UPDATE: Egypt’s top business news June 24:Egypt gold prices reach all time high after Britain vote to leave EU
An employee shows gold bangles to a customer - REUTERS/Danish Siddiqui
By

CAIRO: No more browsing from site to site, view the top business news stories on June 23 here:

British investments in Egypt won’t be affected after Britain voted to leave EU: minister

British investments in Egypt will not be affected by the recent vote to leave the European Union, Youm7 quoted Trade and Industry Ministry Khaled Qabil Friday.

He noted that British investments in Egypt, estimated at $5 billion, are concentrated at the private sector.

Egypt gold prices reach all time high after Britain vote to leave EU

Egypt gold prices have reached all time high on local markets Friday with a gram of 21-carat gold reaching 410 EGP ($45) following Britain’s vote to leave the European Union, Youm7 reported.

A gram of 18-carat gold reached 351 EGP, Ihab Wassef, member of Gold Division of the General Union Chamber of Commerce told Youm7.

Apache Corp extends Western Desert oil drilling for 5 years

The U.S.- based oil and gas exploration firm Apache Corporation has renewed its Khalda-2 drilling concession in Egypt’s western desert for five more years, according to Youm7.

Signing the agreement, which involves adding new 10 wells, was attended by Egypt’s Petroleum Minister Tarek al Mulla.

94.6M cell phone lines owned by Egyptians: CAPMAS

A total of 94.6 million cell phone lines are owned by people in Egypt by February 2016, and 6.2 have land lines; meanwhile, mobile internet users reached 25.7 million and ADSL subscribers are 3.9 million, according to the Central Agency for Public Mobilization and Statistics (CAPMAS.) Egypt’s population is estimated at 82 million.

EGAS imports 3 of 4 LNG cargoes in June to meet electricity needs

Egyptian Natural Gas Holding Company (EGAS) plans to import four cargoes of liquefied natural gas this month to meet the needs for electricity, officials sources at the petroleum sector told Youm7 in a Friday report.

Three of the cargoes have already arrived to supply gas ships moored at the Ain Sokhna port with a capacity of 500 million cubic feet for the first ship and 700 million cubic feet for the second one. These cargoes are estimated at 2.4 billion cubic feet of liquefied natural gas pumped into the national network to meet the needs of power stations and part of the needs of the industrial sector, the sources said.

4-star hotel to be established at New Damietta beach

A four-star hotel at the beach of New Damietta will be established per an agreement between the Saudi-Egyptian Construction Company and Hilton at an investment of 100-120 million EGP, Youm7 reported Friday.

16 roads to be established in 2016\2017 connecting governroates

Roads connecting all of Egypt’s governorates are planned to be established at a distance of 4,888 kilometers, representing 20.4% of current roads, according to a Thursday Ministry of Planning report.

In 2016\2017 fiscal year, 16 roads will be inaugurated including enhancing Cairo-Suez Road, the Ismailia Desert Ring Road, and Ismailia Agricultural Road.

17 lands allocated to investors in Matoruh

A total of 17 pieces of land in Matrouh have been allocated to investors to establish projects per memoranda of understanding signed in Matrouh Conference last October, Investment Minister Dalia Khorshid announced Thursday.

Recommend to friends

Leave a comment