Business news wrap-up

Growth rate hits 5.2% during Q1 of FY 2017/18: Planning min

Egypt’s economic growth rate registered 5.2 percent during the first quarter of the current fiscal year (FY) 2017/2018, Minister of Planning Hala El-Said said Wednesday during a press conference in the Cabinet.

Overall, primary budget deficits drop in Q1 of FY 2017/18

The budget’s overall deficit dropped to 1.9 percent of GDP in the first quarter (Q1) of fiscal year 2017/2018, compared to 2.5 percent in the same quarter last year, Finance Minister Amr el-Garhy said Wednesday.

Egypt to receive next IMF loan disbursal in December: minister

Egypt is set to receive its next International Monetary Fund loan disbursal in December, Finance Minister Amr El Garhy said on Wednesday, a $2 billion payment that is part of a three-year $12 billion loan agreement.

Recent Cigarettes’ prices push EAST stock 5% up

Eastern Co SAE (EAST) stock closed at LE 334.76, registering a five percent hike, equal to LE 16.63 comparing to Thursday’s transactions. The EAST’s stock rise was attributed to the potential increase announced Tuesday after the parliament approved raising taxes on cigarettes and tobacco.

Gov’t agrees to defer tourism sector’s debts

The government has agreed on the deferral of debts owed by the tourism sector in the governorates of South Sinai, Luxor and Aswan, Tourism Minister Yehia Rashed said Wednesday.

Railways revenues increase to LE 172M in October

Revenues of the Egyptian National Railways authority (ENR) increased in October 2017 on a monthly and yearly basis, reaching LE 172.5 million, compared to LE 167.1 million in September and LE 172.4 million in October 2016, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Wednesday.

EGX closes in green, market cap soars LE 9.6B

The Egyptian Exchange (EGX) ended its transactions positively Wednesday on Arab purchases. Benchmark index EGX30 went up 0.83 percent to stand at 13,839 points.

Tourists, tourist nights increase in October YoY: CAPMAS

The number of tourists visiting Egypt in October 2017 increased year-on-year, reaching 826,000, compared to 506,000 last year. The number has also increased on a monthly basis from 723,000 in September 2017, figures from the Central Agency for Public Mobilization and Statistics (CAPMAS) showed Wednesday.

IMF mission chief: Egypt economic reform continues to pay off

The International Monetary Fund (IMF) Mission Chief for Egypt Subir Lall said Egypt's economic reform program continues to pay off, asserting that cooperation overwhelmed his recent talks with senior officials at the Egyptian government.

Chinese firm wants to invest $30M in electric cars in Egypt

A Chinese car manufacturer has expressed interest to invest $30 million in electric car manufacturing in Egypt, the Federation of Egyptian Industries (FEI) announced Wednesday.