Business News Wrap-Up



Tue, 20 Feb 2018 - 03:13 GMT


Tue, 20 Feb 2018 - 03:13 GMT

Egyptian Pound - Wikipedia

Egyptian Pound - Wikipedia

Zohr production won’t stop commercial gas imports: Min.

Minister of Petroleum Tarek al-Molla said in a TV statement that the production of Egypt's new giant field, Zohr, will not stop existing commercial contracts to sell and purchase natural gas.

Housing minister discusses investment in new cities with Sawiras

Minister of Housing, Utilities and Urban Communities Mostafa Madbouli said that investment chances in the new cities are the best in the current stage.

During a meeting with businessman Naguib Sawiras Tuesday, the minister said the real estate investment sector achieved successes during the past years.

Egypt, Portugal probe fostering coop. on communications, tech.

Minister of Communications and Information Technology Yasser el Kady discussed with Portugal’s Secretary of State for Internationalization Eurico Dias prospects of bilateral cooperation in the fields of communications and information technology.

Egypt's commitment to multilateral commercial system: Min.

Minister of Industry and Trade Tarek Kabil on Tuesday asserted Egypt's full commitment to the multilateral commercial system, given the fact that Egypt is a founder of the World Trade Organization (WTO).

EGX ends mid-week session on mixed note amid Egyptian selling

The Egyptian Exchange (EGX) ended the mid-week session on a mixed note, amid Egyptian selling.

The benchmark EGX30 increased 0.40 percent, or 61.14 points, to end at 15,219.26 points.

Governmental IPOs don’t face any obstacles: ministry

First Undersecretary of the Ministry of Public Enterprise Sector Ahmed Hassouna said that the governmental IPOs that are expected to be issued this year don’t face any obstacles.

Hassouna added at the Capital Market Summit that about 38 companies were issued as initial public offerings in the 1990s and were covered by a large percent, which reflects no worries about the new offerings.

Telecom Egypt signs agreement with Orange Data for 3 years

Telecom Egypt Company (WE) signed a commercial agreement with Orange Data for three years to offer infrastructure and transmission services through Telecom Egypt's network.

The agreement stipulates that Orange Data will use Telecom Egypt’s fixed internet services network.

Dollar exchange rate shows varied performance at major banks

he US dollar exchange rate showed varied performance during morning transactions at major banks on Tuesday.

The dollar exchange rate stood at LE 17.60 for buying and LE 17.70 for selling at the National Bank of Egypt and Bank of Alexandria.

CEC expects chemical exports to hit $5.5B in 2018

Egypt's chemical exports are expected to hit $5.5 billion by the end of the year, supported by the economic stability and government's keenness to provide urgent solutions to urgent problems, Chairman of the Chemical Export Council (CEC) Khaled Abu El Makarem said Monday.

Egypt's food industry investments hit LE 500B in 2017

Egypt's Chamber of Food Industries Chairman Ahsraf el Gazairi said the sector's investments hit LE 500 billion in 2017.

The sector's growth rate is expected to range between 8 to 10 percent in 2018, he said in statements on the fringe of Gulfood 2018.



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