Business News Wrap-up
Sat, Jan. 13, 2018
A number of Korean businessmen and investors have negotiated last week with the governor of Marsa Matrouh governorate the establishment of an industrial zone in Matrouh that will span on two million feddans, an official source said Saturday.
Trade Minister Tarek Kabil inaugurated on Saturday a factory for the production of smart meters, with investments worth LE 50 million, in the industrial zone in 6 of October City on the outskirts of Cairo.
Remittances from expatriate Egyptians increased to $26.4 billion since floating the Egyptian pound in November 2016 and until November 2017, compared to $22.3 billion in the same period a year earlier, the Central Bank of Egypt (CBE) said.
Polaris International for Industrial Parks will establish an industrial complex for small- and medium- sized enterprises (SMEs) in 6 October city, with investments worth LE 250 million.
Egypt has revised its GDP forecast for the 2017-18 fiscal year beginning in July up to 5.3-5.5 percent, from 4.8 percent previously, Planning Minister Hala al-Saeed said on Saturday.
Minister of Trade and Industry Tarek Kabil inaugurated Saturday el Jiyashi steel factory in 6 October city with a production capacity of 240,000 tons of steel annually.