Gulf aid could help Egyptian PE, PP market: producer

16 July 2013 16:32  [Source: ICIS news]

LONDON (ICIS)--An aid package from three Gulf states to Egypt could boost the Egyptian polymer markets, a Middle East polypropylene (PP) producer said on Tuesday.

“Egypt is not so bad now,” the source said. “The Gulf is helping Egypt, $10bn-12bn [€8bn-9bn]. It will help to increase [the] currency in the [central] bank. The availability of dollars is there. Demand is there. People want to [purchase polymers].”

Reuters reported on 11 July that the United Arab Emirates, Kuwait and Saudi Arabia have promised Egypt $12bn in cash, loans and fuel, following the Egyptian army’s ousting of President Mohamed Mursi.

($1 - €0.77)

By: Jo Pitches
+44 208 652 3214

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