Business News Wrap-up

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Wed, 28 Mar 2018 - 05:00 GMT

FILE- Egyptian currency

FILE- Egyptian currency

EGX ends Wednesday on mixed note, market cap loses LE 1.7B



The Egyptian Exchange (EGX) ended the last day of the presidential election in Egypt on a mixed note, amid foreign purchases. The benchmark EGX30 rose 0.20 percent, or 35.08 points, to end at 17,305.51

Egypt keeps custom dollars at LE 16 in April



Egypt kept the customs dollars at its current rate of LE 16 to the dollar for April, the Ministry of Finance said Wednesday.

Egypt’s exports to Somalia jump to $90M in 2017



Egypt’s exports to Somalia rose in 2017 to $90 million, compared to $53 million in 2016, an official statement said.

Minister of Industry and Foreign Trade, Tarek Kabil, attributed this increase to the trade missions and mutual visits between the two states.


Spending on public wages in new budget to reach LE 266B



The new budget for fiscal year 2019/19 targets to increase spending on public wages to LE 266 billion, while spending on social welfare will reach LE 332 billion, Prime Minister Sherif Ismail said.

EFG Hermes’ subsidiary receives license to offer factoring services



Egyptian Financial Group Hermes Holding (EFG Hermes) announced Wednesday that its subsidiary, EFG Hermes Factoring, received a license to offer factoring services in the Egyptian market.

Fiat, Volkswagen explore investment in Egypt’s auto industry



The Italian Fiat and German Volkswagen automakers are considering investing in the auto industry field in Egypt, according to Khaled Abdel Azim, executive director of the Federation of Egyptian Industries (FEI).

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