Business News Wrap-up



Tue, 17 Apr 2018 - 04:20 GMT


Tue, 17 Apr 2018 - 04:20 GMT

Egyptian Currency – File Photo

Egyptian Currency – File Photo

EGX approves CI Capital’s listing, trading starts April 22

The Egyptian Exchange’s (EGX) listing committee approved the listing of CI Capital Holding’s shares, with issued capital of LE 411.45 million ($23.23 million) distributed over 411.45 million shares, with a nominal value of LE 1 per share.

Egypt to sign agreement with EU in oil, electricity fields

Egypt will sign an agreement with the European Union next week in the fields of oil, petroleum and electricity during the visit of the European Union commissioner for energy affairs of Egypt, Petroleum Minister Tarek El-Molla said on Tuesday.

World Bank raises Egypt’s expected economic growth to 5%

The World Bank upgraded its expectations of the Egyptian Economy during the upcoming two years, anticipating that the gross domestic product will record 5 percent in 2018 and 5.5 percent in 2019, reaching 5.8 percent by 2020.

Egypt aims to import 7M tons of wheat in 2018/19

Egypt, the world’s largest buyer of wheat, is planning to import 7 million tons of the grain in the 2018-2019 financial year, according to a budget proposal document seen by Reuters.

Egypt to auction 10 or 11 oil, gas concessions in Mediterranean

Egypt will auction 10 or 11 oil and gas exploration blocks in the Mediterranean, petroleum minister Tarek El Molla said on Tuesday.

Egypt also aims to auction oil and gas drilling in the Red Sea by the end of 2018, Molla told a news conference.

Egyptian-Saudi electricity interconnection project to be signed in June

Egypt will sign the contracts of the electricity interconnection project with Saudi Arabia in June to start the implementation of the project immediately, according to Chairman of Egyptian Electricity Transmission Company Gamal Abdel Reheem.

EGX30 passes 17,800 points, market cap. gains LE 5.89B

The Egyptian Exchange (EGX) ended Tuesday’s session on a mixed note, amid Egyptian and foreign selling.

The benchmark EGX30 rose 1.03 percent, or 182.2 points to end at 17,802.48 points.

Petroleum min. inaugurates MOC 2018 in Alexandria

Petroleum and Mineral Resources Minister Tariq al Mulla stressed that Egypt has made significant progress towards achieving its ambitious objective to become a regional hub for oil and gas trade, a move that is backed by the available resources in the Eastern Mediterranean region.

ICT sector imports LE 94.6B to Egypt’s treasury in 2016/17

Information and communication technologies (ICT) sector imported around LE 94.6 billion ($5.34 billion) to Egypt’s treasury in 2016/2017, according to Secretary General of the Federation of Administrative Development Associations Nabil al Bishbishy.

Royal Dutch Shell to resume deep-water exploration off Egypt

Royal Dutch Shell said it will resume deep-water exploration for oil and gas off Egypt’s Mediterranean coast, Executive Vice President Sami Iskander told a news conference on Tuesday.

Eni's IEOC aims to increase gas production from Zohr field to 1.2 bcf/d

Eni subsidiary IEOC aims to increase gas production from Egypt’s Zohr field to 1.2 billion cubic feet per day (bcf/d) in May, and lift it to 2 bcf/d by the end of 2018, IEOC general manager Fabio Cavanna said on Tuesday.

Mineral Resources Authority sells Sukari mine’s scrap for LE 80M

Egyptian Mineral Resources Authority sold the scrap of Sukari mine for LE 80 million ($4.5 million), in favor of National Service Projects Organization, according to an official source in the authority.



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