Business News Wrap-up



Tue, 15 May 2018 - 05:10 GMT


Tue, 15 May 2018 - 05:10 GMT

 Economy Index - Pixabay

Economy Index - Pixabay

Mexican company invests $36M in two plants in Alexandria

Mexican company called Polimeros Mexicanos is investing $36 million in two plants in Alexandria to produce plastic components, Juan Cepeda, director of ProMexico for the Middle East, told Egypt Today.

Unemployment rate decreases to 10.6% in Q1 2018

Egypt’s unemployment rate declined 1.4 percent during the first quarter of 2018 to 10.6 percent, compared to 12 percent in the same period of 2017, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Petroleum min., Aramco team review cooperation

Petroleum Minister Tarek Molla had talks on Tuesday with Aramco Trading Company (ATC) CEO Ibrahim al Buainain on means of promoting cooperation and realizing sustainable trade ties.

EGX ends Tuesday in green amid Egyptian, foreign buying

The Egyptian Exchange (EGX) ended the mid-week session in green and market capitalization gained LE 2.5 billion ($140.33 million) amid Egyptian and foreign buying.

The benchmark EGX30 edged up 0.01 percent, or 1.71 points, to close at 16,985.78 points.

IFC provides Egyptian Fertilizers financing debt up to $100M

The International Finance Corporation (IFC), a member of the World Bank Group, announced providing the Egyptian Fertilizers Company (EFC) a debt financing up to $100 million, as a part of efforts to support Egypt’s crucial manufacturing sector, according to an IFC statement.

Current investment of auto industry reaches $3B: Min. Kabil

Current investment in the auto industry is at about $3 billion, of which $1.6 billion is in the automotive industry and $1.4 billion is in the feeder industries, Minister of Trade and Industry Tarek Kabil said.

Qalaa Holdings marked loss of LE 5.9B in 2017

Qalaa Holdings recorded a consolidated loss of LE 5.9 billion in 2017, compared to 5.6 billion in 2016, according to a filing to the Egyptian Exchange (EGX).



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