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Business news wrap-up

Sun, Oct. 1, 2017

IMF chief of mission in Cairo to meet CBE governor, Garhy



Minister of Finance Amr El-Garhy will meet, Subir Lall, the International Monetary Fund’s (IMF) mission chief for Egypt, Middle East, and Central Asia, to prepare for the next economic review, the minister said Sunday.

New vice chairman appointed for EFSA



Prime Minister Sherif Ismail issued decree no. 2,215/2017 to appoint Khaled El-Nashar as vice chairman of the Egyptian Financial Supervisory Authority (EFSA), Minister of Investment Sahar Nasr announced Sunday.


EGX closes Sunday trading in green on foreign and Arab purchases



The Egyptian Exchange (EGX) closed Sunday’s session in the green, backed by foreign and Arab purchases.

The benchmark index EGX30 increased 0.64 percent to close at 13,976 points.


Egyptian pound exchange rate inches down Sunday



The Egyptian pound maintained stability against U.S. dollar in Sunday's morning banking transactions.

The exchange rate of the Central Bank of Egypt (CBE) for the U.S. dollar recorded LE 17.6 for buying and LE 17.70 for selling, which is one piaster less than LE 17.612 for buying and LE 17.712 for selling registered over the past two weeks.

Saudi’s Savola targets expanding in Egyptian market



Saudi’s food and retail firm, Savola Group, is planning to increase or expand their investment in Egypt, their officials announced Sunday.

In a meeting with the company officials, Minister of Supply Ali Moselhy and Minister of Industry Tarek Kabil reviewed Savola’s projects in Egypt, according to an official statement.

Qatar growth sinks as oil sector stalls, sanctions cause minor damage



Qatar’s economic growth slowed in the second quarter to its lowest rate since the global financial crisis because of a sagging oil sector, while sanctions by other Arab states inflicted minor damage, official data showed on Sunday
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Nasr reviews economic reforms in meeting with development partners



Minister of Investment and International Cooperation Sahar Nasr met with a number of Egypt's partners in development where they discussed the cooperation action plan and the government's efforts to improve the atmosphere of investment and business.

$31.4M from GCF for climate projects in Egypt



The Green Climate Fund (GCF) has agreed to grant $31.4 million to the Environment Ministry for establishing a project to improve the climate change adaptation in the North Coast and Delta in Egypt.
 
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