Europe this week ahead of a potential euro-denominated bond issue, a document from one of the banks appointed to arrange the meetings showed on Tuesday.

Mubasher Trade raises EGX30’s price target to 17,700

Mubasher Trade raised the price target for the benchmark of the Egyptian Exchange EGX30 to 17,700 with an increase of 6.6 percent, a recent report remarked.