UPDATE: Egypt’s business digest July 7:Italy’s Saipem wins $1.7 b contract to deliver gas from Egypt’s Zohr field
Eni's Bouri Offshore oil terminal is seen off the Libyan coast, in the Mediterranean sea, Tuesday, Aug. 1, 2015. The Italian energy company announced it has discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea. (AP Photo/Gregorio Borgia)

CAIRO: No more browsing from site to site, view the top business stories in Egypt July 7 here:

Italy’s Saipem wins $1.7 b contract to deliver gas from Egypt’s Zohr field

Italian LNG and energy engineering company Saipem was awarded contracts and variation orders worth $1.7 billion for developing the Zohr natural gas field, located off the Egyptian coast in the Mediterranean Sea, Saipem said in a statement Thursday.

Work will start in July 2016 and is due to be completed by the end of 2017, according to the contract.

The scope of work of the contract encompasses the installation of a 26-in. gas export trunkline and 14-in. and 8-in. service trunklines, as well as EPCI work for the field development in deep water (up to 1,700 m) of six wells and the installation of the umbilical system, according to the statement.

Social fund for developments, NBE sign agreement to fund MSEs

The Social Fund for Development has signed an agreement with the National Bank of Egypt to fund small and medium-sized enterprises across the country at an amount of 100 million EGP through NGOs and funding companies, Youm7 reported Thursday.

Funded by the Arab Fund for Economic and Social Development (AFESD), the agreement aims to establish new micro-sized enterprises and to help in developing and expanding existing ones.

Egypt’s GDP rises to 1.4 trillion EGP within 6 months: report

A monthly report by the Ministry of Finance revealed that Egypt’s total Gross domestic product increased to 1.4 trillion EGP ($112 billion) within the first six months of the past fiscal year 2015/2016 compared to 1.3 trillion EGP during the same period of the fiscal year 2014/2015.

The GDP is the monetary value of all goods and services produced within a country’s borders in a specific period of time.

CAPMAS: population census to begin Aug. 20

The Central Agency for Public Mobilization and Statistics (CAPMAS) has announced that the general census of population and facilities across the governorates will kick off on Aug. 20, 2016 through Feb.9, 2017.

Price of imported auto parts up 30%: Chamber of Engineering Industries

The Chamber of Engineering Industries at the Federation of Egyptian Industries said that the prices of imported auto parts increased by 30 percent after traders raised its prices amid dollar crisis, Youm7 reported. He added that the prices of the locally-manufactured auto parts increased by 15 percent as imported fabrics are used in its production.

Net Arab purchases at EGX hit 944 M since beginning of 2016

Net purchases by Arab traders at the Egyptian stock exchange hit 944.44 million EGP ($106 million) since the beginning of this year, while foreigners’ purchases reached 257 million EGP, excluding deals, read a weekly report by EGX.

Youm7 quoted the report as saying that Egyptians’ trading reached 84.04 percent of the total market transactions during the last week.

Applying VAT on social media adds requires monetary of promoted goods: Communication expert

Ahmed Mokhtar, a communication expert, said that in order to apply Value Added Tax (VAT) bill on online services requires a monetary to all promoted products and goods and ensure that they are produced in Egypt.

He also added that prior to applying VAT, Egypt should ensure whether the advertisement companies that promote products on Facebook and Google are located within the country’s borders.

Youm7 quoted previously an anonymous official at the Finance Ministry as saying that the application of VAT bill on social media adds will be discussed by the Parliament after the three-day vacation of Eid el-Fitr (Breaking the Fast Feast.)

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