UPDATE: Egypt’s business digest July 8: Egypt imports decrease by 1.8% in March-May, 2016: report
FILE -- In this Jan. 12, 2013 file photo, an Egyptian worker sits on boxes of imported Chinese goods in Cairo, Egypt. According to a decision, published in the official gazette Thursday, Dec, 31, 2015, Egypt plans to impose new regulations that appear to be aimed at reducing low-quality imports in order to shore up its foreign currency reserves and protect local industries. The new regulations, that come into effect in late February 2016, will require that foreign factories be registered in Egypt, providing documentation of their licenses and proof of inspection. (AP Photo/Amr Nabil, File)

CAIRO: No more browsing from site to site, view the top business stories in Egypt July 8 here:


Egypt imports decrease by 1.8% in March-May, 2016: report

Egypt’s import bill decreased by 1.8 percent during the period March-May 2016 to register $5.750 billion compared to $5.856 billion during the same period last year, Youm7 quoted a report from the customs authority on Friday.

The figures indicate trade volume has not been affected by the hike in the value of the US dollar against the Egyptian Pound, said Magdy Abdel Azizi, head of the Egyptian Customs Authority.

Misr petroleum pumps 8.2 m liters of fuel in 3rd day of Eid al Fitr

Misr Petroleum Company announced on Friday it has pumped a total of 8.2 million liters of 90-octane and 92-octane gasoline in the third day of Eid al Fitr, Youm7 reported.

Chairman of Misr Petroleum Mohamed Shaaban said the move is a bid to cover the market demand during the Eid al Fitr holiday in which millions of Egyptians across the country travel to spend the holiday with their families.

Egypt’s foreign reserves increase by 0.14% in a month

Egypt’s net foreign reserves have slightly rose to $17.546 billion at the end of June up from $17.520 billion at the end of May, the central bank announced Thursday.

Last week, Egypt has returned to Qatar $1 billion deposited by the Gulf state to help prop up the Egyptian central bank’s hard currency reserves after the 2011 uprising. It has also paid back an installment of $720 million out of $3.55 billion due to the nineteen-creditor Paris Club.

Egypt’s cooperation portfolio with IDB worth $2 bln: source

Egypt’s current cooperation portfolio with the Islamic Development Bank (IDB) includes 14 undergoing projects in different sectors worth a total of USD 2 billion, an anonymous source at the Ministry of International Cooperation told Youm7.

The source said that IDB’s most finance goes to power and energy sector, as it funds eight projects worth USD 1.6 billion.

New Alamein to witness investments worth 3 billion EGP in 2016/2017 development plan

A report by the Ministry of Planning revealed that the new Alamein city, with a distance of 8000 feddan, is expected to witness investments worth 3 billion EGP as part of the 2016/2017 development plan of the western north coast area.

Slight increase in Egypt’s tomatoes exports of tomatoes

Egypt has exported a total of 90,000 tons of tomatoes worth $56 million during the period from September 2015 to May 2016 with a slight increase compared to 88,000 tons worth $58 million, according to a statement by the export council for agricultural crops.

The secretary of the council’s fund Mostafa el-Nagary said that the Russian market will receive Egypt’s exports of tomatoes, which will double the export volume in the coming period, Youm7 reported.

Net foreign direct investments increase to $5.8 bln in FY 2015/2016 – Investment Ministry

Ministry of Investment announced the rise of net foreign direct investments have increased during the period July 2015 to March 2016 during the fiscal year 2015-2016 by 13.7 percent reaching $5.8 billion, compared to $5.1 billion during the same period last year, Youm7 reported.

Orascom Telecom tops 10 most active companies at EGX 

Orascom Telecom Media and Technology Holding (OTMT,) owned by Business Tycoon Naguib Sawiris, topped a list of 10 most active companies in terms of trading volume in the Egyptian stock market during the last week with 30.6 million EGP traded over 54.8 million securities, Youm7 reported.

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