Business News Wrap-up

Gov’t agrees to establish free zone in Nuweiba

The government agreed to establish a free-zone in Nuweiba city, announced South Sinai governor Khaled Fouda in a Saturday press conference.

Egypt allows imports of used electric cars

Trade Minister Tarek Kabil issued a decision that allows the imports of used electric cars, on condition that they are no more than three years old.

Nuweiba’s free zone is the first since 2005, brings number of zones to 11

Minister of Investment and International Cooperation Sahar Nasr said that the government’s decision to establish a free zone in Nuweiba city in Sinai will allow the establishment of the first free zone since 2005.

Egypt lacks infrastructure to run electric cars: FEI

Egypt does not have the adequate infrastructure that allows the running of eclectic cars, Deputy President of the Federation of Egyptian Industries' (FEI) transport division Samir Allam said Saturday.

MoU signed to train Egyptian youth on establishing projects

The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) and the Ministry of Manpower signed a memorandum of understanding (MoU) to prepare the youth on setting up small- and medium-sized enterprises (SMEs) and train workers to work in these projects.

EGX’s chairman calls firms to diversify finance through capital market

Chairman of the Egyptian Exchange (EGX) Mohamed Farid called on companies in different sectors to diversify their sources of finance, especially through the capital market.