UPDATE: Egypt’s business news digest Oct.2: Egypt finance minister to take part in IMF, WB annual meeting in Washington
Minister of Finance: Amr al Garhy
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CAIRO: No more browsing from site to site, view the top business news stories on Oct. 2 here:

Egypt finance minister to take part in IMF, WB annual meeting in Washington

Egypt Finance Minister Amr el Garhy is set to travel to the US on Tuesday to take part in the 2016 annual meetings of the boards of governors of the International Monetary Fund (IMF) and the World Bank group, scheduled to be held in Washington, D.C., October 3-9, Youm7 reported.

The Board of Governors for each institution consists of one governor from each of the institutions’ member countries, typically the finance minister, central bank governor, or minister of development.

During the meetings, the Boards of Governors decide on major policy issues related to the future work of the two institutions, which are subsequently implemented by their respective Executive Boards.

 

Egypt’s exports to Turkey increase by 9.3% in first half of 2016: CAPMAS

Egypt’s exports to Turkey increased by 9.3 percent during the first half of 2016 to reach 5.2 billion EGP ($0.58b) up from 4.7 billion EGP during the same period last year, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced in a Sunday report.

The report showed a rise in Egyptian fertilizers exports to Turkey by 828.4 percent during the first six months of 2016 to register 496.5 million EGP, compared with 53.5 million EGP during the same period last year.

 

China ranks 23rd among countries investing in Egypt

China has ranked the 23rd among the top states investing in Egypt, Youm7 quoted Mohamed Khodeir, the chief executive of the General Authority for Investment.

According to Khodeir, there are 1,226 Chinese companies operating in Egypt with a total investment flows worth $500 million.

 

ADB delegation in Cairo ahead of delivering 2nd loan tranche

A delegation of the African Development Bank (ADB) arrived in Egypt ahead of delivering the second tranche of its loan to the country.

Egypt is expected to receive $500 million from the ADB as part of a fund to support the country’s economic reform program.

 

Egyptians’ transactions at EGX hit 69.3%

The total transactions of local traders at the Egyptian Stock Market Exchange have reached 69.33 percent during the past week, Youm7 reported.

On the other hand, foreigners’ transactions reached 21.78 percent and Arabs reached 8.89 percent.

 

Gov’t increases diesel amount pumped into local market

Ministry of Petroleum has announced pumping large amounts of diesel to local markets amid increasing demand by school buses, Youm7 reported.

Official sources at the General Petroleum Authority told Youm7 that a total of 336 million liters of diesel were pumped to petrol gas since the beginning of this school year.

 

MIDEAST STOCKS-Saudi Arabia, Qatar move little in thin trade – REUTERS

(REUTERS): Stock markets in Saudi Arabia and Qatar moved little in thin trade early on Sunday with most bourses in the region closed for the Islamic new year.

Global stock markets ended last week on a firm note while Brent oil for November delivery settled above $49 a barrel in response to OPEC’s deal to cut output.

But many analysts are uncertain whether the OPEC deal will be implemented effectively or result in any extended rise of oil prices, and after the Saudi government said last week that it was cutting civil service allowances, the main factor in that market is the damage to economic growth from austerity steps.

Government data released on Friday showed gross domestic product, adjusted for inflation, rose 1.4 percent from a year earlier in the second quarter of 2016, after growth of 1.5 percent in the first quarter.

That was only a marginal slowdown and suggested the Saudi economy was faring better than feared in the face of oil’s slump. But many analysts think the growth figures understate the blow from low oil prices and may eventually be revised lower, as Saudi GDP data has been in the past.

The Saudi stock index edged up 0.1 percent in the first 70 minutes on Sunday as some insurance shares, which had been beaten down in the market’s panicked response to the austerity measures early last week, rebounded; Saudi Arabian Cooperative Insurance surged 8.7 percent.

Petrochemical blue chip Saudi Basic Industries gained 0.9 percent, and National Industrialisation Co rose 0.8 percent after it said a subsidiary had obtained 6.96 billion riyals ($1.86 billion) of financing from banks.

But National Petrochemical sank 4.7 percent after it said a subsidiary would halt operations for 60 days because of maintenance and that the financial impact was not yet known.

Qatar’s index edged down 0.3 percent as Barwa Real Estate sank 1.0 percent.

Markets in the United Arab Emirates, Egypt, Kuwait, Oman and Bahrain were shut.

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