Business news wrap-up

Suez Canal revenues record $4.3B in Jan-Oct: SCA chairman

Egypt's Suez Canal revenues surged 3.4 percent year-on-year in January-October 2017, Suez Canal Authority chairman Mohab Mamish said on Wednesday. The canal revenues hit $4.345 billion in January-October 2017, compared to $4.2 billion during the same period a year earlier, he said.

AfriLabs annual gathering kicks off in Cairo

The annual gathering of AfriLabs, the largest network of technology and innovation hubs in Africa, has kicked off in Cairo Wednesday. The gathering is the biggest meeting of stakeholders in the African technology ecosystem.

Inflows hit $80B since floating exchange rate: CBE Governor

Governor of the Central Bank of Egypt (CBE) Tarek Amer on Wednesday said that monetary reform measures led to increasing foreign currency inflows into the country hitting $80 billion since the exchange rate was floated in November.

Commodity imports drop 15.7% in 8 months

The import bill of food commodities declined 15.7 percent in the first eight months of 2017 to $4.79 billion, compared with $5.68 billion in the same period last year, according to the monthly bulletin of the General Organization for Export & Import Control (GOEIC) released Wednesday.

Egypt’s furniture exports down 10% in first 9 months of 2017

Egypt’s furniture exports declined 10 percent between January and September 2017 to $244.2 million, compared with $272 million in the same period last year, according to the Egyptian Furniture Export Council’s (EFEC) monthly report.

EGX closes on mixed note, market capital up LE6B

The Egyptian Exchange (EGX) ended Wednesday on mixed note, as benchmark EGX30 grew 0.48 percent at the end of the trading session to stand at 13,590 points.

Egypt's tourism revenues jumps in 9 months to Sept

Egypt's tourism revenues jumped 211.8 percent year on year to $5.3 billion in the first nine months of 2017, a government official said on Wednesday, as the industry starts to recover after years of political upheaval that drove visitors away.

Egypt’s exports to France up 21% in first 8 months of 2017

Trade exchange volume between Egypt and France saw a notable progress in the period from January to August 2017, reaching 1.54 billion euros, compared with 1.38 billion euros in the same period last year, Trade Minister Tarek Kabil said Wednesday.
Egypt’s exports to France in the same period increased by 21 percent to 401 million euros, compared to 332 million euros in the year-ago period, Kabil added.

International donors finance Egypt’s solar power gig with $1.8B

The World Bank and the European Bank for Reconstruction and Development (EBRD) have directed a total of $1.8 billion for Egypt’s solar energy parks, currently under construction, Bloomberg reported Wednesday.