Business news wrap-up

EGX cooperates with GIZ to introduce the market to new judges

The Egyptian bourse has signed a protocol with the German Development Agency GIZ to cooperate in introducing the most important mechanisms and frameworks that govern the stock market, in regards to companies’ registration and disclosure, to a number of new judges at economic courts.

Egypt plans to set up logistics center in Russia

The Export Development Authority (EDA) has prepared a proposal to set up an Egyptian logistics center in Russia, the authority’s executive director, Sherine el-Shorbagy said in a statement Wednesday.

Chambers of Commerce praise lifting limits on dollar withdrawals

The Federation of Egyptian Chambers of Commerce (FECC) appreciated the Central Bank of Egypt’s (CBE) decision to remove the maximum limits imposed on cash deposits and withdrawals for companies importing non-essential products.

EGX closes in mixed note, still breaking record

The Egyptian Exchange (EGX) ended its transactions on mixed note Wednesday, continuing its record reached on the prior day. Benchmark index EGX30 went up 0.31 percent to stand at 14,582 points.

Sukari mine exports 404kg of Egypt’s gold to Canada

Around 404 kilograms of gold from Sukari gold mine were exported to Canada through Cairo International Airport, to be sold in international markets. The gold quantities came from Marsa Alam in 22 boxes and left the airport on Gulf Air.

Egypt keeps custom dollars at LE 16 in December

Egypt kept the customs dollars at its current rate of LE16 to the dollar for December, the Ministry of Finance said Wednesday. The ministry said that the decision comes in light of the stability in the Egyptian pound’s exchange rate during the past period as well as the stable conditions of the economy overall.

Egypt to expand petroleum projects in Libya

"Egypt is interested in boosting its oil projects in Libya, in cooperation with the Libyan National Oil Company (NOC)," Minister of Petroleum Tarek el-Molla said Wednesday. Molla made the statements during a meeting with NOC chairman Mostafa Sanallah, in the attendance of a delegation of Libyan oil companies, to review cooperation.

IDA Chairperson: 2085 new factories established

Egypt has opened 2085 new factories since 2016 with total investments value at LE 58 billion ($3.3 billion), Head of Industrial Development Authority (IDA) Ahmed Abd el-razek said in a statement on Wednesday.

Wali meets with working associations to improve Al-Rawdah village

Minister of Social Solidarity Ghada Wali will meet with working associations to help North Sinai’s villages on Wednesday. The meeting will be held specially with the working associations in North Sinai to coordinate efforts to help Al-Rawdah residents, and to discuss the implementation of developmental projects for the villagers.