Aton Resources set for gold production in Egypt’s Eastern Desert by 2025
Aton Resources set for gold production in Egypt’s Eastern Desert by 2025. Canadian firm Aton Resources is set to begin gold production in Egypt’s Eastern Desert by 2025, marking the culmination of 15 years of exploration. The company, working in the Abu Marwat concession, is expected to receive a production license from the Mineral Resources Authority soon. Since 2010, Aton Resources has invested approximately one billion pounds ($32.4 million) in the Hamama area, with an estimated reserve of 300 to 400 thousand ounces of recoverable gold. This development aligns with Egypt’s goal to boost mining sector investments, particularly in gold, to one billion dollars by 2030, including the launch of the first global gold exploration auction earlier this year. (Asharq)
- Gold prices dip amid strengthening dollar and anticipation of central bank decisions.
Gold prices experienced a decline on Monday due to the strengthening dollar, as investors anticipate key central bank meetings and upcoming US inflation data to understand interest rate trends. Spot gold dropped 0.3% to $1,997.16 per ounce, and US gold futures decreased 0.1% to $2,013.20. The rise in non-farm jobs in the US led to a reassessment of Federal Reserve actions, affecting gold prices. Upcoming US consumer price reports and Federal Reserve statements will be closely monitored. Meanwhile, the European Central Bank and other major central banks are also set to hold policy meetings. In other precious metals, silver saw a slight dip, while platinum remained steady, and palladium decreased. (Hapi Journal)
- Egypt boosts investment in manufacturing sector to drive economic growth.
The Egyptian government has committed EGP 100.7 billion to the manufacturing industries sector for the fiscal year 2023/24, marking a 19.6% increase from the previous year's EGP 84.2 billion investment. This budget includes EGP 79 billion for non-oil manufacturing and EGP 22 billion for the petroleum sector. The investment aims to elevate industrial production from EGP 3.6 trillion to EGP 4.3 trillion, with a target of reaching EGP 5.74 trillion by FY 2025/2026. Minister Hala El-Said noted the industrial sector's pivotal role in the economy, contributing 16% to GDP and 85% of non-oil exports. The sector's development strategy focuses on enhancing growth rates, expanding green industries, and aligning with the goal of $100 billion in exports by 2030, supporting a plan to increase annual revenues to $191 billion by 2026. (Ahram)
- Egypt targets record citrus exports amid global shortage and rising European demand.
The Egyptian Agricultural Crops Export Council aims to export roughly 2.3 million tons of citrus fruits this season, a 15% increase from last year and 64% higher than the previous season. Last year, Egypt's citrus exports hit two million tons, maintaining its global lead in quantity for the fifth consecutive year, while ranking third in value at around $650 million. Oranges constitute about 85% of these exports. The new season started earlier than planned to leverage the global citrus shortage and increased European demand, particularly for juice production. Egypt's orange exports to Europe grew by 83% last season, accounting for 45% of the EU's total imports. Additionally, Egypt is exploring expansion into East Asian markets. The success of this season hinges on export quality and compliance with international standards, especially regarding pesticide residues. (Economy Plus)
- Smooth second day of voting in Egypt's presidential elections with widespread participation.
Egypt's presidential elections entered their second day, with polling stations across 27 governorates welcoming voters. All stations opened on time, except for a minor delay in one in the Shubra district of Cairo, reported Ahmed Bendari of the National Election Authority (NEA). Prominent figures like Ministers Hala El-Said and Mohamed Saleh El-Din voted early. The NEA noted smooth voting on the first day, extending operation times at some stations due to high turnout. Global media coverage largely reported a positive election atmosphere, with no significant complaints or negative observations, apart from economic challenges. No voting irregularities were reported by foreign correspondents and observers. The elections, covered by 528 journalists from 33 countries, see 67 million eligible voters, with 15,000 judges overseeing 11,631 sub-committees across 9,376 stations. President El-Sisi voted early on Sunday. (Ahram)
- Brazilian investors eye logistics and green energy projects in the Suez Canal Economic Zone.
A Brazilian investment delegation recently showed interest in the Suez Canal Economic Zone, considering the establishment of a logistical zone for storing grains, sugar, and oils with Brazilian investment. The delegation identified common interests, including green energy and logistics services. The Economic Zone offers special services like one-stop facilities to streamline licensing and procedural requirements. Walid Youssef, Vice President of the Suez Canal Economic Zone's Southern Region, highlighted the significance of Brazilian companies in the area, particularly considering Egypt's BRICS group membership, where Brazil is a key member. (Economy Plus)
- Egypt and EU sign declaration to advance sustainable water management.
Egypt has entered into a water partnership declaration with the European Union to enhance the sustainable management of its water resources. This agreement aims to leverage the technological, scientific, and managerial strengths of both Egypt and the EU, focusing on capacity building in integrated water resource management. It encompasses collaborations with EU member states, governmental entities, companies, and civil society organizations. The partnership will facilitate the exchange of expertise and innovative practices in areas such as irrigation efficiency, water reuse and treatment, addressing water scarcity, drought management, and combating desertification. (Arab Finance)
- Beltone Financial Holding pursues acquisition of SODIC for Securitization.
Beltone Financial Holding has initiated plans to acquire SODIC for Securitization, a subsidiary of Sixth of October Development and Investment Company (SODIC), as indicated in a recent filing to the Egyptian Bourse. The process, contingent on obtaining approval from the Financial Regulatory Authority (FRA), will involve due diligence on SODIC for Securitization. Upon receiving FRA's green light, Beltone will confirm if the acquisition will be made directly or through one of its subsidiaries. (Arab Finance)
- ACUD and Atos team up for smart city project in Egypt's New Administrative Capital.
The Administrative Capital for Urban Development (ACUD) has partnered with French company Atos to form a joint venture in Egypt's New Administrative Capital (NAC). This collaboration, outlined in a press release, will focus on managing and operating the infrastructure and information technology (IT) applications of NAC, Egypt's first smart city. Atos will bring its expertise in managing smart infrastructure and IT systems, emphasizing sustainability and carbon emission control, to this venture. (Arab Finance)
- Egypt and FAO discuss water sector collaboration at COP28 summit.
Egypt's Ministry of Water Resources and Irrigation and the UN's Food and Agriculture Organization (FAO) explored collaboration opportunities in the water sector, as announced on December 11th. This discussion occurred during a meeting between Minister Hani Sewilam and FAO’s Deputy Director-General Maria Helena at the COP28 climate summit. They also considered the possibility of jointly coordinating international water-related initiatives and events. (Arab Finance)
Stay up to date
More Newsletter to Check
SUBSCRIBE TO NEWSLETTER
Subscribe to download our daily economics and business roundup
×
![]()