Business news wrap-up

Deficit in trade balance records $3.3B in August

The deficit in the trade balance registered $3.31 billion in August, which is 26.7 percent less than the $4.52 billion recorded in August 2016, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Sunday.

Banque Misr to open offices in Kenya, South Korea in 2018

Egypt's second largest state-owned bank Banque Misr is planning to open two offices in South Korea and Kenya in 2017, the bank’s Deputy Chairman Akef Maghraby said Sunday.

CI Capital partners with Saudi's Al Rajhi for expansion

Local investment bank CI Capital signed an agreement Sunday with Saudi-based Al Rajhi Capital (ARC) to provide the former access to the Saudi equity capital market.

EGX ends in red, market capitalization slides LE 2.3B

The Egyptian Exchange (EGX) closed negatively Sunday as all indices went down. Benchmark index EGX30 inched down 0.55 percent to stand at 14,270 points.

Agriculture contributes 11.7% to Egypt’s GDP in 18 months

A government report revealed that the agriculture sector contributed about 11.7 percent to the country’s GDP, recording LE 219.7 billion.

Dollar exchange rate stable at Egypt banks

The US dollar exchange rate was relatively stable during morning transactions at major banks on Sunday. The dollar exchange rate stood at LE17.60 for buying and LE17.70 for selling.

LPG cylinders production increased to 1.2M per day: Butagasco

State-owned Egyptian Company for Gas Transferring and Deliverance (Butagasco) increased its production to 1.2 million liquefied petroleum gas (LPG) cylinders per day, preparing for the increased demand anticipated in winter.

GDP of oil sector reaches EGP 303.5B in 18 months

A report submitted to Parliament Saturday showed the distribution of the gross domestic product (GDP) across economic sectors in Egypt from March 2016 to September 2017.