Business news wrap-up

Joint $800M Saudi-Egyptian investments directed to hotel sector

Saudi Prince Al-Waleed Bin Talal will cooperate with Talaat Mostafa Group to expand in the Four Seasons Resort in Sharm el-Sheikh, to be the largest hotel in the world.

Average yields on Egypt's 3- and 7-year T-bonds drop

The average yield on the three-year bonds dropped to 16.813 percent.

Egypt sells $14.1M electricity to Jordan, Libya in 5 months

Egypt's electricity exports reached about $14.1 million during the first five months of the current year, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Monday.

Japan’s Taisei Corporation bids for 4th metro line

Japan-based construction and civil engineering firm Taisei Corporation submitted financial and technical bid to implement the fourth metro line in Al Haram district of Giza.

EGX ends on mixed note; turnover gains LE 232M

Total turnover gained LE 231.7 million ($13.04 million) to LE 900.7 million, up from LE 669 million, while market capital slightly went down to LE 715.13 billion.

Egypt, Russia finalize 4 Dabaa contracts

Egypt and Russia finished negotiating terms of Dabaa nuclear plant contracts, Minister of Electricity Mohamed Shaker said.

Proposed tax on luxury goods to contribute to “Innovators’ Fund”

The House of Representatives’ Economic Affairs Committee considers imposing a tax on luxury goods.

Egyptian exports to Tunisia up 29% in 1H

Egyptian imports to Tunisia hike 29 percent in the first half (1H) of 2017, standing at $119.2 million, up from $92.4 million in 1H 2016, the Egyptian Commercial Service (ECS) in Tunisia said Monday.

Reda Abdel Moaty to serve as acting head of EFSA

Minister of Investment Sahar Nasr on Monday announced that Reda Abdel Moaty will hold the post of the acting head of the Egyptian Financial Supervisory Authority (EFSA).

Egypt 1095 highlights Suez Canal revenues on its second anniversary

Egypt celebrated Sunday the second anniversary of the inauguration of the new extension of Suez Canal, highlighting the waterway’s revenues since 2014.

OPEC, non-OPEC to convene in Abu Dhabi Monday

The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC technical committee will hold a meeting in Abu Dhabi on Monday to discuss the states’ commitment to the output cut deal.

China July FX reserves unexpectedly hit 9-month high on boost from weak dollar

China's foreign exchange reserves rose twice as much as expected in July to a nine-month high as tighter regulations and a weaker dollar keep capital outflows in check.

SoftBank CEO says interested in investing in Uber, Lyft

SoftBank Group CEO Masayoshi Son said he was interested in investing in ride-hailing firms Uber Technologies [UBER.UL] and Lyft but had not made a decision.

ADNOC to split huge oil concession, in talks with potential partners

State-owned energy giant Abu Dhabi National Oil Co (Adnoc) said on Monday that it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships.