Business News Wrap-up

Halting gas imports will save $250M monthly: Min.

Minister of Petroleum Tarek el-Molla said Saturday that the importation of liquefied gas will be halted by June 2018, which will save Egypt $250 million a month.

First phase of Robeky city to be fully operational in February

The allocation of the last production units of the first phase of Al-Robeky city for leather tanneries will be completed next month, Trade Minister Tarek Kabil said Saturday.

The first phase contains 82 factories, with 322 production units, Kabil said, adding that some 70 small tanneries are being relocated from Magra El-Oyoun in old Cairo to the new city.

British trade delegation to visit Egypt in February

A British business delegation of 22 companies will visit Egypt from 10-13 February to enhance trade relations, member of the Egyptian-British Chamber of Commerce Ali Eissa said Saturday.

Digital finance services can increase Egypt’s GDP

The Egyptian Banking Institute (EBI) launched on January 24 an initiative to discuss digital financial services (DFS) eco-systems locally and globally.

The initiative came in collaboration with the International Finance Corporation (IFC), a member of the World Bank Group, and banking sector representatives in Egypt.

Transport minister describes cooperation with IOM as positive

Transport Minister Hisham Arafat praised Saturday cooperation with the International Maritime Organization (IOM) in the technical, technological, and training domains.

Russian Energy Minister says U.S. sanctions against his officials 'unlawful': Agencies

Newly-imposed U.S. sanctions against two Russian energy ministry officials are “unlawful” and Moscow will seek explanations from Washington, Russian Energy Minister Alexander Novak said on Saturday, according to local news agencies.