Egypt’s business digest Oct. 30: Egypt, Iraq discuss boosting oil, gas cooperation
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 Oct.30here:

 

 

Egypt, Iraq discuss boosting oil, gas cooperation

Egyptian Minister of Petroleum Tareq el-Mulla met with the Iraqi Prime Minister Haider el-Abadi Saturday to discuss boosting cooperation in field of oil and gas, said a statement by Abadi’s office.

The meeting, which took place Baghdad, aimed to form an Egyptian and Iraqi partnership by opening new horizons of work between both countries’ companies, according to the statement.

Saudi Arabia’s Aramco gas company annoucned halting October shipment to Egypt amid speculations of a rift between both countries after Cairo voted for a Russian resolution draft on Syria at the UN security council.

 

EGX opens Sunday at positive note; main index rises by 0.14%

The Egyptian Stock Exchange (EGX) opened Sunday session at a collective rise to all indexes, with the main EGX30 rising by 0.14 and EGX20 by 0.26 percent.

 

USD exchange rate reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Sunday 8.88 EGP for sale and 8.85 for purchase. Euro exchange rate reached 9.67 EGP for purchase and 9.69 EGP for sale.

 

EFG-Hermes and HSBC selected as consultants for Banque du Caire IPO

EFG-Hermes and HSBC have been selected as consultants for the initial public offer of state bank Banque du Caire, Egypt’s Deputy Finance Minister told Reuters on Sunday.

“There is no date selected yet for the offering,” Deputy Finance Minister for fiscal policies Ahmed Kouchouk said.

Central Bank Governor Tarek Amer said in March that the government planned to offer 20 percent of Banque du Caire by increasing its capital through an initial public offering.

A market official with direct knowledge of the issue said the offering will take place during the first half of 2017.

Banque du Caire, established in 1952, has a capitalisation of 1.6 billion Egyptian pounds ($180 million). The bank has around 240 branches and units around the country.

Egypt is struggling to revive its economy since a popular uprising in 2011 drove away tourists and foreign investors.

The initial public offering of Banque du Caire, along with other state companies and banks, is expected to bring in badly needed dollars to shore up the country’s foreign reserves, which totalled $19.592 billion at the end of September, down from $36 billion five years ago.

Egypt is in the process of securing a $12 billion, three-year, International Monetary Fund programme but must first make some painful economic reforms including fuel subsidy cuts and a devaluation of the pound, which has been held artificially strong at 8.78 per dollar.

 

 

30 container ships cross Port Said ports Saturday – statement

Port Said ports received Saturday a total of 30 container ships, the media office of the General Authority for Economic Zone of the Suez Canal said in a statement.

 

 

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