Business news wrap-up

Egypt’s unemployment drops to 11.9% in Q3 of 2017

Egypt’s unemployment rate fell to 11.9 percent in the third quarter of 2017 from 12.6 percent in the same quarter of 2016, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Wednesday.

Nasr discusses potential investments with UAE’s Habtoor

During her visit to the group’s premises in the UAE, Minister of Investment Sahar Nasr discussed increasing Emirati investments in Egypt in the next period, a statement from the Ministry of Investment read.

Egypt to launch handicrafts industry strategy

Egypt will launch a 2018-2020 national strategy for developing handicrafts and cultural industry before the end of this year, Minister of Industry and Foreign Trade Tarek Kabil announced Wednesday.

EBRD considers expanding Egypt offices to Upper Egypt, SCZone

The European Bank for Reconstruction and Development’s (EBRD) is studying expanding its offices in Egypt to Upper Egypt and the Suez Canal Economic Zone (SCZone), EBRD’s Managing Director for the southern and eastern Mediterranean (SEMED) region Janet Heckman said.

Hilton to manage 7 new hotels in Egypt

The Hilton chain, which operates 17 hotels in Egypt, will manage new seven hotels in the country in the coming few years and until 2022, Mohab Ghali, Vice President of Operations for Egypt and North Africa, said Wednesday.

Egypt’s textile exports increase 3% in 10 months

Exports of the Textile Export Council increased three percent in the period between January to October 2017 to stand at $673 million, compared with $651 million a year earlier, the council said on Wednesday.

Qatar’s Ezdan Holding cuts 15% of its workforce: Bloomberg

Qatar’s Ezdan Holding Group QSC has cut its workforce by almost 15 percent, as the gulf country’s largest publicly traded real estate developer restructures its operations, Bloomberg news agency reported.

Egypt ruling to reinstate ergot ban renews import uncertainty

Egypt’s agriculture ministry is awaiting instructions from the cabinet after a court ruling reinstating a ban on wheat imports containing the common ergot fungus, it said on Wednesday, renewing uncertainty over the policy.