For Egypt’s top business news, check our daily wrap up for June 7:
Egypt receives 700k tons of petroleum products from Saudi Arabia
Egypt has received 700,000 tons of petroleum products from Saudi Arabia as part of a deal with the Saudi Company ARAMCO to supply Egypt with diesel fuel and gasoline for five years, Youm7 quoted officials at the Ministry of Petroleum as saying.
The size of the monthly consignment is not stable and will be determined according to the country’s needs, added the official. Per the deal, Egypt will pay for the shipments over 15 years with a grace period of three years. There is no contractual value specified in the deal as the price of Brent crude oil is variable in the global markets.
USD exchange rate steady at 8.88 EGP Tuesday
The U.S. dollar exchange rate remained steady against the Egyptian pound in the official market Tuesday, reaching 8.85 EGP in purchasing and 8.87 EGP for selling. In the informal market (Black market) the rate recorded 10.55 EGP for purchase and 10.60 for selling for the second day in a row.
The Euro exchange rate against the EGP reached 10.03 EGP for purchasing and 10.06 for selling.
African Development Bank to fund Egypt’s slums with $300K
The African Development Bank will fund Egypt’s program to develop slum areas with $300 million, representatives from the bank announced during a Monday meeting with the Minister of International Cooperation Sahar Nasr. The ministry has previously requested the African bank finance the government’s comprehensive strategy to restructure shanty towns.
EGAS delivers natural gas to 1,000 consumers in Marsa Matrouh
As part of a national plan to deliver natural gas across Egypt, the Egyptian Natural Gas Holding Company (EGAS) announced a debut of delivering natural gas to 1000 people in the Mediterranean city of Marsa Matrouh by the end of June. The company has finished construction of the infrastructure for gas networks for 3,000 consumers in the city. In Giza, a total of 16,000 domestic consumers have delivered natural gas within two months.
In March, the company announced that a total number of 2, 300 factories have delivered natural gas.
Renovation of bombed Arish hotel costs 9.7 million EGP
The Swiss Inn Hotel that witnessed a bomb attack during the parliamentary elections in November 2015, causing four deaths, is scheduled to reopen in September after the completion of renovations that cost an estimated 9.7 million EGP, according to the Egyptian General Company for Tourism & Hotels (EGOTH.)
The development works at the hotel, which is considered one of the most important hotels in North Sinai and faces the Mediterranean Sea, are being conducted by the armed forces.
Egyptians consume 72K tons of poultry in Ramadan
Egyptians consumption of poultry increases during the holy month of Ramadan to around 72,000 tons, with an estimated 20 percent increase compared to their consumption of 60,000 tons per month during the rest of the year.
Abdel Aziz el-Sayed, the head of Poultry division at the Cairo Chamber of Commerce, said that there are some factors that reduced the poultry production, including: epidemic disease, high price of vaccination and feed, and high temperatures.
Gold price stable in local market
Gold prices have steadied in the local market since Monday transactions. On Tuesday one gram of 21- carat records 370 EGP ($41) and one gram of 24-carat records 421 EGP.
Nady Nageeb, a gold expert at Cairo Chamber of Commerce, told Youm7 that the gold traded globally Tuesday at $1,240 per ounce, and that the gold pound price reached 2,960 EGP.
Egypt’s stock market gains Tuesday due to Arab, foreign purchases
The stock market’s indexes rose collectively by the end of Monday’s trading at 2.1 million EGP, powered by purchases by Arab and foreign investors, while Egyptian investors’ transactions were mostly selling.
The main index EGX30 rose by 1.02 percent; the EGX50 index rose by 0.77 percent; the EGX20 index rose by 1.36 percent, and the small and mid-cap index EGX70 rose by 0.31 percent and the broader EGX100 index rose by 0.49 percent.