Business News Wrap-up
Sun, Apr. 1, 2018
Prime Minister Sherif Ismail issued a decision on Sunday to establish a specialized investment zone on area of 331 feddans in Damietta.
The zone will be dedicated to setting up an integrated city for furniture manufacturing that will include all related feeding industries.
Orascom Development Egypt launched the Makadi Heights project on the Red Sea governorate’s Makadi Bay, on an area of 3.7 million square meters and 70 meters above sea level.
Investment Bank Beltone Financial expects that the Central Bank of Egypt (CBE) will keep its Egyptian Pound Variable Rate Deposit Auctions, albeit to a lesser volume and frequency in the second half of fiscal year 2017/18, Beltone said in a report Sunday.
The government agreed on Sunday to establish a free-zone in Minya governorate in Upper Egypt.
The decision comes one day after the government approved the establishment of a free zone in South Sinai’s Nuweiba city.
The Egyptian Exchange (EGX) ended the first session of April in green for the second consecutive session, amid Egyptian purchases.
The benchmark EGX30 rose 0.84 percent, or 145.78 points, to end at 17,595.88 points.
Egypt’s exports to France increased 36.4 percent in 2017 to record €572 million (LE 12.42 billion), compared to €420 million in 2016, according to Minister of Industry and Foreign Trade Tarek Kabil, on Sunday.
Some 190 projects were executed under the Mashrouak (your project) initiative in Cairo governorate, with a cost of LE 14 million, Governor of Cairo Atef Abdel-Hamid said Sunday.