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IMF raises Egypt’s economic forecast to 3.8%
The International Monetary Fund has raised its forecast for Egypt’s economic growth in 2016 to 3.8 percent, Youm7 reported Tuesday.
The IMF’s last forecast was 3.3 percent in April.
EGX closes Tuesday at collective rise
The Egyptian stock exchange closed its transaction sessions Tuesday on a collective rise to all indexes, powered by foreign purchases, while Egyptians and Arabs were selling.
By the end of the session, the market capitalization gained one billion EGP.
Egypt pound steady at Tuesday regular dollar sale
The Central Bank of Egypt (CBE) held the Egyptian pound exchange rate against the US dollar at EGP 8.78 during Tuesday’s regular foreign currency sale, CBE source told Youm7.
The bank sold $120 million at an unchanged rate of 8.78 per dollar.
The move comes amid anticipated further devaluation of the Egyptian Pound rate against the US dollar.
Egypt signed oil, gas search agreements worth $8.5bn in 2015-16 FY
The Egyptian Petroleum Ministry announced it has signed 15 oil and gas search agreements worth $14.3 billion with foreign companies during the fiscal year 2015-2016, Youm7 reported on Tuesday.
The agreements enhanced research and exploration to discover new reserves, increase productivity rates and complete exploration and developmental projects in the other areas, Petroleum Minister Tarek al Mulla was quoted by Youm7.
During the Egypt Economic Development Conference that was held in March last year, Egypt signed five oil and gas agreements worth $21.2 billion.
Chinese company to spend $20 billion developing second phase of Egypt’s new capital
(Reuters)-China Fortune Land Development Co. Ltd. (CFLD) (600340.SS) has signed a deal to develop and manage 14,000 acres (5,700 hectares) of Egypt’s new administrative capital at a cost of $20 billion, the Egyptian cabinet said in a statement on Monday.
The development, which will include homes and offices and all relevant infrastructure, will take place in the second phase of construction of the new capital east of Cairo.
The new capital is one of a series of mega-projects announced by President Abdel Fattah al-Sisi designed to attract foreign investment and create jobs in a country with a booming population of 91 million.
Heralding a new era of closer political and economic ties, China in January signed 21 investment and aid deals worth billions of dollars with Egypt during a visit by President Xi Jinping.
Among the development and infrastructure investments was a deal to build the new capital’s first phase, which Egypt has said will cost some $45 billion.
The new capital, planned to be the size of Singapore, is due to have an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower, and more than 10,000 km (6,200 miles) of streets and avenues.
Egyptian bourse sees collective rise at Tuesday open
The Egyptian Exchange (EGX) opened Tuesday’s trading session on a stronger note, with its main index EGX30 higher 0.75 percent to reach 8,230 points, Youm7 reported.
The small and mid-cap EGX70 increased 0.36 percent to 353 points, while the broader index EGX100 rose 0.29 percent.