Egypt’s business digest August 7: Suez Canal revenues increase 4% in period between 2016 January and August; Saudi-Egyptian projects stumbled- paper
Suez Canal

CAIRO: No more browsing from site to site, view the top business news stories on August 7 here:

 

Suez Canal revenues increase 4% in period between 2016 January and August: Mamish

Egypt’s revenues from the Suez Canal increased by 4 percent to reach $3.2 billion in the period between January and August 2016, although the international maritime trade has declined by 14 percent, comparing to 2016, said Suez Canal Authority Chairperson Mohab Mamish in a press conference Saturday.

His comments came during the celebration of the first anniversary of opening the New Suez Canal. The $8 billion New Suez Canal project was completed in just one year instead of three on Sisi’s orders. Its inauguration project last year was attended by several world leaders including Francois Hollande and King Abdullah of Jordan.

 

Saudi-Egyptian projects stumbled: paper

60-billion-SAR Projects that funded by the Saudi-Egyptian Investment Fund have been stumbled, al-Maal newspaper reported Sunday.

The lands that allocated for the projects have not prepared yet, the newspaper reported anonymous official.

 

Gap of Egypt’s food goods export, import reaches $350 mln in 1st Q of FY 2016/2017

The value of gap between Egypt’s food goods exports and imports has reached $350 million in the first quarter of Fiscal Year 2016/2017, comparing to the value in the same period last year, Youm7 reported Sunday.

 

Finance ministry to borrow 3.4 bln EGP in T-bonds on Monday

The Finance Ministry, via the Central Bank of Egypt, is set on Monday to borrow a total of 3.4 billion EGP through treasury bills (T-Bill), Youm7 reported.

The auction is divided into two installments:  the first three-year-term treasury bonds are to the value of 2.7 billion EGP, while the second seven-year-term bonds value is estimated at 750 million EGP.

 

Egyptian pound steady against U.S. dollar Sunday

The Value of Egyptian pound kept steady against the U.S. dollar in Sunday trading, according to the latest figures of the Central Bank of Egypt (CBE).

The value of the pound preserved 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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