UPDATE: Egypt’s business digest July 9:Egypt’s FDI increase by 13.7% in first 9 month of 2015-16 FY: report
People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo, Egypt, December 21, 2015. REUTERS/Amr Abdallah Dalsh
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CAIRO: No more browsing from site to site, view the top business stories in Egypt July 9 here:

 

Egypt’s FDI increase by 13.7% in first 9 month of 2015-16 FY: report

Egypt’s foreign direct investment (FDI) increased by 13.7 percent during the first nine months of the fiscal year 2015-2016 to register $5.8 billion up from $5.1 billion during the same period in the fiscal year 2014-2015, the Investment Ministry said in a Friday statement.

The increase is attributed to the high net inflows of newly established companies and the increase of their capitals, which are valued at $3.7 billion compared to $2.8 billion recorded in 2014-2015, according to the statement.

Egypt’s ten-month automotive imports reached $4bn

Egyptian automotive imports hiked by 35 percent during the first ten months of fiscal year 2015-16, Amwal al Ghad quoted recent reports of Egyptian Customs Authority stated Saturday.

Egypt’s imports of automotive until April 2016 reached 35.8 billion Egyptian pounds (US$4 billion) versus 26.6 billion pounds in financial year 2014-15 and 14.48 billion pounds in financial year 2013-14.

ITFC funds import of oil derivatives for Egypt since March 2015

The International Islamic Trade Finance Corporation, member of Islamic Development Bank Group, has funded a total of $1.4 billion to import oil derivatives for Egypt’s General Petroleum Authority since March 2015, Youm7 reported high-level official at the Egyptian Ministry of the International Cooperation Saturday.

The finance was conditioned in a $3-billion deal signed between the Corporation and Egypt during Sharm el-Sheikh Economic Conference in March 2015 to import petroleum products to Egypt.

Egypt’s revenues of potato exports decline by 23% over the past nine months

Egypt’s revenues of potato exports have dropped by 23 percent in the period between September 2015 and  May 2016, according to data from the Egyptian Agricultural Export Council. Egypt has exported a total of 338,000 tons of potatoes, estimated at $170 million, in this period, compared with 599,000 tones, with $221 million, in the same period of the previous year.

Egypt’s imports decrease by $106 mln over three months

Egypt’s imports have reached to $5.750 billion in the period between 2016 March and May, compared with $5.856 billion in the same period of previous year, Youm7 reported officials from the Egyptian Customs Authority Saturday.

Egypt’s Ministry of Housing to start development projects in new Alamein city in FY 2016/2017

The Egyptian Ministry of Planning has farmed a plan to establish a group of development projects in of new Alamein city during the fiscal year 2016/2017, a part of the development of the northwest coast project, Youm7 reported Saturday. The development projects will be conducted on several phases. The first phase will be established on 8,000 acres at a cost of 3 billion EGP.

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

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 Egyptian purchase the dollar for 10.93 EGP, and sell it for 11 EGP.

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