Business news wrap-up



Fri, 04 Aug 2017 - 04:10 GMT


Fri, 04 Aug 2017 - 04:10 GMT

US dollar- Creative Commons via Pixabay- Brett Hondow

US dollar- Creative Commons via Pixabay- Brett Hondow

Egypt FDI rises to about $8.7 bln in FY 2016-17: Investment Minister

Foreign direct investment in Egypt is expected to have risen to about $8.7 billion in the 2016-17 fiscal year that ended last June, compared to about $6.9 billion the previous year, Investment Minister Sahar Nasr said in a statement on Friday.

10 facts about Egypt’s ‘super giant’ gas field Zohr

After years of energy shortage and power outages, Egypt’s domestic needs of gas will be secured for decades as the country is expecting to see a breakthrough in its gas reserves when Zohr gas field on the Mediterranean starts production by the end of 2017.


Demand on real estate up 12% in July MoM: Aqarmap

Demand on real estate in Egypt rose 12 percent in July month-on-month to reach 3,017 points, according to the monthly Aqarmap Real Estate Index.

EGX ends week on mixed note, benchmark hurt by CIB losses

EGX30 fell 1.44 percent to close the week at 13,413 points, weighed by the CIB that lost 1.97 percent.


Property tax will hamper industry sector: FEI

The Taxes and Duties Committee at the Federation of Egyptian Industries (FEI) is discussing demands of manufacturers to exempt industrial activities from property tax, which the government seeks to impose as part of its economic reform program.

Qatar's Doha Bank seeking to reduce UAE loan book -sources

A unit of Qatar's Doha Bank is seeking to sell some of its assets in the United Arab Emirates to local lenders, two banking sources said.


Oil prices fall as OPEC oil exports rise

Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States.


Greece to set up development bank to fund infrastructure projects

Greece will set up a development bank to fund infrastructure projects, start ups, small businesses and export oriented companies.

UK car sales fall for fourth month in a row in July

British new car registrations fell for a fourth consecuti
ve month in July, the longest run of declines since 2011.

Strong U.S. jobs report bolsters case for further Fed tightening

U.S. employers hired more workers than expected in July and raised their wages, signs of labour market tightness that likely clears the way for the Federal Reserve to announce a plan to start shrinking its massive bond portfolio



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