Business News Wrap-Up
Mon, Jun. 18, 2018
Egyptian Natural Gas Holding has likely purchased a portion of the nine liquefied natural gas (LNG) cargoes it sought via a tender for delivery between July and August, trade sources said.
The oil sector in Egypt is acting to compensate for a natural decline in production from old fields, said Petroleum Minister Tarek el Molla Monday.
Thanks to significant changes in staff and in the management strategy, as well as benefiting from the bold economic reform program in Egypt, Pharos Holding for Financial Investments witnessed a strong performance last year, and the firm is expecting 2018 to be a year of further growth. The investment bank and asset manager’s CEO Angus Blair tells us his firm witnessing drastic changes is a reflection of the transformation taking place in Egypt.
Holding Company for Chemical Industries, which is affiliated to the Ministry of Public Enterprise, will pump investments of LE 2.67 billion to the public companies during 2018/2019, the company Chief Executive Officer Emad el-Din Mostafa said.
Trade Exchange between Egypt and East European countries recorded $4.2 billion during the first quarter of 2018, the state statistic body said.
Last April, the Egyptian Cabinet approved a draft law to establish a sovereign wealth fund to manage state assets with a capital of LE 200 billion, and an issued and paid capital of LE 5 billion.