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Business News Wrap-up

Thu, Dec. 28, 2017

Egypt selects 5 banks to arrange next Eurobonds issuance


Egypt selected five banks to arrange its next dollar-denominated Eurobond issuance, Finance Minister Amr el-Garhy said Thursday. The banks are J.P. Morgan, Morgan Stanley, Citibank, HSBC and First Abu Dhabi Bank, Garhy said.

EGX hits record, benchmark breaches above 15K points


The Egyptian Exchange (EGX) ended its transactions Thursday on a mixed note. Benchmark EGX30 went up 0.75 percent to stand at 15,016 points. Market capitalization hiked LE 2 billion.


Government approves 4 oil, gas agreements worth $230M


The Egyptian government approved in its Thursday meeting four new oil and gas exploration agreements worth $230 million, Minister of Petroleum Tarek el-Molla said.

Egypt’s exports to U.S. rise 18% in first 10 months of 2017


Non-petroleum exports to the U.S. increased by 18.4 percent in the first 10 months of 2017, at a value of $1.234 billion, compared to $1.42 billion in the same period last year, Trade Minister Tarek Kabil said Thursday.

Subscribers of We mobile network exceed 7M by end of 2017


The number of subscribers of Egypt’s recently launched We mobile network has surpassed seven million by the end of 2017, an official source in Telecom Egypt (TE) said Thursday.

Egypt postpones reduction in car tariffs


Egypt delayed a decision to reduce tariffs on imported cars from Europe in an attempt to support the local industry, Minister of Industry and Foreign Trade Tarek Kabil said Thursday.

Exports stand at $23B since flotation


Egypt’s exports hiked to $23 billion since the flotation of the Egyptian pound in November 2016, up from $18 billion before that period,"Minister of Planning Hala el-Said announced Thursday.

Sohag furniture complex’s investments LE 450M: governor


Minister of Local Development Hisham El Sherif inaugurated the furniture complex in the industrial city west of Tahta, Sohag on Wednesday.3During the inauguration, El Sherif stated that the total investment of the Tahta furniture complex is LE 450 million ($25 million), including LE 190 million for phase one.
 
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