Business news wrap-up



Sun, 20 Aug 2017 - 05:31 GMT


Sun, 20 Aug 2017 - 05:31 GMT

 Economy - Wikipedia Commons

Economy - Wikipedia Commons

Third IMF tranche to come in December: Minister

Over fiscal year 2017/18, Egypt is scheduled to receive $4 billion from the IMF.

BP’s JVs Pharaonic, GUPCO boost Egypt’s petroleum reserves

Habi-16 and Taurt-8 wells were put on production at an average of 140 million cubic feet of gas.

Moody’s reasons for holding Egypt’s credit rating unchanged

Egypt’s credit rating outlook maintained stable by global credit rating agency Moody's Investors Service late Friday.

Egyptian exports to Russia jump 26% in H1 2017

The rebound is attributed to the efforts of the Ministry of Industry in promoting exports, and lifting ban on agriculture and tomatoes exports, Tarek Kabil said.

Suez Canal traffic hits record on Sunday: Chairman

A number of 63 ships sailed through the Suez Canal, carrying a total volume of 3.8 million tons on Sunday, breaking a record.

New GAFI branch to be built in Sharm el-Sheikh

The Ministry is currently planning to establish a free zone in Nuweiba, Minister of Investment Sahar Nasr said.

Average yields fall on Egypt's three- and nine-month T-bill

The average yields on Egypt's three- and nine-month treasury bills fell at an auction on Sunday, central bank data showed.

Report says Egypt among top 8 vendors of IT service

Egypt is ranked among the top eight vendors of IT services and products in the Middle East, Europe and Africa.

Cairo airport customs foil attempt to smuggle foreign currenc

Custom officials at Cairo International Airport were able to foil an attempt to smuggle a large amount of foreign currency by a passenger coming from Dubai on Sunday.

Restructuring food holding firm ahead of listing at EGX

Supply and Internal Trade Minister Ali Moselhi stressed the ministry's keenness on implementing an all-out restructuring plan of the Food Industries Holding Company.

EGX indices lose ground on Arab sell-offs

The benchmark index EGX30 declined 0.71 percent to close at 13,026 points.

MPs need clear mechanism for switching to monetary subsidies

Among the economic reform measures assumed by the state, switching from in-kind subsidies to monetary subsidies is in progress.

Over 23k terms of reference sold for Sakan Misr: Minister

The new unsubsidized houses are in six cities, namely New Cairo, 6th of October City, Obour City, Badr City, New Damietta City and New Minya.

Gulf may have firm footing after oil rise

Stock markets in the Gulf look set rise on Sunday after oil prices rallied at the end of last week



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