Business news wrap-up
Sat, Nov. 11, 2017
Minister of Transport Hisham Arafat said Saturday that his ministry will contract with French underground metro operator RATP to operate and maintain the third metro line, which connects Attaba in east-central Cairo with Abbasiya.
Egyptian Prime Minister Sherif Ismail inaugurated on Saturday the second edition of the "Destination Africa" exhibition for readymade clothes in Cairo, a statement from the International Labor Organization (ILO), the event’s organizer, said.
Minister of Industry and Trade Tarek Kabil held throughout the week meetings in Athens with senior executives of seven Greek companies interested in investment opportunities in Egypt. The companies operate in the fields of textiles, food processing, auto parts manufacturing, renewable energy and petroleum, according to a Saturday statement from the ministry.
Egypt and Tunisia discussed Saturday boosting the economic cooperation via increasing the mechanism of the joint ventures between the two countries.
Egypt aims to reduce unemployment from 12 percent to four percent and double the investment rate from 16 to 30 percent within Egypt 2030 Vision, Deputy Minister of Planning Nehal el-Maghraby said Saturday in a conference.
Petroleum Minister Tarek el-Molla said on Saturday there will be no increase in fuel prices before the end of the current fiscal year 2017/2018.
International credit rating Standard and Poor's (S&P) upgraded on Friday Egypt's outlook to positive from stable, while maintaining Egypt’s sovereign credit rating at B-. The rating agency said Egypt outlook revised to positive on the back of rising reserves and strengthening economic growth.
Minister of Finance Amr el-Garhy on Saturday welcomed Standard and Poor's Ratings Services' decision to revise its outlook on Egypt's credit rating to positive from stable.