UPDATE: Egypt’s Business digest July 5: Italy’s Eni says drilling off Cyprus to start next year
Logo of Italian multinational oil and gas company Eni.

CAIRO: No more browsing from site to site, view the top business stories in Egypt July 5 here:

Egypt’s strawberry exports decrease by 12 percent:

Egypt has exported a total of 28 tons of strawberry at a total value of $66 million during the past 9 month, Youm7 reported Tuesday citing a statement from the Egyptian Agriculture Export Council.

The above figures represent 12 percent decrease in quantity and 8 percent decreases in value compared to the same period last year, according to the statement.

Egypt to attend G20 summit meetings: official

Egypt finished preparations to attend the upcoming meetings of the G20 group summit, scheduled to take place in China’s Hangu early September, according to a Finance Ministry statement.

Minister Plenipotentiary Ragi el Etribi, Egypt’s representative to the group, has headed the Egyptian delegation in the preparatory meetings convened in Xiamen Island last week.

Italy’s Eni says drilling off Cyprus to start next year

The chief executive of Italian oil and gas company Eni says exploratory drilling off Cyprus’ southern shore will begin next year, the Associated Press reported Tuesday.

Claudio Descalzi said after talks with Cypriot President Nicos Anastasiades Tuesday that drilling will “for sure” start in 2017.

Egypt to receive $ 33.3 mln 2nd installment of UAE $200 mln loan in October

Egypt will receive $33.3 million in soft loans from the UAE Khalifa Fund for Enterprise Development in October to finance small and medium enterprises, an Egyptian official told Youm7 on condition of anonymity as he was not authorized to brief the media Monday.

The amount of money is the second installment of $200 million loan that was signed between both countries in November 2014. It was agreed that the loan will be delivered to Egypt over six installments.

Egypt’s budget deficit hikes to 311 bln EGP in FY 2015/2016: Finance Ministry

Egypt’s budget deficit hiked to 311 billion EGP ($35 billion) -11.2 percent of GDP- during the period of time between July 2015 and May 2016, compared with 262 billion EGP ($29 billion) in the same period of the previous year, according to a bulletin issued Monday from the Ministry of Finance.

Egypt’s foreign reserves increase by $25 mln in June: CBE

Egypt’s foreign reserves have increased to $17.546 billion at the end of June, compared to $17.521 billion at the end of May, with an increase of about $ 25 million, according to the official website of the Central Bank of Egypt Monday.

Egypt’s Cabinet approves deal of double taxation with Bahrain

The Egyptian cabinet agreed Monday on the signing a deal of double taxation and tax evasion between the country and Bahrain. The deal was initially inked on April 8, 2016, according to a statement from the Cabinet.

Egypt’s pound steady against U.S. dollar Monday

Central Bank of Egypt (CBE) held Tuesday the value of the Egyptian pound steady against the U.S. dollar; value of the pound preserved at 8.8574 against the U.S. dollar for purchase in the banks, which will sell the dollar to clients at 8.8800 EGP, Youm7 reported.

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