Daily Business Digest June 12
Egyptian billionaire Naguib Sawiris - YOUM7

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Egypt ends local wheat purchases after reserve reaches 4.7m tons

Egypt will end local wheat buying on Wednesday due to exceeding its target of 4 million tons, the Supply Minister Khaled Hanafy was quoted by Youm7. Egypt’s domestic wheat purchases reached 4.8 million tons since the start of the season on April 15, according to Hanafy.

Communication Ministry puts up tender to buy IT security devices

The Ministry of Communication and Information Technology announced in a statement Sunday it has put up a tender to supply and install network equipment and electronic security devices to the Egyptian Financial Supervisory Authority, according to Youm7.

Egypt’s growth rate to reach 3.3% in FY 2016/2017: World Bank

The World Bank lowered its expectation for the economic growth rate in Egypt for the fiscal year 2015/2016 by 0.5 percent compared to its forecast last January, a World Bank report said Saturday.

Trade min., Portuguese ambassador to Cairo talk trade cooperation

Trade and Industry Minister Tarek Qabil met with Portuguese Ambassador to Cairo Magdalena Fischer Friday to discuss ways to enhance bilateral trade ties and joint investment projects between the two countries, Youm7 reported. Both countries also discussed preparations for the Egyptian-Portuguese trade committee meetings scheduled to be held in Cairo later this year.

Egypt’s Beltone Financial plans to entice overseas investors with GDRs

Egypt’s Beltone Financial , a unit of billionaire businessman Naguib Sawiris’s OTMT, said on Sunday it planned to convert up to a third of its share capital into Global Depositary Receipts (GDRs) listed abroad, according to Reuters.

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