Business News Wrap Up

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Mon, 12 Mar 2018 - 03:24 GMT

Egyptian Currency – File Photo

Egyptian Currency – File Photo

CBE issues LE 2.5B in T-bonds Monday



The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue LE 2.5 billion ($141,65 million) in treasury bond on Monday.

Egypt chooses 4 international banks to run Eurobond issuance



Egypt has chosen four international investment banks to manage its anticipated euro denominated Eurobonds in 2018, an official statement announced Monday.

The statement showed that the banks are Deutsche Bank, BNP Paribas Bank, Bank of Alexandria "São Paulo" and Standard Chartered Bank.

Egypt Telecom to acquire 5% stake of mobile market in 2018



Beltone Financial expected that Egypt Telecom Company will acquire a five-percent stake of the mobile network market in 2018 with 5.2 million subscribers, according to Beltone’s research report.

The report further anticipated that the company’s market stake would increase to 12 percent by 2022 with 14.5 million subscribers.

Elsewedy’s sub. to link power transmission lines for LE 2.12B



Elsewedy Electric Co. SAE (SWDY) announced that its subsidiary ELSEWEDY ELECTRIC for Trading & Distribution has signed a new agreement with the Egyptian Electricity Transmission Company (EETC) worth LE 2.12 billion ($120.5 million).

'Long Live Egypt' fund receives LE 292M over two months



The executive committee of "Long Live Egypt" Fund held its periodical meeting on Monday in the presence of Minister of Investment and International Cooperation Sahar Nasr, Head of the committee Mohammed Amin Ibrahim, the fund's Executive Director Ibrahim Karam, Fund Financial and Administrative Director Tamer Abdel Fattah.

Suez Canal Bank records a profit of 356M



Suez Canal Bank recorded a net profit of LE 356 million in 2017, compared to LE 210 million the prior year, with a 69.5-percent increase.

The bank’s financial indicators showed that customer deposits rose 30 percent to amass LE 31.3 billion last year, compared to LE 24.1 billion in 2016.

Egypt’s exports to African countries don’t exceed $4B/year



Chairman of the Egyptian Junior Business Association (EJB) Khaled el-Mekaty said Monday that Egypt’s exports to African countries do not exceed $4 billion annually.

EGX ends Monday in green, market capitalization gains LE 14.8B



The Egyptian Exchange (EGX) ended Monday's session in green, amid Arab and foreign purchases.

The benchmark EGX30 increased 2.14 percent, or 350.67 points, to end at 16,742.15 points.

Egypt plans to award Red Sea to Mediterranean rail tender in H2 2018



Egypt plans to award the tender for a high-speed railway between the Red Sea and the Mediterranean in the second half of 2018, transport minister Hisham Arafat said Monday.

The project will connect the eastern resort of Ain al-Sokhna to El Alamein, a town west of Alexandria that was scene of a battle in World War Two.

Egypt, KSA renews marine transport agreement through Suez Canal



Egypt and Saudi Arabia signed a renewal of the memorandum to support marine transport between the two states across the Suez Canal, an official statement said Monday.

The memorandum was signed by Chairman of Suez Canal Authority Mohab Mamesh, and CEO of Saudi National Shipping Company Abdullah Bin Ali Al-Debaikhi.

‘Knock Door’ starts its mission in Washington Sunday



Members of the American Chamber of Commerce in Egypt (AmCham Egypt) arrived in Washington DC on Sunday to start the annual “Door Knock” mission in Washington.

The Knock Door mission lasts for five days from March 11 until 16 to promote investment in Egypt. The delegation includes 35 Egyptian companies.

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