Business news wrap-up
Sat, Nov. 25, 2017
A delegation of 11 Korean companies will visit Egypt next month to study the execution of investment projects, head of the Egyptian-Korean Business Council Raouf Ghabbour said Saturday.
Production from the first phase of the Mediterranean’s largest gas field Zohr is to start very soon, with a production capacity of 2.7 billion cubic feet per day by the end of 2019, Petroleum Minister Tarek el-Molla said Saturday.
Export councils will prepare sectoral plans that will include ways to increase Egypt’s exports globally, Trade Minister Tarek Kabil said Saturday. Kabil said that the ministry aims to double exports during the coming period, highlighting the role of export councils in tackling the challenges facing Egyptian exports abroad.
Total government investments allocated to Luxor governorate in fiscal year 2017/2018 stand at LE 995 million, the Planning Ministry said Saturday. The biggest amount of investments will go to the real estate sector, with allocations of LE 181.9 million, followed by the storage and transport sector.
Minister of Military Production Mohamed al-Assar and Minister of Agriculture Abdel-Monem al-Banaa signed on Saturday a protocol of cooperation for manufacturing equipment and machinery for agricultural production, a ministry statement said.
Oriental Weavers Carpet CO. (OWC) started its plan to invest LE 550 million ($31 million) during 2017 and 2018, Founder of Oriental Weavers Mohamed Farid khamis told Egypt Today.
Public Business Sector Minister Ashraf el-Sharqawi reviewed Saturday with representatives of the Bajaj Company the final terms a contract to develop the ginning machinery of the Cotton and Textile Industries Holding Company.