Business news wrap-up

FEI calls for exempting factories from property tax

Factories are already crippled by low profit margin due to high production costs after the flotation of the Egyptian pound.

Golden Triangle project encourages urbanization, investment

Establishing the Golden Triangle Economic Zone will encourage building new urban communities, pump investments and develop Upper Egypt, experts say.

Audi targets 10B euros in cost cuts to fund electric-car push

Audi (NSUG.DE) aims to cut costs by 10 billion euros ($12 billion) by 2022.

Oil hits two-month high on tighter U.S. market, Venezuela sanctions risk

Oil prices hit a two-month high on Monday, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela.

Dollar steady near 13-month lows; data eyed

The dollar held near a 13-month low against a basket of currencies on Monday.

Mexico to increase its $1.2B investments in Egypt

Mexican ambassador to Egypt said that his country is keen on growing its investments in Egypt, which already amount to $1.2 billion.

Egyptian pound steady against U.S. dollar Monday

Highest exchange rate is LE 17.87 for buying and LE 17.97 for selling.

Alabbar eyes investing in New Admin Capital, New Alamein

Emirati business tycoon will also invest in development projects in Cairo and South Sinai.

Financial leasing contracts’ value up 7% to reach in H1 2017

Financial leasing contracts’ value rose 7% to reach LE 11.8 billion in the first six months of 2017 from LE 11 billion in the same period last year.

Average yields fall on Egypt's 5- and 10-year T-bonds

Average yields on Egypt's five- and 10-year treasury bonds fell at auction on Monday

HSBC announces profit increase, share buyback in signs of turnaround

HSBC Holdings PLC on Monday said profit grew 5 percent in the six months through June.

Business Insider names Egypt’s New Capital among top future cities

New Administrative Capital was described by the magazine as able to accommodate five million people.