Business news wrap-up

Tourism reaps flotation fruits, revenues triple in Q4

The figures are justifiable as tourist flows to Egypt increased from January till June 2017 by 3.5 million tourists.

Egypt, EBRD in talks about sanitation project funding

Egyptian government will form the Foreign Investment in Egypt Council, to be a connection between the government and leading firms, minister of investment.

Khalda, Qarun petroleum firms’ output boosted in FY2016/17

Khalda invested $502 million, while Qarun invested $137 million over the previous fiscal years.

Egypt to import 850K tons of sugar till October: minister

The government assigned sugar factories the process of marketing and selling sugar for industrial purposes at LE 500 for each ton as of August.

Orascom Development Egypt revenues hike 76.9% in H1

The hotels segment’s revenues hiked 145.2 percent to LE 448.8 million, rising from LE 183 million in H1 of 2016.

Rockhopper Exploration says Egypt’s operations stable

Production from six Abu Sennan fields averaged at 3,300 gross barrels of oil equivalent per day.

Vacsera to supply vaccines worth LE 350M annually for 5 yrs

EgyVac factory is one of the development projects to be established from the UAE $4.9 billion grant to Egypt.

EGX ends in red for 3rd session in row on local, foreign sales

Market capitalization lost LE 4.58 billion ($3.26 billion) totaling LE696.9 billion, down from 701.48 billion registered Monday.

Egypt's government review boosting agro-investments in African states

Representatives from Irrigation and Agriculture Ministries reviewed on Tuesday means of giving momentum to agro-investments in African states.

Telecom Egypt posts LE 4.6B revenues, EBITDA hit LE 1.5B in Q2

Telecom Egypt’s net Profit after tax grew 22 percent to LE 1.3 billion in the second quarter of 2017, representing a net profit margin of 27 percent.

Egyptian, Belarusian businessmen due to hold talks in Cairo

Egyptian and Belarusian businessmen will hold meetings on the fringe of SAHARA International Agricultural Exhibition for Africa and the Middle East due to be held in Cairo on September 27.

Other Gulf states may introduce VAT after UAE and Saudi, official says

The United Arab Emirates and Saudi Arabia will introduce value-added tax next January but other countries in the six-nation Gulf Cooperation Council may do so later in the year, a senior UAE official said on Tuesday.

UAE's Dana Gas reports 71 pct Q2 profit jump as capex slashed

United Arab Emirates-based energy firm Dana Gas on Tuesday reported a 71 percent leap in second-quarter profit as energy prices rose and it cut capital spending.

Sterling falls to one-month lows before price data

Sterling slipped to one-month lows as the dollar's rebound against a broad basket of currencies prompted investors to execute some short bets against it.