Business News Wrap-up



Tue, 22 Aug 2017 - 04:33 GMT


Tue, 22 Aug 2017 - 04:33 GMT

Economy - Pixabay

Economy - Pixabay

U.S. dollar exchange rate steadily goes down

It recorded LE 17.70 for buying and LE 17.80 for selling at the central bank.

Egypt’s absorption growth rate up to 6.3% in H1 FY16/17: Pharos

Pharos Holding said that the significant rise in the absorption growth rate was due to more intensified economic pressures and/or anticipation of a severe economic reform measures.

Oil prices rise on signs of tightening market

Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States.

Egypt's Suez Canal revenues rise to $447.1 mln in July

Egypt's Suez Canal revenues rose to $447.1 million in July from $427.2 million in June, the government said on Tuesday.

GAFI nods establishing 3 new investment zones

Nuweiba will host a public free zone, while the other investment zones will be in Sharm El-Sheikh and Qaliubiya.

Agiba’s reserves hike in FY2016/17

Agiba completed digging 36 wells over the previous fiscal year.

Egypt to sign 7 MoUs with Vietnam investors: Minister

The agreements will target opening new investment opportunities for Vietnamese investors in Egypt, Minister of Investment said.

Omran appointed as CBE board member

Mohamed Omran will serve as the representative of the Egyptian Financial Supervisory Authority in the Central Bank’s board.

Orascom Construction sets up largest student housing in U.S.

Orascom Construction Limited’s subsidiary, the Weitz Company, has completed the largest student housing development in College Station, Texas on 2.2 million square feet.

EGX ends in green, market capitalization gains LE 1B

Turnover dropped LE 318.3 million to LE 404.7 million after recording LE 723 million Monday.

Egypt’s strategic reserves of wheat hit 4.86M tons

Egypt’s wheat reserves, after the last tender, will be enough to cover the domestic need for 6.1 months.

Egypt seeks 6% growth rate by 2020 - min

Planning Minister Hala el Saeed said Egypt's 2017/2018 sustainable development plan targets a 5 percent growth rate to increase to 6 percent by 2020.



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