Business news wrap-up



Wed, 02 Aug 2017 - 05:00 GMT


Wed, 02 Aug 2017 - 05:00 GMT

US dollar- Creative Commons via Pixabay- Brett Hondow.

US dollar- Creative Commons via Pixabay- Brett Hondow.

Cabinet approves Golden Triangle economic zone

The Golden Triangle project targets $18 billion in investments, Minister of Industry says.

New free zone in Kafr el- Sheikh under planning: minister

Kafr el-Sheikh’s investment zone will be established at the cost of LE 200 billion ($11.21 billion), expected to create 250,000 job opportunities.


Cabinet approves EBRD loan to purchase 100 locomotives

The cabinet approved on Wednesday a 100-million-euro loan offered by the European Bank for Reconstruction and Development (EBRD) to purchase 100 locomotives.

New heads named for 7 state-owned petroleum firms

The changes included new head and deputies for GANOPE, according to the Ministry of Petroleum.

Dollar exchange rate stable Wednesday despite reserves boost

Highest exchange rate per dollar came at LE 17.88 for buying and LE 17.98 for selling.


New EGX head to take office August 6

Mohsen Adel will replace EGX head Mohamed Omran, whose term will end Sunday.

EGX ends on positive note, benchmark adds 0.7%

The benchmark index EGX 30 inched up 0.7 percent to close at 13,405 points.

Investment minister heads for Gaborone to attend African group meetings

Investment and International Cooperation Minister Sahar Nasr headed for Gaborone Wednesday to represent Egypt in the meetings of the African group 2017 under the rubric "economic transformation and creating jobs".


UAE says measures against Qatar do not violate WTO agreements

Economic sanctions imposed on Qatar by three fellow Gulf states do not violate World Trade Organisation agreements.

Apple shares sail to record high on healthy iPhone sales

Apple Inc on Tuesday delivered surprisingly strong fiscal third-quarter earnings and signaled driving the stock up 6 percent to an all-time high.


Oil down 1 percent on surprise rise in U.S. inventories, high OPEC output

Oil prices fell by 1 percent on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel.

Expolink, Development Authority sign MoU to boost exports

The agreement will work on increasing exports especially to Africa through participating in exhibitions and organizing trade missions.



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