UPDATE: Egypt’s business digest June 28: EGX gains 2.1 b EGP, benchmark rises by 0.41%
The Egyptian stock exchange - AFP/Khaled Desouki
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CAIRO: No more browsing from site to site, view the top business news stories on June 28 here:

EGX gains 2.1 b EGP, benchmark rises by 0.41% on Tuesday

The Egyptian Exchange (EGX) surged on Tuesday boosted by local institutions as well as Arab and foreign buying appetite, Youm7 reported.

Egypt’s main index EGX30 gained 0.41 percent to reach 6931.94 points with stock turnover at 398 million EGP.

Egypt’s non-petroleum exports increase by 3 percent in 5 months: minister

Egypt’s non-petroleum exports rose to US$8.4 billion during the 1st five months of 2016, marking 3 percent increase if compared to the same period a year earlier, Youm7 quoted Trade Minister Tarek Qabil on Tuesday.

Non-petroleum exports to European Union countries increase by seven percent to stand at $ 2.2 billion in January-May 2016 up from $ 2.02 billion during the same period last year, said Qabil.

Egyptian pound stable at official auction, black market

The Central Bank of Egypt (CBE) has kept the pound steady against the US dollar at its regular dollar auction on Tuesday, according to Youm7.

The CBE sold a total of $ 117.1 million at a cut-off price of 8.78 pounds per dollar, while its average price at black market was 11.05 EGP.

Int’l cooperation minister becomes EBRD deputy director Governors Board

International Cooperation Minister Sahar Nasr has been selected by the European Bank for Reconstruction and Development (EBRD) to be a deputy of the Board of Governors director in 2016/2017.

Egypt became an EBRD recipient country in October 2015; the bank’s forecast for the country’s real GDP growth in 2017 is 4.2%.

Oil, gas investment agreements amount to $14.340B in 2 years

Investment agreements signed by the Petroleum Ministry in the past two years with international companies operating in the field of oil and gas have amounted to $14.340 billion, according to a Tuesday statement by the ministry.

A total of 67 agreements have been signed by June; the ministry had signed no agreements for three years before that.

$120M to be pumped into banks operating locally

About $120 million will be pumped into banks operating in the domestic market by the Central Bank of Egypt after merging the three weekly tenders into one every Tuesday. CBE pumped $33 billion in five months for import purposes.

Value-added Tax to be applied in Sept.

The value-added tax will be applied starting from September after the parliament passes it; the total tax revenues expected for the fiscal year 2016/2017 range between 20-25 billion EGP, Finance Minister Amr al-Garhy told Youm7 Monday.

The Ordinary and Extraordinary General Assembly of Beltone Financial Holding has approved trade-off contract with Orascom Telecom on the acquisition of 100% of the total shares of Arab Finance at a cost of 23 million EGP, according to a Tuesday statement by Beltone.

A similar contract has been approved to acquire 70% of the shares of Reefy for micro projects at a cost of 105 million EGP.

95% of private sector small, micro projects: Amr Aboul Azm

Small and micro projects represent 95% of the private sector in Egypt in terms of the number of projects, and they have a faster ability to create job opportunities and a bigger capacity to grow, said Amr Aboul Azm, deputy head of the Micro Projects Services Development.

However, only 10% of Egyptians have bank accounts, which means that their chances in obtaining bank finances are very low, he told Youm7.

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