Update Egypt business digest Nov. 22: Paris, Cairo talk to establish French industrial zone in Alexandria; Egypt’s Suez Canal revenues reach $3.7 bln in 10 months
UAE environmentally-friendly container ship crosses New Suez Canal Tuesday, August 23, 2016. Photo by Mohamed Awad/Youm7.
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Paris, Cairo talk to establish French industrial zone in Alexandria

Egypt and France are negotiating to establish a French industrial zone in Alexandria, announced French Chamber of Trade and Industry in Egypt General Director Hassan Bahnam on Tuesday.

“The zone that is scheduled to be established will be a launch base in Africa,” he added in a session of Conference on the French Investments in Egypt.

 

Egypt’s Suez Canal revenues reach $3.7 bln in 10 months

Egypt’s Suez Canal revenue reached $3.7 billion in ten months in 2016, state-owned news agency reported on Tuesday.

According to statistics issued from the Suez Canal Authority, a total of 9,745 ships crossed the suez canal in this period.

The waterway is one of Egypt’s core sources of income, providing about 10 percent of the nation’s hard currency. In 2014, Suez Canal revenues registered $5.456 billion, marking 6.75 percent growth compared to $5.111 billion a year earlier.

 

Egypt’s bourse halts trading in shares of Abu Dhabi Islamic Egypt after CEO death

(Reuters)- Egypt’s stock exchange said on Tuesday it had halted trading in shares of Abu Dhabi Islamic Egypt for 10 minutes after the death of its chief executive Nevine Lotfy.

“There is a statement from the bank stating that Ms Nevine Lotfy has died… so the bourse management has decided to halt trading in the shares of the bank for 10 minutes… with the suspension of all bids and offers registered on the bank’s shares before this announcement,” the bourse said in a statement.

 

Sisi, Portuguese business delegation discuss bilateral cooperation

Egypt’s President Abdel Fatah al Sisi met on Tuesday with Portuguese business delegation in Lisbon and discussed investment opportunities and means of cooperation and implementation of new investment projects in Egypt, Youm7 reported.

During the meeting, the President presented the national projects that are being implemented, on top of which is the Suez Canal zone development project, as well as the efforts exerted by the Government to realize further economic reforms, Presidential spokesperson Alaa Youssef said on Tuesday.

The delegation comprised of representatives from Portugal’s leading firms in the fields of petrochemicals, information technology and engineering industries, he added.

Sisi also referred to the Initial agreement reached with the IMF and the state’s determination on providing the suitable atmosphere to attract and encourage foreign investment.

On Tuesday, Sisi wrapped up a three-day visit to Portugal where he met with his Portuguese counterpart and several high-level officials.

 

EGX opens on positive note

The Egyptian Exchange (EGX) indexes showed mixed performance at the close of trading on Sunday amid purchase operations by institutions and foreign investment funds, Youm7 reported.

The Egyptian Exchange (EGX) opened on positive note on Tuesday amid buying activity by local and foreign investors, Youm7 reported.

The main benchmark index EGX30 went up 0.47 percent to reach 11,628.5 points.

Similarly, the small and mid-cap index EGX70 added 1.2 percent to reach 437.9 points, while the broader index EGX100 went up 0.94 percent to reach 1,043points.

 

46 ships transit Suez Canal on Tuesday: SCA

A total of 46 vessels have transited the Suez Canal on Tuesday, with a total cargo of 2.3 million tons, the Suez Canal Authority announced in a statement.

The south-bound convoy included 23 vessels carrying 1.1 million tons, while the north-bound convoy also included 23 ships carrying 1.2 million tons, according to the statement.

 

 

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