Business news wrap-up



Sun, 27 Aug 2017 - 06:28 GMT


Sun, 27 Aug 2017 - 06:28 GMT

Money – Creative commons via Flickr

Money – Creative commons via Flickr

Sisi reviews Zohr field’s development works with Eni’s CEO

President Abdel-Fatah el-Sisi stressed on the importance of committing to the designed timeline for the start of production of Zohr natural gas field, in a meeting with Italian energy company Eni’s CEO Claudio Descalzi.

IDA grants licenses to 923 industrial entities in 5 months

The Industrial Development Authority (IDA) has granted licenses to 923 industrial entities since the approval of the new Industrial Permits Act in March and until the issuance of its executive regulations on August 13, Trade Minister Tarek Kabil said Sunday.

EGX ends in mixed note, benchmark down 0.1%

The Egyptian Exchange (EGX) indexes showed a mixed performance during Sunday’s session, gaining approximately LE 1.5 billion. The benchmark index EGX30 inched down 0.10 percent to close at 12,913 points.

Reasons for S&P’s negative outlook for Qatar’s economy

Qatar’s economy outlook was affirmed at AA-/A-1+ for long and short term foreign and local currency sovereign ratings by international rating agency S&P Global Ratings on Friday.

Banque Misr plans 2 new offices in India, Tanzania

State-owned bank Banque Misr is currently studying opening offices in India and Tanzania in 2018, the bank’s Deputy Chairman Akef Maghraby said Sunday.

New $2.15B Saudi investment pledged into Egypt

Minister of Investment Sahar Nasr agreed with Saudi business tycoons Abdulrahman Sharbatly and Sheikh Fahd El-Shobokshi to invest $2.15 billion in the Egyptian market.

Oil, gas output up while diesel, butane imports down in June

Egypt’s production of oil and gas hiked year-on-year in June, while diesel consumption and butane gas import declined in the same month, state statistics body CAPMAS said.

U.S. dollar exchange rate keeps steadily declining

The U.S. dollar exchange rate slightly declined against the Egyptian pound in Sunday’s morning banking transactions. The exchange rate of the Central Bank of Egypt (CBE) for the U.S. dollar recorded LE 17.67 for buying and LE 17.77 for selling, slightly down from LE 17.68 for buying and LE 17.78 for selling on Thursday.



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