UPDATE – Egypt’s business digest Nov. 19: Azerbaijan to supply Egypt with 2 mln barrels of oil
Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin

 CAIRO: No more browsing from site to site, view the top business news stories on Nov.19 here:



Azerbaijan to supply Egypt with 2 mln barrels of oil

The state-owned Azerbaijani company “SOCAR” announced supplying Egypt with two million barrels of oil per an agreement signed last week, Youm7 reported.

The agreement was signed between the General Petroleum Corporation (Egypt’s state-owned oil company) and SOCAR.


1st Egypt-made products consignment to arrive Nairobi’s logistic zone soon

The first consignment of Egyptian products will arrive at the Logistic zone in Nairobi within the next few days, the head of Exporters Association Khaled Meqaty told Youm7.

The consignment included food items, clothes and construction materials.



Egypt, France agree on signing deals to establish wind power station

International Cooperation Minister Sahar Nasr received French Ambassador in Cairo Andre Baran on Saturday to discuss future projects and fields of joint cooperation between the two countries, Youm7 reported.

The two officials agreed on signing an agreement funded by the French Development Agency (AFD) to establish a regional control center in the Delta region and another agreement on a wind power station in the Gulf of Suez.

During the meeting, Nasr asserted the strength of Egypt-France political and trade ties and hailed the French Development Agency’s (AFD) role in enhancing cooperation between the two countries.


Egypt’s trade minister inaugurates exhibition of traditional handicrafts

Minister of Trade and Industry TareK Qabil on Saturday has inaugurated the 1st international exhibition for traditional handicrafts, Youm7 reported.

The exhibit, which will run till Nov. 25, is organized by the Egyptian Export Council for Handicrafts (EECH), the Egyptian Exporters Association – Expolink (EEA) in collaboration with the Chamber of Handicrafts at Federation of Egyptian Industries (FEI.)

“The exhibit comes within the ministry’s strategy for the development of this vital sector through improving the quality of Egyptian handicrafts, as well as raising the export capabilities of companies to compete in overseas markets,” Qabil said.


80b EGP proceeds of new investment certificates: NBE deputy chairman

The proceeds of the new investment certificates with 16-20 percent interest rates issued earlier this month reached 80 billion EGP ($5.8b) so far, Yehia Abu el Fotouh, deputy chairperson of the National Bank of Egypt (NBE) was quoted by Youm7 Saturday.

On Nov. 9, several Egyptian state-owned banks provided new 18-month investment certificates with highest yields offered so far reaching 20 percent and distributed every three months. The banks, including the Banque Misr and (NBE) have also provided a three-year investment certificate with 16 percent yields distributed every month.

The move came after the central bank announced it floated the Egyptian pound, setting a guidance level of 13 pounds to the dollar, nearly 48 percent higher than the rate offered since March.


Mercedes-Benz seeks boosting investments in Egypt: GAFI head

The German luxury car-maker Mercedes-Benz seeks boosting investments in Egypt, Executive Director of the General Authority for Investment and Free Zones (GAFI) Mohamed Khodeir was quoted by Youm7 Saturday.

The remarks come after Khodeir met with a delegation of Mercedes-Benz company under CEO Thomas Zorn to discuss increasing the company’s investments in the Egyptian market.

Khodeir expressed GAFI’s interest in providing the necessary support to push the company’s investments in Egypt to become a regional center in Africa.

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