Business News Wrap-up



Thu, 04 Jan 2018 - 05:04 GMT


Thu, 04 Jan 2018 - 05:04 GMT

Foreign currency – Courtesy of Pexels

Foreign currency – Courtesy of Pexels

Egypt’s market capitalization of stocks rises to $50 billion: Bloomberg

Market capitalization of the stocks listed on the Egyptian Stock Exchange (EGX) rose to $50 billion for the first time since the central bank’s decision to float the Egyptian pound in November 2016, Bloomberg news agency reported Thursday.

Egypt's Suez Canal revenues rise to $5.3 bln in 2017

Egypt's Suez Canal revenues rose to $5.3 bln in 2017 from $5 bln in 2016, a statement by the Canal authority said on Thursday.

Egypt to repay $700M in debt to Paris Club in January

Egypt will repay $700 million to Paris Club in January as part of its debt to the financial institution, which currently totals to $3.7 billion. The repayment is a part of a bi-annual installment owed to the group, usually paid in January and July.

Supply Min., producers cooperate to implement ‘price tag’ decree

The Supply Ministry and producers are fully cooperating to implement the price tag decree, which came into force this month, Head of the Food Industries Chamber at the Federation of Egyptian Industries (FEI) Ashraf el-Gazayerly said Thursday.

Saudi ban on Egyptian strawberries to take effect in January

Saudi Arabia’s decision to ban imports of Egyptian strawberries due to pesticide residues will go into force as of January 18, the General Organization for Export & Import Control said Thursday.

IDA discovers LE 1B in violations in industrial sector

The Industrial Development Authority (IDA) discovered a LE 1 billion financial violations in the industrial sector, Minister of Industry and Foreign Trade Tarek Kabil announced Thursday.

Bourse indexes show downward trend Thursday

The Egyptian Exchange (EGX) indexes showed a collective downward trend at the close of Thursday's trading amid sales by local institutions and investment funds. The EGX30 benchmark index decreased by 0.35 percent to close at 14,782.38 points.



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