Update – Egypt’s business digest Aug. 1: Cabinet submits draft law on investors’ naturalization
Cabinet spokesperson Hossam el-Qaweesh - YOUM7
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CAIRO: No more browsing from site to site, view the top business news stories on August 2 here:

 

Cabinet submits draft law on investors’ naturalization

The Cabinet submitted a draft law to the State Council on allowing foreign investors to apply for a residency in Egypt for five years in exchange for a deposit in a hard currency to facilitate the investors’ stay. An investors may also apply for the Egyptian citizenship after five years.

 

PM meets with Siemens executive director in Cairo 

Prime Minister Sherif Ismail, Minister of Electricity Mohamed Shaker and Minister of Transportation Galal Saeed met with the executive director of Siemens on Tuesday to discuss renewable energy projects, distribution of electricity and plans to manufacture locomotives in Egypt, Youm7 reported.

 

Cairo Bank’s profits in 2015 amount to 2.8 billion EGP

Cairo Bank yielded profits of 2.8 billion EGP by the end of December 2015, compared to 2.1 billion in the same period in 2014, head of the bank’s board Mounir al-Zahed said in a press conference Tuesday. The asset of the bank increased by 18 billion EGP, amounting to 91 billion EGP in the fiscal year of 2015 compared to 73 billion EGP in 2014, he added.

 

Egypt to host 21st Euromoney conference in September

Egypt will host the 21st Euromoney Conference from 19 to 20 September with the participation of the country’s International Cooperation Minister Sahar Nasr and senior government officials.

“We are delighted to confirm the participation of H.E. Dr Sahar Nasr, Minister of International Cooperation, Arab Republic of Egypt. H.E. Tarek Amer, Governor of the Central Bank of Egypt has also agreed to take part in a one-on-one live interview during the conference,” according to a statement released on the conference’s website.

The conference will address latest economic reform policies introduced by the Egyptian government and whether they are enough to solve the country’s economic crisis.

Euromoney Conferences is a prominent organizer of large-scale financial events in the major financial capitals of the world and the Middle East, notably Saudi Arabia, Egypt, Kuwait, Bahrain, Turkey and Qatar.

 

Egypt exchange opens on positive note

The Egyptian Exchange moved higher in Tuesday’s session early trade, as the benchmark index EGX 30 added 0.40 percent, Youm7 reported.

The small and mid-caps index EGX70 inched up 0.10 percent to, while the broader index EGX100 surged 0.22 percent.

 

JICA, CAPMAS launch joint project to develop statistical quality

The Japan International Cooperation Agency (JICA) and Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) launched a joint Project for developing statistical quality system, Youm7 reported on Monday.

The three-year project aims to enhance the capacity and management of CAPMAS during an anticipated census for Egypt’s population and housing, scheduled to be implemented this year.

 

Egypt’s external debts to rise to $53.4 b with IMF loan: finmin

Egypt’s external debt would reach $53.4 billion if his country receives an International Monetary Fund (IMF) loan, finance minister Amr al Garhy announced on Monday.

The figure correlates with data released by the Central Bank of Egypt (CBE) which shows that the country’s external debt had already reached $53.4 billion in the third quarter of fiscal year 2015-2016.

An International Monetary Fund (IMF) mission arrived in Cairo on July 30 to negotiate a loan package worth $12 billion.

 

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.

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