Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en MIDEAST STOCKS: Saudi, Egypt rise alongside global markets as oil steadies http://www.egyptindependent.com//node/2456976 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/01/06/499612/gulf_stocks.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>&nbsp;Stock markets in Saudi Arabia and Egypt rose in early trade on Thursday, tracking global bourses as oil prices, which had moved Middle Eastern equities earlier in the week, were relatively stable.</p><p>The main Saudi equity index gained 0.7 percent with most stocks positive. The banking sector, up just as much, was one of the main supports.</p><p>National Commercial Bank, the kingdom&#39;s largest lender, jumped 2.0 percent and Al Rajhi, another large bank, was up 0.7 percent.</p><p>Growth in Saudi Arabia&#39;s non-oil private sector rose to a five-month high in August, buoyed by the impact of increasing oil production, a survey of businesses showed on Thursday.</p><p>Egypt&#39;s main stock index climbed 1.2 percent after the country&#39;s own purchasing managers&#39; survey showed activity grew in August at the fastest pace of 2015 on the back of solid growth in output.</p><p>&quot;This ... could be the first sign that the (Egyptian) economy has turned the corner after a weak first half of 2015,&quot; Jason Tuvey, the Middle East economist at Capital Economics in London, said in a note.</p><p>&quot;This, coupled with July&#39;s sharp drop in the headline rate of inflation, supports our view that the central bank will cut interest rates, possibly as soon as its next meeting later this month.&quot;</p><p>(Reporting by Olzhas Auyezov; Editing by Andrew Torchia and Catherine Evans)</p> Thu, 03 Sep 2015 09:35:00 +0000 Reuters 2456976 at http://www.egyptindependent.com sites/default/files/photo/2015/01/06/499612/gulf_stocks.jpg Sisi urges Chinese partners to join Egypt’s development projects http://www.egyptindependent.com//node/2456961 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/07/24/16030/image_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>President Abdel Fattah Al Sisi urged on Wednesday the Chinese companies to contribute to Egypt&#39;s development projects meant to boost the national economy.</p><p>Sisi, at a meeting with heads of a number of Chinese companies investing in Egypt, said the Egyptian government started putting into effect an economic road map to recover the national economy, worst hit by the unrest that followed January 25 revolution.</p><p>Sisi said this meeting is important as it offers a chance to know how far the projects carried out by these Chinese companies in Egypt are progressing.</p><p>He promised to offer all needed facilities to Chinese companies seeking to carry out industrial projects as part of Suez Canal Development Corridor.</p><p>Chinese companies can also pump their money into the 1.5-million-feddan land reclamation project and the administrative capital project to be set up on a six-million-meter area within the coming two years, the president said.</p><p>They can also invest in setting up the new Alamein coastal city, Sisi said.</p><p>Assuring Chinese investors, Sisi pointed out to the package of laws and regulations that were lately adopted to facilitate investment in Egypt through the one-stop-shop system.</p><p>The Egyptian economy began to improve, he said, adding that the volume of foreign direct investments rose to 5.7 billion dollars and that the 2014/2015 economic growth rate hit 4.2 percent.</p><p>Expected economic growth rate in 2015/2016 is 5.2 per cent, Sisi said, adding that &quot;We need to increase the economic growth rate to 7 percent as quickly as possible.&quot;</p><p>He expressed appreciation for Chinese investors who increased their investments in Egypt over the past period.</p><div>Sisi said he gave directives to the government to iron out all hurdles facing the Chinese companies in Egypt, hoping they will increase the number of their projects in Egypt within the coming period.</div> Thu, 03 Sep 2015 06:59:00 +0000 MENA 2456961 at http://www.egyptindependent.com sites/default/files/photo/2015/07/24/16030/image_0.jpg MoU signed with China in construction of Egypt’s new capital http://www.egyptindependent.com//node/2456939 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/02/12/1755/investment_minister_ashraf_salman.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt has signed a Memorandum of Understanding with China to partially engage the latter in the construction of the first phase of its new administrative capital east of Cairo, the most-celebrated undertaking offered to investors during the Sharm el-Sheikh economic conference last March.</div><div>&nbsp;</div><div>Investment Minister Ashraf Salman signed an MoU with China State Construction Engineering Corporation Wednesday, by which the company could partially contribute to construction in the first phase of the new capital, the cost of which is estimated at LE45 billion.</div><div>&nbsp;</div><div>The signing came as part of a three-day visit by Egypt&rsquo;s President Abdel Fattah al-Sisi to China, which began Tuesday.</div><div>&nbsp;</div><div>After the signing, Salman stated that the Chinese side will play the role of a real estate developer, along with Egypt&rsquo;s New Urban Communities Authority and the Engineering Authority of the Armed Forces. He also praised the Chinese company for its extensive knowledge in the field, as well as the size of its projects worldwide which, he said, stood at a total of US$130 billion.</div><div>&nbsp;</div><div>Egypt cancelled its MoU with Emirati Capital City Partners in June after disagreements emerged on financing for the new capital project.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Wed, 02 Sep 2015 15:46:00 +0000 Al-Masry Al-Youm 2456939 at http://www.egyptindependent.com sites/default/files/photo/2015/02/12/1755/investment_minister_ashraf_salman.jpg CAPMAS: Egypt's exports to COMESA reached $5.8m in May 2015 http://www.egyptindependent.com//node/2456951 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/05/23/484151/tswyr_trq_lfrmw_3.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&#39;s exports to Common Market for Eastern and Southern Africa (COMESA) during May 2015 reached $5.76 million, compared to $5.69 million in the corresponding period a year earlier, according to a fresh report issued by the Central Agency for Public Mobilization and Statistics (CAPMAS).</div><div>&nbsp;</div><div>CAPMAS added that Egypt&#39;s imports from COMESA reached $22.17 million in the same period, compared to $6.26 million a year-on-year</div><div>&nbsp;</div><div>Exports to Zimbabwe hit $1.49 million in the same month, compared to $854,000 a year earlier.</div><div>&nbsp;</div><div>Exports to Djibouti also increased to $1.45 million in May 2015 compared to $1.25 million in May 2014.</div><div>&nbsp;</div><div>Exports to the rest of the COMESA countries amounted to $842,000 in May 2015, compared to $580,000 in May 2014.</div><div>&nbsp;</div><div>Egypt&#39;s exports to Zambia went down to $881,000 in May 2015, compared to $1.302 million in May 2014.</div><div>&nbsp;</div><div>Also, exports to Mauritius declined to $1.08 million in May 2015, compared to $1.70 million in the same month a year earlier.</div><div>&nbsp;</div><div>Egyptian imports from Zambia rose to $21.43 million in the same month, compared to $5.05 million last year, while imports from Malawi declined to $594,000 in May 2015, compared to $729,000.</div><div>&nbsp;</div><div>Egypt&#39;s imports from the rest of COMESA countries dropped to to $143,000 in May 2015, compared to $475,000 in May 2014.</div><div>&nbsp;</div><div>&nbsp;</div> Wed, 02 Sep 2015 14:58:00 +0000 MENA 2456951 at http://www.egyptindependent.com sites/default/files/photo/2014/05/23/484151/tswyr_trq_lfrmw_3.jpg