A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering October 23rd to October 30th.
1) Real estate has led the Egyptian economy this year. During the first nine months of the year, the sector has grown 10.8%, according to the Minister of Investment and International Cooperation, Sahar Nasr, Al Ahram reports.
2) The trade deficit fell to $21.3 billion for the first seven months of the year, down almost 26% from $28.7 billion during the same time period last year, Zawya reports.
3) Egypt’s exports to France have risen by 21% this year, according to the Minister of Commerce and Industry, Tarek Qabil, Al Ahram reports.
4) Egypt’s exports to Kenya rose 130% during the first six months of 2017, reaching $170 million, according to Al Ahram. During the same time period, Egypt’s imports from Kenya fell, resulting in a net-positive trade balance between the two countries of approximately $91 million.
5) The IMF has begun its second periodic review of Egypt’s economic-reform program, Amwal Al Ghad reports.
6) The Cabinet has approved the executive regulations for the new investment law, according to Reuters.
7) Under the regulations issued under the new investment law, half of the capital invested by companies in the Suez Canal Economic Zone and the Golden Triangle can be deducted from taxes on net profits, Al Mal News reports.
8) Companies belonging to the Ministry of Public Sector Affairs posted profits of EGP 7.34 billion for FY 2016/2017, up approximately 336% from the EGP 1.68 billion in profits they realized in FY 2015/2016, according to Amwal Al Ghad.
9) The International Finance Corporation (IFC) announced that it has finalized a $653 million loan package for 13 solar plans in Aswan, according to Al Mal News.
10) Egypt will purchase 1,000 new train carriages at a cost of EGP 16 billion, Al Ahram reports.
11) EgyptAir resumed direct flights to Tokyo on Sunday after a four-year suspension, according to Al Ahram
12) The Sphinx International Airport will start receiving flights next summer, according to the Civil Aviation Minister, Sherif Fathy, Al Ahram reports.
13) Port Said laid the symbolic cornerstone on an EGP 5 billion housing project, according to Al Mal News.
14) A British-Egyptian joint venture plans to set up a state-of-the art catheter production facility in Cairo, Al Ahram reports.