Business News Wrap-up

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Tue, 20 Mar 2018 - 05:00 GMT

FILE - Foreign Currency

FILE - Foreign Currency

Egyptian selling pushes EGX into red for 2nd session



Profit picking processes continued for the second session at the Egyptian Exchange (EGX), pushing indices to end Tuesday in a semi-collective regression, amid Egyptian selling.

Orascom Development sells 3 hotels, land plot for LE 882.6M



Orascom Development Egypt (ORHD) will sell three hotels and a land plot for LE 882.6 million ($50 million), according to a filing to the Egyptian Exchange (EGX).

Egypt, Romania discuss boosting economic, trade relations



Trade Minister Tarek Kabil discussed with his Romanian counterpart boosting cooperation between Egypt and Romania in all areas, especially in tourism, economic and commercial fields, a statement from the Trade Ministry said Tuesday.


Egypt, Sudan to boost economic cooperation in 4 areas



Egypt and Sudan will see increased cooperation in four fields: leather, food industries, cable industry, and electricity over the coming period, member of the Sudanese Egyptian Business Council Mohamed Harbi said.

MSMEDA, NBE sign LE 400M contract to fund small projects



The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) and the National Bank of Egypt (NBE) signed on Tuesday a LE 400 million contract that will be used to lend new small-sized projects in all governorates.

A look into Egypt-EU thriving trade relations



Egypt’s exports to the European Union (EU) increased 24 percent year-on-year in the first 11 months of 2017, reaching €7.5 billion, Trade Minister Tarek Kabil said Tuesday.

Kabil said that Egypt’s imports from the EU dropped by three percent in the same period, to reach €18.2 billion, compared to €18.8 billion in 2016.

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