Business News Wrap-up

Egyptian, Arab selling pushes EGX to end in Red

Egyptian and Arab selling pushed the Egyptian Exchange’s (EGX) indices to end Wednesday’s session in Red and market capitalization lost LE 4.3 billion.

Renault studies to assemble its cars in Egypt

A delegation from French multinational Group Renault is conducting field trips to a number of local car assembly lines, with the Egyptian International Motors Company (EIM) – their agents in Egypt.

Egypt executed 3,195 projects with LE 667B in 4 years

Some 3,195 national projects have been executed in the last four years, costing LE 667 billion, presidential aide for national and strategic projects Ibrahim Mahlab said Wednesday.

Pioneers profits rise 5.3% in 2017 to LE 1.14B

Pioneers Holding Company for Financial Investment SAE (PIOH) marked a 5.3 percent gross in its annual profits to reach LE 1.14 billion ($64.70 million) before minority, compared to LE 1.08 billion in 2016.

Egypt finalizes $130M export contracts in trade show in Germany

Some 102 Egyptian companies participated in the “Fruit Logistica" fresh produce trade show held in Berlin in February, where the commercial office in Berlin helped in concluding export contracts for Egyptian companies worth $130 million, Trade Minister Tarek Kabil said Wednesday.

Egypt seeks exemption from U.S. steel, aluminum tariffs

There are attempts with the United States to exempt 12 countries, including Egypt, from the fees imposed by President Donald Trump on imports of steel and aluminum, official Egyptian sources stated on Wednesday.