UPDATE: Egypt’s business digest July 6: Gov’t pump 4.8 M LPG cylinders into local markets to meet citizens needs; US dollar rate steady against EGP at black markets
Truck carrying butane cylinders - YOUM7 (Archive)

CAIRO: No more browsing from site to site, view the top business stories in Egypt July 6 here:


Petroleum Ministry provides local market with 4.8 million LPG cylinders during Eid

Ministry of Petroleum announced it will provide the local market with 4.8 million butane gas (LPG) cylinders during the vacation of Eid el-Fitr (breaking the fast feast) in a plan that aims to fulfil citizens’ domestic needs of gas.


Finance Min. agrees to allocate 4.6 M EGP to petroleum, supply & education ministries 

Minister of Finance Amr el-Garhy agreed to urgently allocate 4.6 million EGP to ministries of Petroleum, Supply, education as part of the government’s efforts to improve public services for citizens and provide them with subsidised basic commodities. The transfer is said to be part of decisions of the last fiscal year 2015/2016.


US Dollar exchange rate steady against EGP at black markets 

The U.S. dollar exchange rate against the Egyptian Pound (EGP) at black markets reached 10.93 EGP for purchasing and 11 EGP for sale, as it continued its steady rate on the second day in a row, Youm7 reported Wednesday.


Trade value of Egypt’s stock exchange securities reaches 1.7 bln EGP over a week: report

The trade value on Egypt’s stock exchange securities reached 1.7 billion EGP over the past week, according to a weekly report by the Egyptian exchange. Over the past three months, the trade volume has declined to 60.6 billion EGP from 67.9 billion EGP.


Campaigns to be launched in coming days to promote investments in Egypt: Minister 

Egypt’s Minister of Investment Dalia Khorshid announced Tuesday evening that the ministry will launch a group of campaigns and events to promote investments in Egypt, Youm7 reported. She added that an investment conference will be held in the Mediterranean city of Marsa Matrouh after three-day celebration of Eid al-Fitr, which mark the end of Ramadan month.


East Port Said’s infrastructure will be done in 38 months: SCA chairperson deputy

Infrastructure ongoing projects in East Port Said area include establishment of three tunnels (two tunnels for cars and a tunnel for trains), Youm7 reported first Aide of the Suez Canal Authority (SCA) Chairperson Nasser Foad Wednesday.  Only 30 percent of the projects works have been implemented and it is scheduled that the projects will be done in period of time between 18 and 38 months, he added.


Metro to link new administrative capital with 6 October city: proposal

Egypt’s Ministry of Housing announced Tuesday it is studying a proposal to link the new administrative capital with the 6th of October city via metro.

On October 2015, President Abdel Fatah al-Sisi said that the first phase of the project should be completed in two years. The ambitious urban planning project was announced in March 2015 at the Egypt Economic Development Conference. The timeframe of the project was estimated at between five to seven years, with the total cost estimated at $45 billion.

The new capital city’s governmental district will include ministerial headquarters, public service institutions, halls for international conferences, 15,000 housing units, a public park, and buildings for embassies.


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

Central Bank of Egypt (CBE) held Wednesday 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. In the black market, the Egyptians purchase one dollar for 11 EGP, and sell it for 10.93 EGP.


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