Egypt’s top business news on July 13: Egypt’s value of Industrial commodity production increases by 3% in 2014/2015; Kuwaiti delegation to visit Egypt for water treatment plant in East of Port Said
International Cooperation Minister Sahar Nasr

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Egypt’s value of Industrial commodity production increases by 3% in 2014/2015: CAPMAS

Egypt’s value of Industrial commodity production reached 144.1 billion EGP in 2014/2015 compared to 148.4 billion EGP in 2013/2014, with an increase of 3.0 percent due to a decrease in the value of industrial commodity production for some activities as food, textile, and coke ovens products, according to an annual report by the Central Agency for Public Mobilization and Statistics (CAPMAS) Wednesday.


Social Fund for Development, CBE sign contract to finance 100 mln EGP to small, medium enterprises

The Egyptian Social Fund for Development and Central Bank of Egypt (CBE) signed Wednesday a contract per which the Bank will pay 100 million EGP to fund small and medium enterprises projects, Youm7 reported.

Kuwaiti investment delegation to visit Egypt next week for establishing water treatment plant in East of Port Said

A delegation of Kuwaiti Fund for Development will visit Egypt on July 16 to 29 to discuss financing a project of establishing water treatment plant in East of Port Said at a cost of $211 million, an official from the Egyptian Ministry of International Cooperation told Youm7 on condition of anonymity as he was not authorized to speak to the media.

EGX opens on green zone in Wed. trading

The indexes of Egyptian Stock Exchange (EGX) opened with collective rise in Wednesday’s early trades, Youm7 reported.

The benchmark EGX30 rose by 1.28 percent, the equal-weighted index EGX50 rose by 1.14 percent while the small and mid-cap EGX70 rose by 0.15 percent.

Within the first 30 minutes of trading on Wed., the market capital achieved gains of 4.7 million EGP to reach 403,718 billion EGP.


Egypt buys 180K tons of wheat

Egypt’s state grain buyer, the General Authority for Supply Commodities (GASC), has signed contracts to import 180,000 tons of wheat from Russia and Ukraine, Youm7 reported Wednesday.

The average price of the purchased quantities including shipment fees is estimated at $173.30 per ton, they will be shipped during the period August 10-20, said GASC deputy head Mamdouh Abdel Fatah.

GASC’s previous purchasing tender was held on April 12.


Egypt’s EGAS purchases 11 LNG cargos

Egyptian Natural Gas Holding Company (EGAS) has recently imported 11 cargos of liquefied natural gas, sources at the petroleum ministry told Youm7 Wednesday.

The cargos, estimated at 6.7 billion cubic meters, arrived to the gasification ship at Ain ​​Sokhna Port.

EGAS announced it aims to import between 110 and 120 cargos of liquefied natural gas in 2017, to meet the growing demand for natural gas mainly used to operate power stations.


CBE keeps pound stable at weekly US dollar sale

The Central Bank of Egypt (CBE) announced it had kept the pound stable at 8.78 to the U.S. dollar at its weekly sale of foreign currency on Wednesday, according to Reuters.

Speculation had mounted in recent days that the central bank was planning to devalue the currency for the second time this year, inspiring a rally on the stock market. The CBE said it sold $118.6 million at Tuesday’s regular FX auction.


Egypt put up international tender to rent third gasification vessel

Egypt’s Petroleum Ministry has put up an international tender to rent a gasification vessel with the capacity of 700 million cubic feet of gas per day, Mohamed Al Masry, Chairman of the Egyptian Natural Gas Holding Company (EGAS) was quoted by Youm7.

The vessel will be based at Egypt’s Red Sea port of Ain Sokhna and is scheduled to operate during the second half of 2017, said Masry, adding that the vessel aims to meet local market demands.

Egypt currently has two gasification vessels in Ain Sokhna with a total capacity of 1,200 cubic feet of gas per day.


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