UPDATE: Egypt’s business digest Sept. 1:India’s Lava to enter Egyptian market: CEO
4G mobile phone produced by Lava.


CAIRO: No more browsing from site to site, view the top business news stories on Sept. 1 here:

India’s Lava to enter Egyptian market: CEO

India’s Lava International Limited Company for mobile handset has announced the establishment of a joint venture with Egypt-based Easy Group to enter the Egyptian market, Times of India reported on Thursday.

The firm is ready to give its rivals a fair yet tough competition in months to come, said Hari Om Rai, chairman and managing director of Lava. He added that the two companies signed a memorandum of understanding that will enable Lava to start exporting its products to Egypt, while Easy Group will provide necessary support to promote and distribute products in the country.

The announcement coincides with Egyptian President Abdel Fatah al Sisi to India.

According to the deal, the two firms will establish complete business operations headquartered in Cairo.


Egypt’s finance ministry to auction 97.7 b EGP T-bills in September

The Finance Ministry announced it will auction treasury bills and bonds worth 97.75 billion EGP during the month of September.

91-day T-bills worth EGP 23.5 billion will be auctioned in September, according to a statement from the ministry on Thursday.


Egypt M2 money supply rises 17.95 pct in July -central bank

Egypt’s M2 money supply was up 17.95 percent at the end of July from a year earlier, the central bank said on its website.

The money supply stood at 2.122 trillion Egyptian pounds, it said.

Following is a table of the latest Egyptian M2 money supply figures in trillions of Egyptian pounds, according to the central bank’s website.


PM, Engie Global LNG discuss renewable energy cooperation

Prime Minister Sherif Ismail discussed Thursday with Philip Oliver, the CEO of Engie Global LNG Company cooperation in the field of renewable energy.

Cabinet spokesperson Hossam Qawish said that the state is eager to attract more foreign investment into the energy sector, which would help in achieving more discoveries and exchange expertise.


Egypt, Canada discuss monorail financing

Minister of International Cooperation Sahar Nasr discussed Thursday with the Canadian Ambassador to Cairo Troy Lulashnyk, Executive Chairman of the Board Bombardier Inc. Pierre Beaudoin the financing the to-be-established monorail in 6 of October city, Giza.


EGX closes at collective decline Thursday

The Egyptian Stock Exchange has closed its transaction session Thursday at a collective decline to indexes, due to Egyptians and Arabs sales, while foreign traders were mostly purchasing.

However, the EGX20 increased by 0.04 percent.


USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Saturday 8.88 EGP for sale and 8.83 for purchase.

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