Business News Wrap-Up
Mon, Feb. 12, 2018
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’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.
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.
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.
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.
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 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.
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.
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.
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.
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 Abdel Fatah al-Sisi inaugurated on Monday the second edition of Egypt Petroleum Show (EGYPS 2018).
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.
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.
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.