Egypt private sector stages rebound

CAIRO: Egypt’s private sector activity kicked off the new fiscal year with an expansion, driven by an uptick in demand that offered additional evidence of an economic rebound.

Non-oil business activity reached an eight-month high in July, the Emirates NBD Purchasing Managers’ Index (PMI) for the whole economy showed. The index climbed to 50.3 from 49.4 in June, with readings above 50 signalling an expansion.