UPDATE: Egypt’s business digest Aug. 1:Egypt exchange market capital up by 8.2% MoM: report
Traders work at the Egyptian stock exchange in Cairo, Egypt in this August 23, 2015 (Reuters)
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CAIRO: No more browsing from site to site, view the top business news stories on August 1 here:

Egypt exchange market capital up by 8.2% MoM: report

The Egyptian Exchange indexes closed in July up and the market capital gained 31.3 billion EGP to reach EGP 413.8 billion; 8.2 percent higher than a month earlier, Youm7 reported on Monday, citing a monthly report issued by the Egyptian Exchange.

The benchmark index EGX 30 jumped 14.99 percent to 7,983 points, the broader EGX 70 index of the leading smaller and mid cap enterprises (SME) soared 3 percent, reaching 362 points, while the EGX 100 index was also up 5.27 percent to hit 783 points.

 

Egyptians will be able to get dollars at one rate: Sisi

Egyptians will “very soon” be able to purchase U.S. dollars at a unified rate, state television quoted President Abdel Fattah al-Sisi as saying on Monday.

“The next few days will see a lot of good news for the Egyptian people,” Sisi told youth participating in a leadership program.

The comments come almost a week after Egypt’s government announced it was in talks with the International Monetary Fund over a $12 billion loan program. The gap between the official and black market exchange rates has narrowed since the loan was announced.

 

Stock market losses 2.8 b EGP on Wednesday closing

The stock market’s main index EGX-30 dropped by 0.66 percent, while the EGX-70 index, which represents small and medium enterprises, has increased by 0.61 percent during the closing session of Monday.

Battered by national and Arab selling pressures, the market capitalization had lost nearly 2.8 billion EGP ($315.3 million) to close at 411,043.

 

Siemens Egypt appoints new financial manager

German Siemens Company has appointed Mostafa el Bagory as the new financial manager in Cairo succeeding German Thomas Traut, the international firm announced in a statement on Monday.

Siemens Egypt is currenly carrying out several development megaprojects in Egypt.

Last year, the company and the Egyptian government signed contracts worth €8 billion for high-efficiency natural gas-fired power plants and wind power installations that will boost Egypt’s power generation capacity by more than 50 percent compared to the currently installed base,  according to a statement released by Siemens in May.

 

Finance minister: Egypt’s external debt to reach $53.4 billion with IMF loan

(Reuters) – Egypt’s finance minister said in a television interview on Sunday that Egypt’s external debt would reach $53.4 billion if his country receives an International Monetary Fund (IMF) loan.

Last week Egypt said it was seeking $4 billion a year over three years from the IMF to help plug a funding gap. The government hopes to finalise the deal in August.

A two-week IMF mission arrived in Cairo over the weekend to negotiate an IMF loan package.

 

Egypt M2 money supply rises 18.6 pct in June -central bank

(Reuters) – Egypt’s M2 money supply was up 18.6 percent at the end of June from a year earlier, the central bank said on its website.

The money supply stood at 2.095 trillion Egyptian pounds, it said.

Following is a table of the latest Egyptian M2 money supply figures in trillions of Egyptian pounds, according to the central bank’s website (www.cbe.org.eg):

June 2016 May 2016 June 2015

Domestic liquidity (M2) 2.095 2.044 1.765

 

Egypt launches international tender for oil, natgas exploration

(Reuters) – Egypt’s Ganoub El-Wadi Petroleum Holding Company (GANOPE)launched an international tender for oil and natural gas exploration in 10 sectors in the southern regions of the Gulf of Suez and Western Sahara, the oil ministry said in a statement on Sunday.

Company chairman Sherif Sousa told Reuters by telephone that November 30 was the deadline for bids to be presented.

The ministry statement named the sectors included in the bidding process as Western Gebel el Zeit, South-East Ghara, Eastern Jesoum, Taer El-Bahr and South Sinai, and five other sectors of the western desert.

Egypt has been seeking to boost domestic production, as increased consumption and declines in production have transformed the country from a net exporter to an importer of energy.

 

China to build phosphoric acid factory in Egypt’s Wadi Gadid governoarte

A Chinese delegation paid Sunday a visit to al-Wadi al-Gadid (New Valley) governorate to inspect a site to establish a factory for phosphoric acid production, Youm7 reported Governor Mahmoud al-Ashmawy Monday. The factory construct will cost $900 milion, Ashmawy added in a statement.

 

Finance ministry to borrow 3 bln EGP in T-bonds on Monday

The Finance Ministry is set on Monday to borrow a total of 9.7 billion EGP through treasury bonds (T-Bonds), Youm7 reported.

The auction is divided into two installments:  the first five-year-term treasury bonds are to the value of 2.5 billion EGP, while the second 10-year-term bonds’ value is appreciated at 500 million EGP.

 

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