UPDATE: Egypt’s business digest Nov. 25: Egypt bourse gains 15.7b EGP in week
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015. REUTERS/Mohamed Abd El Ghany
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CAIRO: No more browsing from site to site, view the top local news stories on Nov. 25 here:

Egypt bourse gains 15.7b EGP in week

The Egyptian Exchange (EGX) closed trades this week with market capitalization gains amounting to 15.7 billion to close at the level of 559.78 billion EGP, Youm7 reported Friday.

During the course of the week ended Thursday, the main benchmark index EGX30 added 1.17 percent, to close at 11,353.1 points, while the small and medium caps index EGX70 also added 4.55 percent to close at 447.77 points.

Similarly, the broader index EGX100 gained 4.28 percent, on weekly bases, to close at 1,061 points; the highest closing level in more than a year.

 

Egypt to expand Russian industrial zone in Suez: paper

The area of the Russian industrial park on the Suez Canal is to be expanded from 80 to 2,000 hectares (20 sq. km.), said Russia’s Industry and Trade Minister Denis Manturov, Russia Today reported Friday.

“Egypt’s President Abdel Fattah al-Sisi has decided to allocate 80 hectares to us in the eastern part of Port Said on the Suez Canal. In the future Cairo is ready to expand this zone to 2,000 hectares,” Manturov said on Friday.

Manturov says work on the intergovernmental agreement may be finished in the first quarter of 2017. Construction of the industrial park will start in 2018.

The decision to build a Russian industrial zone in Egypt was agreed by President Vladimir Putin and his Egyptian counterpart in 2014. Negotiations were temporarily frozen after a Russian airliner was blown up by terrorists over the Sinai Peninsula in October 2015.

The new industrial zone will have a friendlier tax regime for resident Russian firms. It is expected to provide 77,000 jobs, and the companies expect revenues to reach $11.6 billion. The tax rate for businesses in the project and personal income tax will be 10 percent. Sales tax will be abolished.

Russian companies will design and construct the industrial facilities, jointly produce and supply various types of equipment, and provide the necessary technical assistance.

It is estimated around $4.6 billion will be invested in the construction of the industrial park by 2035.

 

USD exchange rate reaches 17.81 EGP

The exchange rate of the U.S. dollar has increased reaching 17.36 EGP for purchase and 17.81 for sale, according to Central Bank of Egypt’s statement at the end of Thursday’s transactions.

 

Main EGX index rises by 1.17% at end of last week’s transactions

The main stock exchange index (EGX30) has recorded an increase by 1.17 percent at the end of last week’s sessions, Youm7 reported Thursday.

Other indexes have witnessed increase as well including: EGX70 by 4.55 percent; EGX100 rose by 4.29 percent and EGX20 increased by 2.79 percent.

 

Natural gas transmission debut in Beheira housing units: Ministry

Ministry of Petroleum announced that it has for the first time transmitted natural gas to housing units in Rasheed City in Beheira governorate, read a statement.

The ministry’s statement added that the plan aims to transmit natural gas to 15,000 clients over two phases; 10,000 residents during the fiscal year 2016/2017 and 5,000 others during the next FY.

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