Business News Wrap-up

CI Capital IPO oversubscribed 29.5x

The initial volume of purchase orders on CI Capital in the private market reached 664.62 million shares, the Egyptian Exchange (EGX) announced in a statement on Tuesday.

Railways revenues increase to LE 175M in March

Revenues of the Egyptian Railways Authority increased by LE 20.7 million in March 2018 to record LE 175.3 million, compared to LE 154.6 million in the same month of 2017, according to data from the state statistics agency CAPMAS.

Egypt, FAO sign framework to raise food security

Minister of Agriculture and Land Reclamation Abd El-Maneim El Banna and Hussein Gaden, representative of the United Nation’s Food & Agriculture Organization (FAO), signed the framework of the Egyptian national program for 2018-2022.

Egypt. Italy sign MoU on natural gas infrastructure projects

The Egyptian Natural Gas Holding Company (EGAS) signed a memorandum of understanding (MoU) with Italian natural gas infrastructure company Snam to cooperate in natural gas infrastructure projects and machinery manufacturing, a statement from the Petroleum Ministry said Tuesday.

EGX30 continues above 18K points, market cap. gains LE 1.6B

The Egyptian Exchange’s (EGX) benchmark EGX30 continued its gains above 18,000 points by the end of Tuesday’s session, amid Arab and foreign purchases.

WB pres. praises economic reforms, urges investment in educ.

World Bank Group President Jim Yong Kim praised the Egyptian economic reforms in a tweet, noting that investments in education will prepare the youth for the digitally demanding future.

Egypt possesses keys of future of Eastern Mediterranean oil: Min.

Minister of Petroleum and Mineral Resources Tarek el-Molla said on Tuesday that Egypt and the European Union (EU) signed a memorandum of understanding on cooperation and strategic partnership in the domain of energy.

Egypt to have electricity interconnection with Sudan

Deputy Electricity Minister Osama Asran and First Undersecretary of the Ministry Mohammed Mossa Omran headed to Sudan on Monday to agree upon the terms of the electricity interconnection project between the two countries.

Egypt’s dates exports rise 70% in Q1 of 2018

Egypt’s exports of dates increased 70 percent in the first quarter (Q1) of 2018, reaching 30,000 tons at a value of $29.4 million, Trade Minister Tarek Kabil said on Tuesday.

Egypt to record GDP of 7% in 2020/21: Finance Min.

Egypt aims to achieve a gross domestic product (GDP) of 7 percent by the end of fiscal year 2020/2021, Minister of Finance Amr El-Garhy said.

Egypt, Arab Fund sign $200M deal to develop electricity network

Egypt and the Arab Fund for Economic and Social Development signed a KWD 60 million ($200 million) deal to develop Egypt’s electricity transmission network, a statement from the Ministry of Investment and International Cooperation said on Tuesday.