Business news wrap-up

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Thu, 02 Nov 2017 - 05:00 GMT

Dollar cash- Ouacws via Pixabay

Dollar cash- Ouacws via Pixabay

Facebook revenues reach over $10B in 3 months


Facebook founder said that the community continues to grow, now with nearly 2.1 billion people using Facebook every month.

Palm Hills’ net profit slumps 50% in Q3


The second largest real estate developer in Egypt said it was hardly hit by increases in financial costs.

EGX concludes trading week in green


Market capitalization lost LE 1.42 billion Thursday to record LE 780.797 billion.

Egyptian-Saudi electricity linkage project to launch in December


The project will be fully delivered by 2020, with the first phase to be finished in 2019 at a capacity of 1,200 MW.

Nasr, US pharmaceutical companies mull investing in Egypt


Sahar Nasr had a meeting on Thursday with several representatives of US pharmaceutical companies in Egypt on pumping new investments in Egypt.

Bank of England set to raise rates for first time since 2007


The Bank of England looks set to raise interest rates for the first time in more than 10 years on Thursday.

EGX launches interactive map for listed firms


The EGX will launch another investment map for locations and services of brokerage companies.

Sisi approves economic, technical agreement between Egypt, Djibouti


President Abdel Fatah al-Sisi issued a presidential decree approving an agreement on economic and technical cooperation between Egypt and Djibouti.

Sukari to produce 600,000 ounces of gold in 2018


Sukari mine produced a total of 95.3 tons of gold since it started operations in January 2010, with an average monthly production of 1.2-1.5 tons of gold.

Egypt is Dubai’s top trade partner in Africa: Dubai Chamber


Dubai’s non petroleum trade with Egypt increased by 95 percent in five years, to reach 15.9 billion Emirati Dirhams (AED) in 2016, up from AED 8.3 billion in 2011.

WB delegation lauds social housing in New Tiba city,Luxor


A high-level delegation of the World Bank lauded a social housing project implemented by the government in New Tiba city in Luxor.

Egypt’s reform achieved fiscal, monetary stability: IMF


In a meeting with Minister of Industry and Foreign Trade, IMF Mission Chief praised the government’s efforts to develop the manufacturing and trade sectors.

Foreign investment in Egyptian securities rises to $18.8 bln in Oct


Foreign investment in Egyptian securities rose to $18.8 billion in October, a year after the central bank floated the pound currency.

Egypt settles $1B debt to Turkey, pays Libya $250M: MENA


Egypt has paid off the final installment, worth $200 million, of a $1 billion loan it took out from Turkey in 2012 during former President Mohamed Mursi.

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