UDPDATE: Egypt’s business digest Aug. 16: Egypt pays Russia 1bln Rubles for 1st liquefied gas batch; 500 Chinese investors to participate in “China in Egypt” Fair
A man looks as the world's biggest Liquefied Natural Gas (LNG) tanker DUHAIL as she crosses through the Suez Canal - REUTERS

CAIRO: No more browsing from site to site, view the top business news stories on August 16 here:

 

Egypt pays Russia 1bln rubles for 1st liquefied gas consignment

Egypt paid Russia one billion rubles for the first batch of liquefied gas consignment imported from Rosneft Company, per the deal that has been signed between both sides in August 2015.

The consignment has arrived in Ain Sokhna Port, according to TASS news agency.

 

500 Chinese investors to participate in “China in Egypt” Fair

A total of 500 Chinese investors announced they will participate in the “China in Egypt” Fair, which is set to be held in Egypt during the period from Aug. 25-27, Youm7 quoted Businessman Mohamed Helmy.

The fair aims to discuss investment opportunities in Egyptian market in different fields.

 

MIDEAST STOCKS-FTSE expectations boost Qatar, most markets retreat – REUTERS

(REUTERS) Qatari stocks rose on Tuesday amid expectations money will flow into the market when the index compiler FTSE promotes it to emerging-market status from frontier market. Most other Gulf markets gave up early gains to close lower and Dubai pulled back from technical resistance.

FTSE, which will promote Qatar on Sept. 19, announced on Monday some of the criteria which it will use to choose individual Qatari stocks for its index, including liquidity requirements.

Investment bank EFG Hermes said that as a result, it had raised its prediction for FTSE-related fund inflows next month to $550 million from $289 million. Three stocks that had looked unlikely to be chosen – Qatar National Bank (QNB), Qatar Insurance and Qatar Navigation – were now likely to enter the index, it said.

Qatar’s main stock index jumped 2.2 percent to a nine-month closing higher of 11,371 points in the heaviest trade since mid-March as QNB and Qatar Navigation both surged 6.7 percent and Qatar Insurance gained 3.5 percent.

Other major Gulf markets failed to hold onto early gains, however, despite a further rise of Brent crude oil futures to $48.74 per barrel, their highest since July 7.

Dubai’s index fell 0.4 percent to 3,587 points, retreating from technical resistance at its April peak of 3,605 points. Emaar Properties, which had led the market up in recent days, pulled back 1.3 percent.

Abu Dhabi also lost 0.4 percent as banks fell, although Aldar Properties, the most heavily traded stock, climbed 2.1 percent.

Saudi Arabia’s index fell 0.5 percent in a broad-based decline, with losers outnumbering gainers 119 to 30. Zain Saudi Arabia outperformed, closing flat, after saying it would save 175 million riyals ($46.7 million) by using a Chinese bank to refinance a 2.25 billion riyal loan that it had secured just two months ago.

In Oman, two cement companies outperformed after they said they planned to set up a new plant in a joint venture with the government authority developing the country’s Duqm special economic zone. Oman Cement Co rose 2.6 percent and Raysut Cement Co added 2.1 percent.

In Egypt, the index dropped 0.8 percent on profit-taking. It had risen for most of the past three weeks in response to Egypt’s talks with the International Monetary Fund for a loan. Nine of the 10 most heavily trade stocks retreated.

Commercial International Bank, a favourite of foreign investors, slipped 0.6 percent to 51.50 Egyptian pounds after climbing 23 percent since the end of June. The median price target for the stock of 14 analysts surveyed by Thomson Reuters is 51 pounds.

Sisi to sign 5 cooperation deals with China during participation in G20 Summit

President Abdel Fatah al-Sisi will sign a number of cooperation deals with China, worth of $5 billion, during his visit Hangzhou to attend the G20 Summit that due to be held in September, Youm7 reported an official in the Egyptian Ministry of International Cooperation.

The deals include establishment of a solar power plant with capacity of 1,000 megawatt and at a cost of $3.3 billion, the official added on condition of anonymity as he was not authorized to brief the media.

The Ministry is contacting with the Chinese side to sign a memorandum of Understating with the Export-Import Bank of China, the official continued.

The total of Chinese grants in Egypt has reached $169 million since 1992, while the soft loans for Egypt recorded $305.4 million, according to the latest data from the Egyptian Ministry.

 

18 int’al banks bid to run Egypt’s issuance of .S. dollar-denominated bonds

A total of 18 international banks have submitted to the Ministry of Finance their bids to run Egyptian issuance of U.S. dollar-denominated bonds in the international markets, Youm7 reported Ministry deputy Ahmed Kojak Tuesday.

The international banks include HSBC, Citibank, and Morgan Stanley, BNP Pariba, Kojak added.

 

NBE considers issuance of U.S. dollar-denominated bonds globally

The National Bank of Egypt (NBE) is considering issuance of U.S. dollar-denominated bonds in the international market in the fiscal year of 2016/2017, Youm7 reported Hassan El Rifaei, member of the NBE executive board, Tuesday.

He added that the issuance will be offered after the Central Bank of Egypt to sell its international auction in October, noting that the NBE’s new proposal aims to get more hard currency.

 

Safaga maritime port to be opened after development works in September

The General Authority for Red Sea Ports (GARSP) will inaugurate Safaga maritime port in September after being developed at a cost of 510 million EGP, Youm7 reported GARSP chairperson Hesham Abu Senna Tuesday.

He added that President Sisi to attend the inauguration ceremony.

 

CBE pumps 120 $mln into domestic banks Tuesday amid expected devaluation of the pound

The Central Bank of Egypt (CBE) will pump $120 million into domestic banks Tuesday, amid expectation of devaluating the Egyptian pound against the U.S dollar in coming period after its negotiation with the International Monetary Fund (IMF) to get $12 billion loan, Youm7 reported.

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