Business News Wrap-up

WB president lauds success achieved in Egyptian economy

President of the World Bank (WB) Group Jim Yong Kim lauded the success achieved in the Egyptian economy and the legislations to improve the investment environment.

EGX30 passes 18,000 points, market cap. gains LE 4.39B

The Egyptian Exchange’s (EGX) benchmark EGX30 passed 18,000 points by the end of Monday’s session, amid Egyptian and Arab selling.

EGX’s indices ended the session on a mixed note for the second consecutive session, and market capitalization gained LE 4.39 billion ($247.7 million).

Kabil discusses with Chinese textile firms investment in Egypt

Trade and Industry Minister Tarek Kabil stressed the importance of pushing Egypt-China economic ties to unprecedented levels and maximizing the benefits of the comprehensive strategic partnership between Cairo and Beijing.

Egypt's rice farmers see rough times downstream of new Nile mega-dam

Rice farmers in Kafr Ziada village in the Nile River Delta have ignored planting restrictions aimed at conserving water for years, continuing to grow a medium-grain variety of the crop that is prized around the Arab world.

EU provides Egypt €68M grant to deliver gas to needy homes

The European Union provided Egypt a grant that is worth €68 million ($83 million), to finance the provision of a portion of the gas delivery fees to the homes of the neediest families, benefiting about 500 low-income families, in cooperation with the Ministry of Social Solidarity.

Juhayna’s profit jumps to LE 81M in Q1 2018

Juhayna Food Industries marked a 38.5 percent increase in its first quarter consolidated profits in 2018, recording LE 80.72 million ($4.5 million), compared to LE 58.26 million during the same period of 2017.

Egypt signs $53.2M loan agreement with OFID

Egypt signed a public sector loan agreement with the OPEC (Organization of the Petroleum Exporting Countries) Fund for International Development (OFID) for $53.2 million, according to the OFID’s statement.

Trade exchange between Egypt, Vietnam hits $377M in 2017

The volume of trade exchange between Egypt and Vietnam in 2017 rose to $377 million, compared to $266 million in 2016, which represents an increase of 41.7 percent, Head of the Trade Agreements Sector at the Ministry of Trade and Industry Saeed Abdullah announced on Sunday.

Swvl to invest LE 300M in Egypt in 3 years

Egyptian mass transportation application Swvl intends to pump LE 300 million of investments in the Egyptian market during the upcoming three years in order to become one of the biggest job creators in the country.