Business news wrap-up

Saudi ACWA Power signs agreements for solar plants in Aswan

The three plants will reduce carbon dioxide emissions by 156,000 tons per year, secure power supplies to 80,000 households.

QNB ‘considers loans, bond sales’

A final decision regarding the matter is yet to be made, sources tell Bloomber


Dollar banknotes - Jericho via Wikimedia

EGYTRANS profits soar 230%, sales hike 153% in H1

Sales surged 153 percent to LE 184.6 million in the first six months of this year, compared to LE 18.3 million in the same period of the previous year

U.S. dollar exchange rate keeps steadily declining Tuesday

The exchange rate of the CBE for the U.S. dollar is LE 17.73 for buying and LE 17.83 for selling.


CBE Governor Tarek Amer - File photo

EGX ends on mixed note, benchmark down 0.17%

The benchmark index EGX 30 fell 0.17 percent to close at 13,638 points, after foreign traders sold by LE 11.8 million.

Egypt’s credit rating to improve as foreign reserves surge

S&P Global will consider changing Egypt’s credit rating if economic growth rate exceeded expectations, analyst says.

Gold rises as dollar eases, focus on U.S. inflation data

Gold prices edged up on Tuesday as the dollar eased slightly, with investors waiting for U.S. inflation numbers later this week for hints on the pace of monetary tightening by the Federal Reserve.

MidEast ride-hailing firm Careem partners with China's Didi Chuxing

Chinese ride-sharing firm Didi Chuxing has invested in Middle East ride-hailing firm Careem as part of a new partnership agreement between the two companies.

Moody’s downgrades Qatari banks outlook to negative

Moody’s said that this comes as a result of the weakening operating conditions and continued funding pressures facing Qatari banks.


gold - via Flickr

Dollar inches back down after jobs boost on Fed hike doubts

The dollar inched down for a second day on Tuesday, still holding on to most of the gains made on Friday after strong U.S. jobs data.

Oil prices steady as Saudi cuts September supplies

Oil prices steadied on Tuesday after news of lower crude supplies from Saudi Arabia offset higher production from other large exporters including the United

Pound devaluation in favor of Egypt’s exports: Minister

A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. Sergei Karpukhin/File Photo

Egypt’s exports increased 9.4 percent to $14 billion in the period between November 2016 and June 2017, after the devaluation.

Egypt's fuel subsidy spending rose to $6.76B in FY 2016-17

Egypt's fuel subsidy spending for the 2016-17 financial year that ended in June more than doubled.