Business news wrap-up

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Sat, 16 Sep 2017 - 06:37 GMT

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Sat, 16 Sep 2017 - 06:37 GMT

Photo courtesy of the Blue Diamond Gallery

Photo courtesy of the Blue Diamond Gallery

Deposits in banks up by LE 920B in FY 2016/17: CBE



Deposits in Egypt’s banks have increased by LE 920 billion during fiscal year 2016/2017, to stand at around LE 3.04 trillion by the end of June 2017, compared to LE 2.12 trillion in the same month last year.

Cabinet approves deal with GE to manufacture 100 rail vehicles



Egypt’s Cabinet approved a deal between the Railway Authority and General Electric (GE) to manufacture 100 train vehicles and spare parts and renovate 81 others, currently out of service, Minister of Transportation Hisham Arafat said on Saturday.

Egypt's non-petroleum exports up to $13.8bn in 8 months



Egypt's non-petroleum exports increased by about 9.3 percent in the period between January and August 2017 to record 13.889 billion dollars, compared to 12.698 billion during the same period in 2016.

Several petrol projects underway in Upper Egypt



The Petroleum sector is establishing a number of projects in Upper Egypt with the aim of developing the area and attract investment to it, Minister of Petroleum Tarek el-Molla said Saturday.

Egypt’s informal economy reaches LE 1.6 trillion: PM



The size of Egypt’s informal economy has reached LE 1.6 trillion, Prime Minister Sherif Ismail said in press statements Saturday.
Egypt is seeking to integrate the informal economy into the formal one, and to include them financially.

Mamish's visit to Germany was 'so fruitful', says ambassador



The visit of the Suez Canal Economic Zone (SCZone) chairman to Germany was so fruitful, as he reviewed the investment advantages and incentives for German investors in the zone, Egyptian Ambassador in Berlin Badr Abdel Aati said on Saturday.

Dubai awards contract for final phase of solar park



The Gulf desert emirate of Dubai on Saturday announced the award of a $3.8-billion contract for the final phase of a solar park aimed at generating 5,000 megawatts of electricity by 2030.

Merkel vows to restrict trade with Turkey over arrests



Germany will have no choice but to restrict its economic ties with Turkey to pressure its NATO partner into releasing German citizens it imprisoned on political grounds, Chancellor Angela Merkel said in remarks published on Saturday.

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