A delegation from the Suez Canal Economic Zone headed to the Austrian capital Vienna on Wednesday to discuss possible Austrian investment in the zone and boost economic ties between Egypt and Austria
Petrosilah Petroleum Company intends to invest $55 million in oil exploration and discovery operations in its concession areas in Egypt during fiscal year 2018/2019, according to Chairman and Managing Director of the company Taher Abdel Rehem.
Foreign direct investment (FDI) has been significantly picking up, as it increased 15 percent, according to Minister of Investment and International Cooperation Sahar Nasr.
State revenues in the second half (H2) of the current fiscal year (2017/18) stood at LE 302.5 billion, of which LE 249 billion are tax revenues, data from the state statistics agency CAPMAS shows.
The research-driven pharmaceutical company Boehringer Ingelheim can look back on a very successful 2017 financial year. All businesses contributed to net sales growth. Research and development (R&D) expenditure exceeded three billion euros, around 2.7 billion euros of which was injected in the human pharmaceuticals sector alone.
The increasing foreign reserves are clouded by an unprecedented surge in Egypt’s foreign debt, which has almost doubled in five years to about $81 billion in the first quarter of FY2017/18 from $43 billion in fiscal year (FY) 2011/12