Business news wrap-up

IFC to invest $150M to develop Egypt’s agriculture sector

The Executive Board of the International Finance Corporation (IFC) agreed on Friday to invest $150 million in Egypt’s agriculture sector, Minister of Investment and International Cooperation, Sahar Nasr, said in a statement Saturday.

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DA finishes 850 factories part of larger project

The Industrial development Authority (IDA) has completed the construction of more than 850 factories, part of the “1,000 factory project” in New Cairo, a source in the authority said Saturday. He said that 400 factories of them are currently obtaining their operating licenses.

Bosch to increase its investments in Egypt

Bosch, a leading international supplier of technology and services, is considering the establishment of a number of industrial projects in Egypt, Trade Minister Tarek Kabil said Saturday.

He said that the projects will involve several industrial sectors, with the aim of supplying the market with industrial products and exporting them to neighboring countries, especially Africa.

ADFG is interested in expanding business in Egypt: CEO

Investment and International Cooperation Minister Sahr Nasr said on Friday that the UAE multi-billion pound investment firm Abu Dhabi Financial Group (ADFG) is interested in increasing its investments in the education sector in Egypt.

Fayoum’s request for LE280 to fund projects is being considered

The Ministry of Planning is considering the request of Fayoum’s governor for some LE280 million to fund some projects in the governorate, Planning Minister Hala el-Said said on the sidelines of her visit to Fayoum on Saturday.

China says to ban some petroleum exports to North Korea

China said on Saturday it will ban exports of some petroleum products to North Korea, as well as imports of textiles from the isolated North, to comply with a United Nations Security Council resolution.

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Unfit' Uber stripped of London license, CEO tweets 'pls work w/us'

London deemed Uber unfit to run a taxi service on Friday and stripped it of its license to operate from the end of next week in a major blow to the U.S. firm and 3.5 million users in one of the world’s wealthiest cities.

Moody's downgrades UK's rating on Brexit and growth fears

Ratings agency Moody's downgraded Britain's credit rating by a further notch on Friday, saying the government's plans to fix the public finances had been knocked off course and Brexit would weigh on the economy.