UPDATE: Egypt’s business digest July 12: Russia expects to invest $4.6 bln in East Port Said by 2035; USD exchange rate up 11.46 EGP at black markets
A Container ship crosses the Suez Canal at Port Said, northeast of Cairo February 1, 2013. REUTERS

CAIRO: No more browsing from site to site, view the top business news stories on July 12 here:


Russia expects to invest $4.6 bln in East Port Said by 2035 – MENA

The capital money invested in the Russian industrial zone in eastern Port Said project is expected to reach $4.6 billion by 2035, state-run MENA quoted Russian Ministry of Industry.


USD exchange rate up 11.46 EGP at black markets

The dollar exchange rate against the Egyptian pound at the unofficial markets (black markets) has raised to 11.46 EGP for sale and 11.25 for purchase, Youm7 quoted the owner of an exchange company.

The owner who was quoted anonymously said that the demand on the dollar has been on the rise since Monday amid purchases by traders, importers and citizens, which are prompted by devaluation bets of the EGP.


Cairo, Giza required to license 500 food outlets

Ministry of Supply has demanded Giza and Cairo governorates to open 500 new outlets to sell food commodities food in the impoverished areas as a first phase in order to provide low-income citizens with 25 percent reduced food items.


Orange Egypt names new CEO

Orange Egypt has named Mr. Jean-Marc Harion as the CEO of the company to be a successor to Yves Gauthier who has resigned in May, the company has announced in a statement.


CBE to pump $120 mln into domestic banks Tuesday

The Central Bank of Egypt (CBE) will pump Tuesday around $120 million into domestic banks, amid expectation of further devaluation of Egyptian pound against the U.S. dollar, Youm7 reported.

In the black market, the Egyptians purchase the dollar for 10.93 EGP, and sell it for 1:32 EGP, U.S. dollar; the value of the pound is 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.


Egyptians consume 5.8 mln tons of petroleum, gas products in February: CAPMAS

Egypt’s domestic consumption of petroleum and gas products amounted to 5.8 million tons in February 2016, comparing with 2,6 million tons in the same month,  Youm7 reported a report issued by the Central Agency for Public Mobilization and Statistics Tuesday.

Saudi Arabia has sent the third petroleum shipment; including petrol and diesel, to Egypt as part of a deal signed between Saudi ARAMCO Company and the Egyptian Ministry of Petroleum, Youm7 quoted anonymous sources at the Egyptian General Petroleum Corporation.

The deal stipulates that the Kingdom provides petroleum supplies to Egypt for a period of five years to meet Egypt’s needs of fuel.


Counterfeit coins circulated in Egyptian market

Youm7 has got a counterfeit coin for the Egyptian pound valuable in the market; the Egyptian Mint Authority (EMA) chairperson Mohamed al-Sobki has confirmed that the coin that Youm7 got is fake. Sobki said such coins could be entered into the country before the outbreak of the January 25 Revolution in 2011.


Egypt to permit up to 0.05 percent ergot in wheat starting Tuesday

(Reuters)- Egypt will allow up to 0.05 percent ergot, a common grains fungus, in wheat shipments beginning on Tuesday, confirming the end of a months-long standoff just before the country re-enters the international wheat market.

Reuters exclusively reported on July 4 that a ministerial decree would allow the world’s top wheat importer to apply the 0.05 percent international standard to purchases, ending a zero-tolerance policy that has puzzled global trade.

The confirmation, in the form of decree number 1117/2016 issued in the state gazette on Monday, is set to take effect one day after publication, the document showed.

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