Business news wrap-up

IMF upgrades Egypt’s economic growth forecast to 5.5% in FY 2018/19

The International Monetary Fund (IMF) raised its forecast for Egypt’s economic growth to 5.5 percent in the next fiscal year 2018/19, up from 5.3 percent in the first review.

EBRD provides $30M to support private sector’s agriculture activities

Minister of Investment and International Cooperation Sahar Nasr signed on Thursday a $150 million financing deal with the European Bank for Reconstruction and Development (EBRD) and Olam International Ltd to support private sector’s agriculture activities in Egypt and a number of countries, a statement from the ministry said.

OTMT approves buying 51% stake in Inertia

The board of directors of Orascom Telecom Media and Technology Holding (OTMT), headed by company CEO Naguib Sawiris, approved Thursday acquiring 51 percent of real estate company Inertia Holding Group.

Beltone’s major stakeholders sell 11.2% to local, foreign investors

Majority shareholders of Beltone Financial Holding sold 11.2 percent to both financial institutions and investors from the U.S., Gulf countries and Egypt, the company said in a Thursday statement to the Egyptian Exchange.

2nd edition of Egypt’s petroleum show to take place in February

The second edition of Egypt Petroleum Show (EGYPS 2018) will be held in Cairo next year, bringing together the region’s key stakeholders shaping the energy industry’s future, the event organizer Global Energy division of dmg events, said in a Thursday statement.

Al Tawfeek’s institutional offering 40.16x oversubscribed

Al Tawfeek Leasing Company’s (AT Lease) institutional offering is 40.16 times oversubscribed for 14.4 million shares at a total value of LE 95.04 million ($5.3 million), the company said in a statement on Wednesday.

Poultry producers complain of losses amid imports’ low prices

Local poultry-producing companies complain of major losses during the past three months, the General Federation of Poultry (GFP) producers said on Thursday in a statement. The GFP said that prices of imported frozen poultry are very low compared to domestic products.

Food security in Middle East, North Africa deteriorating, says U.N. agency

Food security in the Middle East and North Africa is quickly deteriorating because of conflict in several countries in the region, the United Nations said on Thursday.

Uber dealt blow after EU court classifies it as transport service

Uber Technologies Inc should be classified as a transport service and regulated like other taxi operators, the European Union’s top court said in a landmark ruling on Wednesday that could impact other online businesses in Europe.