UPDATE: Egypt’s business digest Aug. 5:EGX30 soars by 2.8 percent on week close, market capitalization adds 3.2 b EGP
Egyptian Exchange - YOUM7 (Archive)


CAIRO: No more browsing from site to site, view the top business news stories on Aug. 5 here:

EGX30 soars by 2.8 percent on week close, market capitalization adds 3.2 b EGP

The Egyptian Exchange benchmark index EGX30, soared by 2.8 percent during the past week of trading ended Thursday to reach 8,225.36 points, up from 8,001 a week earlier, data from Egypt’s bourse showed on Friday.

However, the Mid- and small-cap index EGX70 fell by 0.56 percent over the week to reach 360 points, while the price index, EGX100 edged up by 0.49 percent, to reach 794 points.

Market capitalization gained 3.2 billion EGP over the week to reach 419 billion EGP up from 415 billion a week earlier.


PM appoints finance minister Egypt’s governor at Asian Infrastructure Investment Bank

Prime Minister Sherif Ismail on Thursday has appointed Finance Minister Amr el Garhy as Egypt’s governor at the Asian Infrastructure Investment Bank (AIIB,) according to Youm7.

International Cooperation Minister Sahr Nasr was also appointed as an alternate governor for el Garhi.

The AIIB is a multilateral development bank that focuses on the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications and rural infrastructure and agriculture development.


USD steady at 8.88 EGP Friday: CBE

The USD exchange rate against the Egyptian Pound (EGP) reached Friday 8.85 EGP for purchase and 8.88 EGP for sale, according to official statement by the Central Bank of Egypt (CBE.)

The Euro exchange rate reached 9.86 EGP for purchase and 9.88 for sale.


Egypt’s solar power upset clouds outlook for foreign investors – REUTERS

(REUTERS) – When Egypt announced plans to develop renewable power in 2014, investors piled in, drawn by year-round sunshine and chronic electricity shortages. Two years on, many projects have stalled, hitting confidence among foreign investors Egypt sorely needs.

Developers who prequalified for solar and wind projects under attractive feed-in-tariff (FiT) schemes say they face delays and currency risks while wrangling with the government over contract terms has complicated efforts to secure financing.

Some foreign firms now say they will shelve projects at a time when Egypt is seeking to boost foreign investment to ease a hard currency shortage that is choking the economy and to diversify after gas shortages caused blackouts in 2013 and 2014.

One such company is Italy’s Enel Green Power, which prequalified in 2015 for one solar and two wind projects under Egypt’s FiT schemes and entered a build-own-operate tender for a 250 megawatt wind project.


Price of imported meat increases to 60 EGP/kg

The price of imported meat at markets has increased to 60 EGP per kg, the head of “butchers” division at Cairo Chamber of Commerce Mohamed Wehbe told Youm7.

Wehbe added that there are four types of imported meats in the local market; Spainsh, Ukrainian, Brazilian and Sudanese. He noted that the price of the local meat varies between 80 to 100 EGP per kg.


Sisi’s promises to near dollar crisis solution ‘positively’ affected stock market: Analyst

Financial Analyst Ehab Saeed said that both President Sisi’s statements on a near dollar crisis solution and talks with the International Monetary Fund over an expected loan have “affected positively on the stock market transactions during second half of last week.

Saeed added that the main index EGX30 have reached its highest level since August 2015 at 8,263 points on Thursday.


Work in Sinai Peninsula Development program begins: Minister

Minister of International Cooperation Sahar Nasr has recently met with a delegation of the Saudi Fund for Development, where she discussed the final procedures for the provision of $500 million as a first batch of the total financing worth $1.5 billion that will be allocated for the Sinai Peninsula Development Program.

Nasr said that works in the program has kicked off, in coordination between different ministries, aiming to establish Bedouin and agricultural communities, pave roads, build schools, health centers and provide job opportunities for youth and women.

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