CAIRO: No more browse from site to another, here is business digest for Tuesday, Aug. 30:
16 million Euros to develop Alexandria tram, sewage: EU Ambassador
Ambassador of European Union in Egypt James Moran said that the EU will fund two basic development programs in Alexandria for 16 million Euros.
The first project is to develop Alexandria Tram Network and the other one is to develop sewage system; work at the programs will kick off within months.
ADB delegation to discuss $500 mln loan to Cairo in Sept.
A delegation of the African Development Bank (ADB) will visit Cairo in mid September to discuss paying $500 million as a second batch of a loan that aims to support the budget.
MIDEAST STOCKS-Gulf mostly rises but turnover low; Egypt climbs
Most Gulf stock markets rose on Tuesday in response to firmer oil prices and global bourses but trading turnover in Saudi Arabia and Dubai was low, suggesting many investors did not expect an extended rally and were staying away.
Saudi Arabia’s index gained 1.0 percent in a broad rise, with rising stocks outnumbering losers by 119 to 22. But the market recorded its second smallest daily volume this year. The smallest was on Aug. 21.
Major lender Al Rajhi Bank, which has dropped sharply in recent weeks because of concern about bad loans due to Saudi Arabia’s economic slowdown, rose 2.3 percent.
Al Tayyar Travel Group surged 4.3 percent. The company offers services to Islamic pilgrims for the haj, which starts this year on Sept. 9.
As many as 1.5 million external and domestic pilgrims are expected to perform the haj in Mecca, roughly the same number as last year, Saudi media reported, but the government plans to boost the number of umra pilgrims sharply in coming years.
Qatar’s index rose 0.5 percent, having been supported supported over the last several weeks by FTSE’s plan to include some major Qatari stocks in its secondary emerging market index. An announcement of its picks is due after the close on Wednesday.
Islamic lender Masraf Al Rayan, which could make FTSE’s list, rose 1.8 percent.
Dubai’s index rose 0.5 percent in thin trade, with all 10 of the most active stocks gaining. GFH Financial , the most heavily traded stock, surged 4.3 percent to its highest level in 21 months.
But courier Aramex, which had jumped 2.3 percent on Monday, retreated 2.2 percent.
Abu Dhabi edged down 0.02 percent with real estate firms attracting the most activity. Aldar Properties rose 0.7 percent after it said it would start construction of a new residential development in Abu Dhabi, while Eshraq Properties jumped 6.3 percent.
In Egypt, the index added 0.6 percent as Global Telecom jumped 5.3 percent and investment bank EFG Hermes added 3.1 percent after Natixis, which recently bought an 11.8 percent stake in EFG from Dubai Financial Group, appointed representatives to EFG’s board.
El Sewedy Electric Co rose 2.1 percent after posting a second-quarter net profit of 893 million Egyptian pounds ($101 million) versus 532.9 million pounds in the same period a year earlier.
1.33 mln permits given to Egyptians to work abroad: CAPMAS
The total number of work permits that were given by the Ministry of Interior to the Egyptians to work abroad has reached 1.33 million permissions in 2015, according to an annual report by the Central Agency for Public Mobilization and Statistics (CAPMAS) Tuesday.
The work permits have been increased by 0.9 percent as the number recorded 1.32 million permits in 2014, the report added.
IMF praises parliament’s approval of VAT law
The International Monetary Fund (IMF) has praised the Egyptian Parliament’s approval on the law of Value-Added Tax, state-owned news agency MENA reported Monday.
The House of Representatives had approved the tax of 13 percent, the move taken by the government to increase the state’s revenues amid current financial crisis.
Egypt stock goes up in mind-session trading
Egypt’s main benchmark increased in the mid-session of Tuesday trading, driven by Egyptian and Arab purchases, Youm7 reported.
The EGX30 index went up by 0.19 percent, while EGX50 index raised by 0.13 percent.
Egypt, Jordan to sign cooperation deals
Egyptian Minister of theInternational Cooperation Sahar Nasr will chair Tuesday the preparatory meeting of the High Egyptian-Jordanian Business Committee to sign certain agreements between two countries in several meetings, Youm7 reported.
CBE keeps pound steady at US dollar scale on Tuesday
The Central Bank of Egypt (CBE) has kept the value of Egyptian Pound steady against the US dollar scale in Tuesday trading, Youm7 reported.
The CBE sells one US dollar at 878 EGP to the domestic banks which sell it at 888 for the public.