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Business news wrap-up

Thu, Aug. 17, 2017

Executive regulations of New Investment Law ratified



The New Investment will support Suez Canal development zone (SCZone) and provide services for investors.

Egypt’s FDI marks $6.6B in 9 months: official report



Local investments recorded LE 2.4 billion in July, surging 58 percent year-on-year, Minister of Investment Sahar Nasr said.

Egypt exempts SMEs, microenterprises of half licenses fees


Grievance committees are entitled to exempt SMEs of some non- core conditions to facilitate the licensing procedures for the industrial entities.

Government to hold survey for new subsidies’ cardholders



The Ministry set the maximum number of family members eligible per card at four, and thresholds for incomes of LE 1,500 ($84.5) per month for full-time workers.

Cabinet extends SUMED operations 27 years


The draft law is planned to be effective when the operations period stated in law no. 10/1992 ends.

Survey: Qatar’s 2017 GDP growth rate to mark a new 22-yr low



Budget deficit is expected to register 5.1 percent of GDP this year, while inflation’s forecast declined to 2.2 percent from 2.5 percent.

Average yields rise on Egypt's six-month, one-year T-bills



The average yields on Egypt's six-month and one-year treasury bills rose at an auction on Thursday, central bank data showed.

SMEs body considers women, Upper Egypt special funding



SMEs regulations have become “incompatible” with the current economic conditions, SMEs authority head said.

EGX ends in mixed note hurt by local, foreign sales


Market capitalization lost LE 1.42 billion ($79.9 million) totaling LE 697.58 billion, down from LE 699 billion registered Wednesday.

CBE says to hold auction for 1-year euro-denominated T-bills



Egypt's Central Bank will hold an auction of one-year euro-denominated treasury bills worth 650 million euros on Aug. 21.

Moody’s ranks Saudi reduced fiscal deficit ‘credit positive’



Saudi oil revenues hiked 63 percent or SAR 82.1 billion in the first half of 2017, although the kingdom is abiding by OPEC production cut deal until March.

Saudi Arabia crude oil exports fall slightly in June: JODI



Saudi Arabia's crude oil exports in June fell slightly to 6.889 million barrels per day (bpd), 35,000 bpd lower than the May level, official data showed.
 
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