Business news wrap-up

Petroleum ministry signs new contracts for gas exploration

Minister of Petroleum Tarek el-Molla signed three contracts for oil and natural gas exploration in the Western Desert between the state-owned Egyptian General Authority for Petroleum (EGPC) and international oil companies Apache Corporation and Merlon International, LLC.

Efforts intensified to lift UK travel ban on Sharm El-Sheikh

The governments of Egypt and Britain are reportedly exerting intensive efforts to lift the UK ban on flights to the Red sea resort of Sharm El-Sheikh ahead of the World Travel Market London, slated for November.

Trade Ministry to tender 3 industrial complexes in 10th Ramadan city

Minister of Trade and Industry Tarek Kabil said that the ministry will put out to tender three industrial complexes in 10th of Ramadan city within the coming two months.

Industry ministry opens 1st duplex paper factory in Egypt

Minister of Industry and Trade Tarek Kabil inaugurated on Saturday Egypt’s first factory of duplex paper in Sadat City in Monofiya governorate, at total investments of LE 700 million.

New regulations for importers registration postponed

Trade Minister Tarek Kabil postponed the implementation of the executive regulations of the Importers Register Law to December 22 to give importers more time to adjust.

An overview of Egyptian-Vietnamese trade relations

Egypt and Vietnam have been trade partners, with the latter importing chemicals, honey, petroleum products, dairy products and textiles from Egypt at a value of $ 8.7 million annually.

Wall Street rises modestly following Yellen speech

U.S. stocks rose slightly on Friday, lifted by high-dividend-paying stocks, after Federal Reserve Chair Janet Yellen stayed silent on monetary policy in a much-anticipated speech.