Business News Wrap-up

IMF expects Egypt’s GDP to reach 5.2% in 2017/2018

The International Monetary Fund (IMF) expects Egypt to record a gross domestic product (GDP) of 5.2 percent in the current fiscal year and to reach 5.5 percent next year, with an increase of 0.7 percent and 0.2 percent, respectively.

Egypt, Saudi Arabia seek boosting joint investments

Chairman of the General Authority for Investment and Free Zones Mona Zobaa on Wednesday received a delegation from the Saudi Ministry of Electricity and representatives of several Saudi companies operating in the fields of new and renewable energy.

3 new oil agreements signed on sidelines of MOC 2018

Petroleum and Mineral Resources Minister Tarek al-Molla and Alexandria Governor Mohamed Sultan Wednesday witnessed the signing of three new petroleum agreements on the sidelines of the 9th Mediterranean Offshore Conference and Exhibition (MOC 2018).

Schlumberger invests $60M in Egypt’s petroleum, gas sector

Schlumberger Company has invested $60 million to build a center to improve the operation capacity, offer competitive services and ease the availability of information exchange in the petroleum and gas industry in Egypt, according to Hussein el-Ghazawy, general manager of the company.

Egypt’s exports of readymade garments record $382M in Q1

Egypt’s exports of readymade clothes increased 16 percent in the first quarter (Q1) of 2018, recording $382 million (LE 6.75 billion), compared to $330 million during the same period of 2017, according to Sherin Hosny, executive director of the Ready Made Garments Export Council.

Egypt to run ports 24 hours to cut costly delays

Egypt will keep ports running for 24 hours a day, up from 16 currently, to cut “long waiting times” for shipments, Transportation Minister Hesham Arafat said on Wednesday as the country tackles an issue that has cost it millions of dollars.

EGX ends Wednesday in red, market cap. loses LE 4.9B

The Egyptian Exchange (EGX) ended Wednesday’s session in red, amid foreign selling.

The benchmark EGX30 declined 0.54 percent or 96.61 points to end at 17,705.87 points.

Egypt targets growth rate of 5.8% in next fiscal year: Min.

International Monetary Fund (IMF) estimations refer that the growth rate of the Egyptian economy recorded 5.2 percent in the current fiscal year, with expectations of the growth to reach 5.8 percent in the upcoming year, Minister of Finance Amr el-Garhy said.

Tarek Amer, Sahar Nasr to attend spring meetings of IMF

Governor of the Central Bank of Egypt Tarek Amer and Minister of Investment Sahar Nasr are heading to Washington to attend the spring meetings held by the board of governors of the World Bank Group and the International Monetary Fund (IMF).

Sisi to inaugurate 5 projects in Sinai on April 25

President Abdel Fatah al-Sisi will inaugurate five developmental and infrastructural projects in Sinai via video conference during the celebration of Sinai Liberation Day on April 25.