Business news wrap-up



Thu, 21 Sep 2017 - 05:30 GMT


Thu, 21 Sep 2017 - 05:30 GMT

Economy- Pixabay

Economy- Pixabay

IKEA considers injecting investment in Cairo, Alexandria

Swedish giant furniture store IKEA is considering injecting new investment in Cairo and Alexandria, as part of their expansion plan, Minister of Industry and Foreign Trade Tarek Kabil said Thursday.

Suez Canal revenues hike to $470M in August

Suez Canal Authority’s revenues in August recorded $470.6 million (LE 8.3 billion), marking 5.1 percent year-on-year increase compared to August 2016 yields, chairman of the authority Mohab Mamesh said Thursday.

WB head praises Egypt’s reform measures in meeting with Sisi

President of the World Bank (WB), Jim Yong Kim, praised Egypt’s reform measures in terms of addressing the economy’s structural problems and improving the business environment.

This came during his meeting with President Abdel-Fatah al-Sisi Thursday in New York, according to a statement from the presidency.

Egypt spends over LE 122B on fuel subsidies, well above estimates

The actual value spent on petroleum subsidies in fiscal year 2016/17 amounted to LE 122.4 billion, Minister of Petroleum Tarek El-Molla said in a Thursday statement.

He said that the government has purchased a worth of LE 204.3 billion ($11.6 billion) petroleum products to sell them in the domestic market for LE 81.9 billion at subsidized prices.

EGPC pays $6.2 billion in arrears to foreign oil firms

The Egyptian General Petroleum Corporation (EGPC) paid $6.2 billion to foreign companies in arrears during the fiscal year (FY) 2016/2017, which in turn prompted companies to accelerate their activities in the oil and gas fields, EGPC Chairman Abed Ezz el-Regal said Thursday.

Singapore to invest $1B in Fayoum industrial complex

The Singapore Holding Company will invest $1 billion in its industrial complex project in Fayoum, which was announced earlier this week, Minister of Industry and Foreign Trade Tarek Kabil said Thursday.

Egypt inks initial agreement with DP World for SCZone project

Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) Mohab Mamesh signed an initial agreement with Chairman of DP World, Sultan Ahmed bin Sulayem, Thursday to establish an economic zone in the Red Sea resort of Ain Sokhna.

Egypt's non-petroleum imports down $9B in 7 months

Egypt’s non-petroleum imports shaved off 23 percent in the first seven months of 2017 to stand at $30.3 billion against $39.4 billion in the corresponding period last year, the General Organization for Import and Export Control (GOEIC) said.

Specialized industrial complexes to include non-official sector

Secretary of the fund of the Egyptian Export Council of Medical Industries Emad Louis said that the council will establish specialized industrial complexes to include the non-official sector working in the field of cosmetic and medical equipment in the official sector.

EU moves to extend grip on financial sector after Brexit

The European Commission on Wednesday proposed transferring some powers to oversee the financial sector from national capitals in a move to extend the EU’s grip on the industry as the bloc prepares for the departure of London, its main financial hub.



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