Business news wrap-up



Wed, 11 Oct 2017 - 05:34 GMT


Wed, 11 Oct 2017 - 05:34 GMT

 Economy - Pixabay

Economy - Pixabay

Sisi inaugurates first phase of New Administrative Capital

President Abdel Fatah al-Sisi launched the inauguration ceremony of the New Administrative Capital Wednesday. The opening was held at Al Masah Capital Hotel, which was inaugurated on Friday and is deemed one of largest hotels in the world.

Egypt’s banking system is stable on boosted growth: Moody’s

Egypt’s banking system is stable on the back of a picked-up economic growth, resilient loan performance and banks benefiting from a stable deposit base, Moody's Investors Service said in a report Wednesday. The rating agency predicts growth to pick up to 4.5 percent in fiscal year (FY) 2017/2018, from 4.0 percent in FY 2016/2017.

Paper checks, sub accounts to be canceled by year-end

The application of the Government Fiscal Management Information System (GFMIS) will help provide precise and timely information, improving the supervision process and shorten the time and effort in preparing the final account, Mohamed Maait, Vice Minister of Finance for Treasury Affairs, said Wednesday.

EGX indexes close at mixed note, market capital down LE3B

The Egyptian Exchange (EGX) closed Wednesday in mixed note, as benchmark EGX30 inched down 0.06 percent at the end of the trading session to stand at 13,816 points.

Egypt, ABB discuss cooperation in training, digital industry

Egypt and Swedish-Swiss technology pioneer ABB will cooperate in fields of professional and technical training, in addition to the industrial digital transformation, Minister of Industry Tarek Kabil said Wednesday.

GAFI board approves establishing 3 investment zones in Egypt

The board of the General Authority for Investment (GAFI) under Investment Minister Sahar Nasr approved establishing a 36-feddan investment zone in Qalubiya for small- and medium- sized enterprises (SMEs).

Petroleum minister, APICORP in talks over increasing cooperation

Petroleum Minister Tarek El-Molla discussed on Wednesday with Chief Executive Officer of the Arab Petroleum Investments Corporation (APICORP) Ahmed Attiga the current projects carried out by the company in Egypt in the petrochemical and natural gas domains.

New Capital will have tallest tower in Africa: Minister

The New Administrative Capital’s business park will encompass 20 towers, including the tallest tower in Africa at the height of 345 meters, Minister of Housing Mostafa Madbouly said Wednesday.

Minister of Housing reviews projects at New Admin Capital opening

The government is working to trim the housing gap in Egypt, Minister of Housing Mostafa Madbouly said during the opening ceremony of the New Administrative Capital Wednesday. He said that some 500,000 new residential units were already built under the social housing project for low-income citizens.



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