Business News Wrap-up

Egypt returns to int’l bond markets with $4B Eurobond issue

Egypt succeeded in issuing Eurobonds worth $4 billion on three tranches; three, five and 30 years, according to the Ministry of Finance's statement.

The purchase requests exceeded $12 billion in the first few hours after the issuance despite the volatility of the international stock markets, the statement said.

Egypt to start talks with European banks to issue 1-1.5B euro in Eurobonds

Egypt will start talks this month with European banks to issue euro denominated Eurobonds, Finance Minister Amr el-Garhy told Reuters Wednesday.

The value of the issue is expected to be 1-1.5 billion euros and will be sold next April, he added.

Tax revenues reach LE 248B in FY 2017/18

Tax revenues in the current 2017/18 fiscal year reached LE 248.8 billion, compared to LE 154 billion last year, increasing by 61 percent, Deputy Finance Minister Mohamed Mait said in a press conference Wednesday.

Growth rate in Egypt increases to 5.3% during Q2: Min.

The growth rate of the second quarter (Q2) of fiscal year 2017/2018 increased to 5.3 percent, compared to 5.2 percent, in the first quarter of the same year, Minister of planning Hala al-Said stated in a conference at the Prime Ministry.

EGX wins LE 3.9B, benchmark rises 0.5%

The Egyptian Exchange (EGX) ended Wednesday on a mixed note, gaining LE 1.3 billion, amid Arab purchases. The benchmark EGX30 increased 0.52 percent, or 76.2 points, to end at 14,805.95 points.

Petroleum Min. inks seismic survey agreement with Schlumberger

Egypt’s Ministry of Petroleum signed an agreement, during EGYPS 2018, with oilfield services company Schlumberger to conduct a seismic survey in the Gulf of Suez, an official statement showed.