Business news wrap-up

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Thu, 24 Aug 2017 - 04:58 GMT

BY

Thu, 24 Aug 2017 - 04:58 GMT

US dollar- Creative Commons via Pixabay- Brett Hondow

US dollar- Creative Commons via Pixabay- Brett Hondow

Egypt discusses shipbuilding, ports upgrading with Singapore


Deputy Prime Minister of Singapore Teo Chee Hean praised the economic reform measures adopted in Egypt and the national projects launched.

Investments in Damietta Port to rise to LE 10 billion



The authority is currently executing five projects.

Average yields fall on Egypt's six-month, one-year T-bills



Average yields on Egypt's six-month and one-year treasury bills fell at an auction on Thursday, central bank data showed.

EGX ends in mixed note, benchmark extends losses



Market capitalization lost LE 2 billion ($112.7 million), registering LE 689 billion from LE 691 billion on Wednesday.

Works of government employees’ district at New Capital started



The residential district will have youth centers, schools and hospitals, with all units expected to be ready by March 2018.

Orascom Construction posts $2B revenues in H1



Earnings before interest, tax, depreciation and amortization (EBITDA) rose 12.1 percent to reach $111 million in the first six months of 2017.

Sidi Kerir Petrochemicals now works at full capacity


The maintenance came to address effects of the fire that broke at the cooling unit of the factory, Petroleum Minister Tarek El-Molla.

SODIC unit, AAIB ink deal to raise credit facility to LE1.4B



SOREAL for Real Estate Development had inked a LE 950 million medium-term loan with the bank in July to finance Villette project.

Three investment zones to be set up in New Valley


The General Authority for Free Zones and Investment (GAFI) under Mona Zobaa approved establishing three new investment zones in the governorate.

Cotton exports increase 9% in 3 months: CAPMAS



India was the prime receiver for cotton exports, as it received more than 50 percent of total exports: 75,700 metric kantars.

U.S. dollar exchange rate inches down 2 piasters Thursday



It recorded LE 17.68 for buying and LE 17.78 for selling at the central bank.

Qatar banks seek Asian, European funding as diplomatic crisis bites



Qatari banks are turning to Asia and Europe for funding after clients from other Arab states pulled billions of dollars from their accounts following a regional diplomatic rift.

Saudi Arabia, China plan joint $20 billion investment fund



Saudi Arabia and China plan to establish and operate jointly a $20 billion (15.63 billion pounds) investment fund.

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