UPDATE: Egypt’s business digest July 22: Egypt gold prices reach all time high, 21-k sold at 440 EGP per gram
An employee shows gold bangles to a customer - REUTERS/Danish Siddiqui

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Egypt gold prices reach all time high, 21-k sold at 440 EGP per gram

Egypt gold prices have reached all time high on local markets on Friday with a gram of 21-carat gold reaching 440 EGP (about$50) a day after the Egyptian pound dropped on the black market reaching 12 EGP against the U.S dollar, Youm7 reported.

A gram of 18-carat gold reached 377 EGP, Ihab Wassef, member of Gold Division of the General Union Chamber of Commerce told Youm7.

The drop, which represents a 35 percent of the CBE’s official rate, came a day after CBE governor Tarek Amer announced a potential devaluation of the pound.


Matrouh businessmen offer 6 m EGP to Tahya Masr Fund

Businessmen and tribal chiefs at Egypt’s Mediterranean governorate of Marsa Matrouh have made a six million EGP donation to the Tahya Masr Fund on Tuesday, Youm7 quoted the city governor Alaa Abu Zeid on Thursday.

The donation, which will be directed to support development projects carried out by the fund at the governorate, came during a Thursday meeting attended by an array of lawmakers and media and public figures.

The donation is the second in less than a year, said Abu Zeid. The first was during the Egyptian International Economic Conference “Matrouh the Future of Investment” that took place in October 2015, he added.


Egypt, Spain sign letters of intent worth 125 euros

International Cooperation Minister Sahar Nasr and Spain Ambassador to Cairo Arturo Avello Diez del Corral signed letters of intent to boost financial cooperation between the two countries with an amount of 125 million Euros, Al Ahram reported on Friday.

The signing of the letters, extended to Dec., 2018, took place in the Spanish embassy headquarters in Cairo.

The funds will be allocated to development projects in the fields of power plants, infrastructure, airports, railways and antiquities, the Egyptian ministry of international cooperation announced on Thursday.

$2.4 mln grant to boost private sector developmental projects: source

A grant of $2.4 million provided by the MENA Transition Fund will be allocated for boosting private sector projects in developing fundamental public services in Egypt, Youm7 quoted anonymous source at the Ministry of International Cooperation.


Egypt’s exports to EU decline by $130 mln: CBE

Egypt’s total exports to EU member states declined reaching $1.47 billion by the second quarter of the last fiscal year 2015-2016, compared to the first quarter; the decline is estimated at $130 million, according to the latest report by the Central Bank of Egypt (CBE.)


Drilling of new exploration well in Mansoura began in May: official

Mansoura Petroleum Company started drilling a new exploration well in May; Youm7 quoted an official source at the Holding Company for Natural Gas (Egas.)


Area cultivated in corn crop increases to 720K feddan: report

Total area cultivated in corn crop has increased to 720,000 feddan, a report by the Ministry of Agriculture said.


3 international offers to fund Egypt’s 5th, 6th metro lines projects: Transport Minister

The government has received three offers from South Korea, China and the European Union to fund the execution of the fifth and sixth lines of Egypt’s metro, Al-Shorouk news website quoted the Minister of Transport Gala el-Saeed.

El-Saeed said that the government is still studying the offers to choose the suitable one.


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