Business news wrap-up



Tue, 01 Aug 2017 - 05:30 GMT


Tue, 01 Aug 2017 - 05:30 GMT

Dollar banknotes - Jericho via Wikimedia

Dollar banknotes - Jericho via Wikimedia

Egypt’s foreign reserves soars $4.7B in one month

The international reserves recorded $36.03 billion by the end of July.

FDI scores $2.27B in Q2 2017: CBE

UK was the biggest source of FDI with $1.83 billion in investments in the second quarter of 2017.

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PM attends signing of 6 deals to set up projects in SCZone

Ismail attended on Tuesday the signing ceremony of agreements with six companies to set up projects on an area of 16.2 million square meters.

Nasr, Mamish ink LE 5.5B deal to set up project on SCZone

Minister of Investment Sahar Nasr and the Head of Suez Canal Economic Zone Mohab Mamish signed a LE 5.5 billion deal to establish a project in the SCZone.

2 (1)

Investment opportunities in Luxor, Qaliubiya, Matruh disclosed

The projects mainly focus on tourism and urban communities.

New law to legalize informal economy: ministry

The law does not only aim to collect more taxes, but it targets developing SMEs as well, Minister of Industry Tarek Kabil says.

Ration cards items tripled as of August: official

The increase in available products comes to allow users to get subsidized products as per their desires, head of the Food Industries Holding Company says.

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Egypt's trade with key partners edges up in 9 months

The volume of trade between Egypt and its key trade partners went up in July-March in fiscal 2016/2017 to reach around 34,65 billion dollars.

EGX amends rules governing GDRs issuance, transfer

The Egyptian Exchange (EGX) issued amendments for the executive rules and procedures of the issuing and transferring of the global depository.

Egypt launches 1st digital map for microfinance

The Egyptian Financial Supervision Authority (EFSA) disclosed the first digital map for microfinance that shows the licensed bodies that practice microfinance.

Oil slips from two-month high as ample supply weighs

Oil slipped from a 2 month high near $53 a barrel as ample global supplies countered strong demand and forecasts of another drop in U.S. crude inventories.

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Careem invests $10M in Egypt since opening, 30% growth monthly

Careem has invested around $10 million since its services opened in Egypt. The firm achieves 30 percent growth rate per month.

DP World Sokhna launches development project for Suez, Sokhna

The project will focus on the sectors of health, education, water and social welfare.



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