UPDATE: Egypt’s business digest Aug. 6: Egypt’s furniture products exports to Israel hit 4.4 mln EGP in 1st quarter of 2016
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CAIRO: No more browsing from site to site, view the top business news stories on Aug. 6 here:

 

Egypt’s furniture products exports to Israel hit 4.4 mln EGP in 1st quarter of 2016: report

Egypt’s exports of furniture products to Israel has reached 4.4 million EGP ($495.6) during the first quarter of the year 2016, according to an official report by the Ministry of Trade and Industry.

The report mentioned that Egypt’s total exports of furniture products during the same period of the year have reached 766 million EGP for 37 countries, including Saudi Arabia, Qatar, Turkey, Israel, Sudan, France, Iran and China.

 

GCC prepare to apply VAT starting from 2018

At the time the Egyptian parliament is preparing to discuss a draft law on VAT imposition in order to be adopted, Gulf Cooperation Council (GCC) are also preparing to apply the value added taxes starting from 2018, Youm7 reported.

The GCC is expected to hold an exceptional meeting for ministers of finance in October ahead of signing an agreement on VAT.

This move by GCC countries comes amid their economic problems coinciding with the continuous decline of the oil prices since 2014, which has caused a decline in their revenues.

 

‘Eloquent farmer’ urges Sisi to make Egypt’s agricultural map

Mohamed Barghash, known in the media as El-Falah el-Faseeh or (Eloquent Farmer) said that around one million feddan of lands were fallowed since the January 25 Egyptian Revolution in 2011, causing decline in number of arable in some areas, according to Al-Mal news website.

Barhgash also appealed to President Abdel Fatah al-Sisi to make an agricultural map for Egypt, where each governorate has its own detailed maps to “prevent manipulation, waste of fertilizers subsidies,” as quoted by the newspaper.

 

Egypt to repay $14.9 bln worth of mature deposits over 10 year: CBE official

Egypt will re-pay $14.9 billion worth of mature foreign deposits over coming 10 years, amid the crisis of hard currency shortage that Egypt faces while the reserves hit only $17.5 billion, Youm7 reported a top official at the Central Bank of Egypt Saturday.

It was reported in May that a $2 billion deposit from the UAE was paid to Egypt. The deposit was a part of $4 billion payment that has been recently pledged to Egypt by Crown Prince of Abu Dhabi Mohamed bin Zayed al-Nahyan during his visit to Egypt in April.

 

Egypt receives offers from international banks to help put forward bonds in dollar globally

Egyptian Finance Minister Amr Garhi  has asked certain international banks to help the Ministry put forwards bonds in dollar in the global markets, al-Maal news reported Saturday. Egypt has already received offers from certain banks, he noted.

He added in a press conference that the international banks’ outlook for Egyptian economy is good and help attract new investments.

 

Finance ministry to borrow 10.2 bln EGP in T-bills on Sunday

The Finance Ministry, via the Central Bank of Egypt, is set on Sunday to borrow a total of 10.2 billion EGP through treasury bills (T-Bill), Youm7 reported.

The auction is divided into two installments:  the first 91-day-term treasury bonds are to the value of 4.7 billion EGP, while the second 237-day-term bills’ value is estimated at 5.5 million EGP.

 

LNG-Prices slide as Russian supply, weak demand loosen market

(Reuters) Asian spot liquefied natural gas (LNG) prices fell this week as new supply from Russia’s Sakhalin plant and weakening demand from Egypt helped snap a months-long rally.

Prices for September delivery fell sharply to around $5.80 per million British thermal units (mmBtu) from $6.15 per mmBtu last week, also reflecting relatively low crude oil prices compared with recent months.

Russia’s Sakhalin II plant is tendering to sell three cargoes loading in September and one in October, relieving supply constrained markets.

In Egypt, state-run Egas came out looking for eight instead of the expected 16 cargoes for delivery in Sept-Dec, further loosening outlooks for the month ahead.

However, global output during September remains somewhat constrained by planned outages at the Chevron Chevron-led Angola LNG project and Cheniere Energy’s first production line at Sabine Pass – both of which will be offline for repairs and testing.

Angola LNG entered a longer-than-expected maintenance period several weeks ago. Sabine Pass maintenance will happen in September only.

Tempering any drop in supply was the resumption of exports from the Chevron-operated Gorgon facility in Australia on Monday – only its third-ever shipment following a series of shutdowns.

The second LNG vessel from the United States entered the expanded Panama Canal this week on its way to the Pacific Ocean. The Maran Gas Delphi vessel follows the Maran Gas Appolonia last week – both cargoes loaded up at Sabine Pass.

The second production line at Sabine Pass has started and its first cargo is expected to be loaded imminently, according to LNG trading analysis firm Kpler.

Kpler also said Italy’s LNG import terminal at Rovigo came to a halt on July 30 for unplanned maintenance.

 

Egyptian pound steady against U.S. dollar Saturday: CBE

The Central Bank of Egypt (CBE) kept the value of pound steady against the U.S. dollar in Saturday, according to the latest figures from the CBE.

This auction preserves the value of the pound at 8.8571 against the U.S. dollar in the banks, which will sell the dollar to clients at 8.8800 EGP.

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