Business news wrap-up
Thu, Aug. 17, 2017
The New Investment will support Suez Canal development zone (SCZone) and provide services for investors.
Local investments recorded LE 2.4 billion in July, surging 58 percent year-on-year, Minister of Investment Sahar Nasr said.
Grievance committees are entitled to exempt SMEs of some non- core conditions to facilitate the licensing procedures for the industrial entities.
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.
The draft law is planned to be effective when the operations period stated in law no. 10/1992 ends.
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.
The average yields on Egypt's six-month and one-year treasury bills rose at an auction on Thursday, central bank data showed.
SMEs regulations have become “incompatible” with the current economic conditions, SMEs authority head said.
Market capitalization lost LE 1.42 billion ($79.9 million) totaling LE 697.58 billion, down from LE 699 billion registered Wednesday.
Egypt's Central Bank will hold an auction of one-year euro-denominated treasury bills worth 650 million euros on Aug. 21.
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'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.