Business news wrap-up

Continuing the wave, Saudi prince to usher investments in Egypt

The Saudi prince praised measures taken by the government to improve the investment climate, such as issuing the New Investment Law.

Egypt sets customs dollar exchange rate at LE 16 in September

The new figure is less than the custom dollar exchange rate set for August at LE 16.25, Minister of Finance said.

Average yields fall on Egypt's five- and 10-year T-bonds

The average yield on the five-year bonds fell to 16.749 percent, while yield on the ten-year bonds fell to 16.750 percent.

EGX extends mixed performance, benchmark up 0.8%

Market capitalization gained LE 3.4 billion, totaling LE 693.932, up from LE 690.488 billion recorded Sunday.

Industry Minister forms committee to set licenses’ conditions

Members of the committee will include representatives of the Federation of Egyptian Industries (FEI), IDA’s licensing unit and industrial experts.

China’s Sinopec looks to expand petroleum works in Egypt

Minister of Petroleum Tarek El- Molla said there are massive opportunities for Chinese companies to invest in during the upcoming period.

Fitch lowers Qatar’s credit rating to AA-

Qatar’s GDP growth is forecasted by Fitch to fall to 2 percent in 2017, 1.3 percent in fiscal year 2018/19, down from 2.2 percent in 2016.

Zohr field to produce 350 MMCF of gas in October

A set of experiments are expected to be conducted in the Zohr gas field before the end of October to produce an estimated 350 million cubic feet of gas .

U.S. dollar exchange rate inches down against Egyptian pound

The U.S. dollar recorded LE 17.66 for buying and LE 17.76 for buying at the CBE.

Oil markets roiled as Hurricane Harvey hits U.S. petroleum industry

Gasoline prices hit two-year highs as massive floods caused by the storm forced refineries across the U.S. Gulf Coast to shut down.

Exports of readymade garments reach $799M in 7 months

Exports of readymade garments increased by 7% YoY in the first seven months of 2017, to reach $799 million.

Uber picks Expedia's Dara Khosrowshahi as new CEO: sources

Khosrowshahi, 48, would take on the daunting task of mending Uber’s image, repairing frayed relations among investors.