UPDATE: Egypt’s business digest June 25:Egypt-Russia trade exchange increases by 10% during Jan.-Apr., 2016: statement
President Abdel-Fatteh El-Sisi meets President Vladimir Putin at the Black Sea resort of Sochi - YOUM7

CAIRO: No more browsing from site to site, view the top business news stories on June 25 here:

Dutch agriculture experts due in Cairo in July to discuss establishing 1,200 greenhouses

A Dutch delegation of agriculture experts will visit Egypt next month to study the establishment of a total of 1,200 greenhouses in an area of 42,000 acres, International Cooperation Minister Sahar Nasr was quoted by Youm7.

The statement came during her meeting with the Dutch Ambassador to Cairo Gerard Stiggs. During the meeting, both sides discussed ways to boost ties between the two countries.

Egypt-Russia trade exchange increases by 10% during Jan.-Apr., 2016: statement

The volume of trade exchange between Egypt and Russia increased by 9.8 percent in the first quarter of 2016 to reach $1.504 billion, Fedor A. Lukashin, Russian trade representative in Egypt was quoted by MENA Saturday.

Egypt’s exports to Russia include fruits, vegetables, pharmaceutical supplies and carpets, he added.

Egypt’s building materials exports increase by 68% in May

Egypt’s building materials exports in May 2016 increased by 68 percent to register 4.238 billion EGP ($480 million,) compared to the same period last year.

Local building materials market is also witnessing a growth due to the ongoing mega projects implemented by the Engineering Authority of Armed Forces, Walid Gamal Eldin, Head of Export Council for Building Materials was quoted by Youm7.

Egypt’s exports of agricultural products reach 3.9m tons: Ministry report 

Egypt’s total exports of agricultural products to Europe and Gulf countries have reached 3.9 million tons so far; Youm7 quoted a report issued by the Agriculture Ministry.
The report noted that there are discussions carried out between Egypt and nine other countries to open markets for Egyptian agricultural products like: citrus fruits, and fodder beet and grape.

KFAED to finance power delivery to 26 Sinai localities
The Kuwait Fund for Arab Economic Development (KFAED) has agreed in principle to finance a project to deliver power lines and transformers to 26 localities in Sinai with initial cost of $12m (106.8 million EGP,) Youm7 quoted a source at the Ministry of International Cooperation.

The source said that the financing is part of the Kuwaiti fund’s package worth $900 million earmarked for Sinai development projects during the period from 2016 to 2019.

Committee tasked with allotting lands for investors in Port Said: Min.

Investment Minister Dalia Khorshid said that a committee will be formed to be tasked with allocating lands for investors in Port Said governorate within the framework eliminating obstacles facing investors in Egypt, Youm7 reported.
Khorshid added that the committee will begin its work as of the next week.

Areas cultivated by cotton decline by 47 percent: report

The total area planted in cotton declined by 47 percent to register 131,000 feddans during this summer season, compared with 247,000 feddans during last summer, Youm7 reported Saturday citing a report issued by the Agriculture Ministry.
The report said the decline was caused by several reasons including the lack of mechanisms to market the crop. Additionally, the cost of cotton cultivation is high reaching 9000 EGP/feddan; companies also tend to import cotton from abroad to get more profit.

USD exchange rate steady at 8.88 EGP Saturday
The U.S. dollar exchange rate remained steady against the Egyptian pound in the official market at the beginning of Saturday’s trading, where the USD reached 8.8572 EGP in purchasing and 8.8794 EGP for selling. The Euro exchange rate against the EGP reached 10.09 EGP for purchasing and 10.12 for selling. The Saudi Riyal exchange rate against the EGP reached 2.361 in purchasing and 2.367 for selling.

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