Egyptian gold prices climb amidst global market fluctuations and rate cut speculations
Egyptian gold prices climb amidst global market fluctuations and rate cut speculations. Gold prices in Egypt saw an uptick during Tuesday’s trading, rising by 25 pounds locally despite a minor drop in the global market, where an ounce fell by about a dollar to $2025. The increase is in anticipation of the US personal spending index data release this Friday and growing expectations of the US Federal Reserve reducing interest rates in early 2024. According to Saeed Embabi, CEO of the iSagha platform, 21-carat gold reached 2920 pounds per gram, while 24, 18, and 14-carat gold also recorded increases. The rise in gold prices, which also saw a boost last week, aligns with speculation about the future of high-yield certificates and the potential redirection of significant liquidity towards gold. (Hapi Journal)
- Lukoil to invest $73 million in Egypt’s West Esh El Mallaha oil field.
Russian energy giant Lukoil plans to invest $73 million in developing the West Esh El Mallaha oil field in Egypt's Eastern Desert, aiming to boost oil reserves and production capacity. This investment follows the company's intent to extend its 25-year concession contract with Egypt's Ministry of Petroleum and Mineral Resources, which has recently expired, for an additional five years. Lukoil will also finance the Esh El Mallaha Petroleum Company (Eshpetco), covering work programs and labor costs, as per a ministry document. (Al Borsa)
- Egypt's Israeli gas imports hit record high, exceeding one billion cubic feet per day.
Egypt's gas imports from Israel have surpassed the one billion cubic feet per day mark for the first time since resuming last month. This gas meets local demand and the surplus is exported to Europe as liquefied natural gas from Idku and Damietta plants. Imports had fallen sharply in October due to the halt of Tamar field production amid the Gaza conflict, dropping to about 350 million cubic feet per day. Recently, daily imports have increased to over one billion cubic feet. The Israeli Ministry of Energy recently authorized additional exports to Egypt, and Egypt aims to increase imports by 30%. Total imports from Israel have risen significantly, with Egypt targeting 290 billion cubic feet by year-end. Egypt started importing Israeli gas in 2020 under a $15 billion deal. (Asharq)
- Egypt and UAE sign MoU for joint development of data centers.
Egypt and the UAE have entered into a Memorandum of Understanding (MoU) focused on the development of data centers. This agreement, formalized between the Egyptian Ministry of Communications and Information Technology and the Emirati Ministry of Investment, envisages an initial capacity of 100 megawatts for these data center projects in Egypt, with an eventual goal of expanding to 1,000 megawatts. The MoU includes plans for investment cooperation, information exchange, and joint work plan formulation to ensure effective execution and follow-up. (Arab Finance)
- AWA offers EGP 1 million loans to gold and silver workshop owners.
The Egyptian Assay and Weights Authority (AWA) is offering small and medium-sized gold and silver workshop owners the opportunity to apply for loans up to EGP 1 million, as announced by the Ministry of Supply and Internal Trade. This loan, potentially subject to increase, comes with a 5% declining interest rate. This initiative is part of a cooperation protocol signed with the Agricultural Bank of Egypt (ABE) on December 17th, effective until January 18, 2024. AWA will host a conference on December 20th in Obour City to detail the loan's benefits, process applications, and address related queries. (Arab Finance)
- Red Sea shipping disrupted by conflict, sparking global economic concerns.
The shipping movement in the Red Sea has faced disruptions due to the conflict between Israel and Hamas, affecting global economic stability. Tankers and container ships are being rerouted around Africa as two major European oil and gas companies announced they would avoid international waters off Yemen's coast, impacting routes through the Suez Canal. In response, US Defense Secretary Lloyd Austin announced the formation of a naval force, including allies like the UK, Canada, France, to counter Houthi militant attacks on shipping. This conflict has led to a 13% surge in EU natural gas prices and a continued rise in Brent crude futures. (Asharq)
- Karam Solar gears up for Egyptian Stock Exchange listing amidst solar project expansions.
Karam Solar, a solar energy firm, is preparing for its shares to be listed on the Egyptian Stock Exchange after undergoing a reconciliation process to meet listing requirements. Ibrahim Mutawa, the COO, confirmed the plans post-discussions with the stock exchange. The company, having already secured $3 million from HSBC Bank, is also seeking financing from other Egyptian and international institutions and banks. Karam Solar is involved in various projects, including the Abu Minqar project in Farafra Oasis and ventures in Marsa Alam and the Western Desert. Their Farafra solar network's first phase aims to reduce CO2 emissions significantly and cover 100% of the beneficiaries' electricity needs within three years. Major stakeholders in Karam Solar include Electricité de France, owning about 45% of the company. Separately, the Ministry of Electricity faces challenges with gas supply for power stations, with an unknown timeline for resolving the fuel shortage issue impacting electricity production. (Economy Plus)
- National Bank of Egypt sees significant asset growth in first quarter of 2023.
The National Bank of Egypt reported an increase in total assets to 4.64 trillion pounds at the end of the first quarter of 2023, up from 4.37 trillion pounds at the end of 2022. This growth was primarily fueled by a rise in loans and facilities to customers and banks, from 1.66 trillion to 1.78 trillion pounds. Additionally, the bank's investments at fair value through comprehensive income jumped to about 698.959 billion pounds, and its total investments in debt instruments at amortized value reached approximately 1.402 trillion pounds. Customer deposits also grew to 3.379 trillion pounds by the end of March 2023. (Al Mal)
- Al-Marakby Steel Factory hikes iron prices in Egypt amidst industry adjustments.
Al-Marakby Steel Factory in Egypt has raised its iron prices by 1,750 pounds per ton, with the updated pricing effective from Tuesday, December 19, 2023. This increase sets the new price for a ton of iron at approximately 39,750 pounds at the factory, up from the previous 38,000 pounds. Abdel-Khaleq Farhat, head of New Delta Building Materials Trading Company, stated that this adjustment follows similar hikes by other factories. For consumers, the cost per ton could reach around 43,000 pounds after accounting for merchants' profit margins and transportation costs, which vary by governorate. Previously, Ezz Steel Company also raised its prices by about 2,500 pounds per ton. (Al Mal)
- Egypt Concludes Project to Strengthen National Population Strategy with Global Partners.
Dr. Khaled Abdel Ghaffar, Egypt's Minister of Health and Population, presided over the conclusion of the project to strengthen Egypt's National Population Strategy. This initiative, a collaboration between the United Nations Population Fund and the European Union, emphasizes family planning and reproductive health. Dr. Ghaffar underscored the state-wide approach to population issues, highlighting the significant role of international support in improving population indicators. The project has made strides in areas like reducing maternal and neonatal mortality, unwanted pregnancies, and abortion rates. It also focuses on balancing population growth with available resources and enhancing citizens' lives by controlling population growth rates. Efforts include increasing family planning prevalence, reducing early marriage, and promoting gender equality in education and the workplace. The project, initiated in 2018, has been implemented across all Egyptian governorates, aiming to advance rights-based reproductive health and governance. (Al Ahram)
Stay up to date
More Newsletter to Check
SUBSCRIBE TO NEWSLETTER
Subscribe to download our daily economics and business roundup
×
![]()