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Business News Wrap-Up

Mon, Feb. 12, 2018

DP World, India's Infrastructure Fund Plan $3 Billion Investment

DP World Ltd. and India’s National Investment & Infrastructure Fund (NIIF) plan to jointly invest up to $3 billion in the South Asian nation, Group Chairman and CEO of DP World Sultan Ahmed bin Sulayem, said on day one of the sixth World Government Summit (WGS 2018) in Dubai.

World Bank: Investing in people ‘vital’ for nations’ economic development

World Bank’s President Jim Yong Kim said Monday that the need to invest in human capital is lagging across the globe and therefore hindering the economic development of various countries.

EGX gains LE 3.9B amid Egyptian and Arab purchases

The Egyptian Exchange (EGX) ended Monday in green and market Capitalization won LE 3.94 billion, amid Egyptian and Arab buying.

The benchmark EGX30 rose 0.42 percent, or 62.35 points, to end at 14,890.71 points.

Atoll field starts production 7 months earlier and under budget

British Petroleum Company (BP) announced that Atoll project was delivered seven months ahead of schedule and 33 percent below the initial cost estimate.

The project in the East Nile Delta is pumping out 350 million cubic feet of gas a day (mmscfd) and 10,000 barrels a day (bpd) of condensate.

INTERVIEW - IMF’s Director: CBE succeeded to control inflation

In a closed press meeting from Dubai on the sidelines of the World Government Summit, the IMF’s Director of the Middle East and Central Asia Department Jihad Azour was asked about his expectations about the Egyptian central bank’ upcoming monetary policy committee meeting on interest rates. He said that whether increasing, lowering, or keeping the interest rates with no change, it is the monetary policy’s decision based on its assessment and the central bank’s policies for the country.

Egypt’s 1st phase of economic reforms successful: IMF’s Director

International Monetary Fund Director of the Middle East and Central Asia Department Jihad Azour affirmed to Youm7 that Egypt’s first phase of economic reforms was successful.

Banque Misr receives LE 250M from high-yielding certificates of deposit

Banque Misr received LE 190 billion from the high-yielding Talaat Harb certificates of deposit it offered for individuals, said vice president of Egypt's second biggest bank Akef el Maghrabi.

As for the other high-yielding Summit Certificate with a 16-percent interest rate, the official said their revenues are estimated at LE 60 billion.

‘EGYPS 2018’; an opportunity to recognize current possibilities: Min

Minister of Petroleum Tarek el-Molla said during his speech in the opening of EGYPS 2018 that EGYPS 2018 is one of the ministry’s elements to show the world our successful stories and economic reforms.

Sisi assigns gov't to transfer Egypt's pioneering expertise to Iraq: Mahlab

Egyptian Presidential Assistant For National and Strategic Projects Ibrahim Mahlab said Egypt's participation in the International Conference on the Reconstruction of Iraq reflects its pioneering role at the Arab, regional and international levels.

Egypt has become one of the main energy sources in the region: Barkindo

Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohamed Barkindo said that Egypt has become one of the main sources of energy in the region, according to his speech in the second edition of Egypt Petroleum Show (EGYPS 2018) on Monday.

Inflation to decline by the end of this fiscal year to 13%: Min

Minister of Finance Amr el-Garhy expected inflation to decline by the end of this fiscal year (FY) from 17 percent to 13 percent, according to his speech at The Third Forum of Public Finance in Arab Countries that took place in Dubai.

President Sisi inaugurates ‘EGYPS 2018’ Monday

President Abdel Fatah al-Sisi inaugurated on Monday the second edition of Egypt Petroleum Show (EGYPS 2018).

Egypt’s budget deficit records LE 187.3B in H1 of 2017/18

Egypt’s budget deficit increased 7 percent in the first half of fiscal year 2017/2018, to record LE 187.3 billion, compared to LE 174.6 billion in the same period of 2016/2017, a recent report of the Ministry of Finance showed.

Amendments to Capital Market Law aim at complying with int'l rules, says min.

Proposed amendments to Capital Market Law no. 95 of 1992 aim at complying with international rules and pumping additional instruments into the Egyptian market, Minister of Investment and International Cooperation Sahar Nasr said.

Communication sector is a major pillar in Egypt’s sustainable development: Min

The communication sector is one of the basic pillars in achieving the goals of Egypt’s sustainable development vision 2030, communication minister Yasser el Qadi said Sunday.
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