OPEN// Sisi opens phase one of "Future of Egypt" industrial city
CAIRO, May 21 (MENA) – President Abdel Fattah El Sisi inspected by air the new "Future of Egypt" City and inaugurated the first phase of its industrial complex in the Sheikh Zayed Axis of Giza.
He also launched the harvest season in several regions and opened new infrastructure linked to food production and agricultural development.
The ceremony included a presentation by Executive Director of the Future of Egypt for Sustainable Development Authority, Colonel Pilot Bahaa El Ghannam, who reviewed efforts for the reclamation of 4.5 million feddans by December 2025, adding 800,000 new feddans to the cultivated area.
He added that the total arable land is expected to reach 13.5 million feddans by 2027. These efforts are intended to improve food security, reduce import costs, and increase exports.
The president also reviewed projects in renewable energy, storage, feed production, digital transformation, and food processing. Some companies affiliated with the Future of Egypt agency will offer 30% of their shares for public subscription. Their annual output is valued at EGP 100 billion.
Sisi opened harvest activities in East Oweinat, Aswan, and Sadat City via video and inaugurated the agency's headquarters in Almaza.
He later visited grain silos and agricultural facilities before concluding with a visit to the agency's central administration, where he met with officials and staff. (MENA)
H A T/R G E
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Gold Prices Rise by EGP 60 in Local Markets Over the Week
Waleed Farouk Gold prices in local markets rose by approximately 1.3% during the week ending Saturday evening, while global gold prices increased by 0.6% during the week ending last Friday. The rise was driven by higher demand and diminished expectations of a U.S. Federal Reserve interest rate cut. Local gold prices increased by EGP 60 last week. The price of 21-karat gold began the week at EGP 4600 per gram, peaked at EGP 4720, and closed at EGP 4660. Meanwhile, the global ounce rose by $20, opening at $3290, reaching $3403, and closing at $3310. The price of 24-karat gold recorded EGP 5326 per gram, while 18-karat gold reached EGP 3994, and 14-karat gold stood at approximately EGP 3107. The gold pound was priced at around EGP 37280. Gold prices witnessed limited fluctuations throughout the week, moving between $3300 and $3400 per ounce before stabilizing near $3310. Despite hitting a weekly high at $3403, decreased demand and increased profit-taking caused prices to pull back. Markets saw a decline in demand and a rise in profit-taking activity, especially as bets on a Federal Reserve interest rate cut receded after strong U.S. non-farm payroll data. U.S. employment data showed an addition of 139,000 jobs in May, exceeding expectations, while the unemployment rate held steady at 4.2% and wages rose — reducing the likelihood of a near-term Fed rate cut. Upcoming U.S. inflation data, due this week, may determine the Federal Reserve's stance on interest rates. A drop in inflation would likely boost gold, especially with ongoing geopolitical tensions in the Middle East and Ukraine, alongside a weakening U.S. dollar. The Federal Reserve's Open Market Committee is expected to announce its decision regarding interest rates on June 17 and 18. Some analysts believe that any sudden political de-escalation or the signing of trade agreements may pressure gold prices downward. However, gold continues to enjoy strong investment demand, fueled by central bank purchases and investors' desire for hedging, according to analyses from leading financial experts. Market attention this week will focus on key U.S. inflation indicators, starting with the Consumer Price Index (CPI) on Wednesday, followed by the Producer Price Index (PPI) and weekly jobless claims on Thursday, and the University of Michigan's Consumer Sentiment Index on Friday. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan


See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
New U.S. Law Calls for Comprehensive Audit of Fort Knox Gold Reserves Amid Rising Political Debate
Waleed Farouk Amid the escalating public feud between U.S. President Donald Trump and billionaire Elon Musk, discussions are growing about the future of the proposed Department of Government Efficiency (DOGE), especially following its pledge to review the U.S. gold reserves at Fort Knox. While Congress does not appear to have abandoned the idea of an audit, a new move has emerged to enhance transparency. On Friday, four members of Congress introduced a new bill titled the "Gold Reserve Transparency Act" (H.R. 3795), calling for the first comprehensive audit of America's gold reserves in decades. This comes at a time when concerns are mounting over the impact of excessive government spending on the financial credibility of the United States. Details of the Bill: Conduct a thorough and complete examination of all U.S. gold holdings. Perform a comprehensive review of all transactions involving the gold over the past 50 years, including sales, purchases, pledges, leases, and swaps. Representative Thomas Massie, one of the bill's sponsors, said: 'Americans deserve transparency and accountability from the institutions that back their currency.' Stefan Gleason, CEO of Money Metals and Honorary Chairman of the Sound Money Defense League, noted that the U.S. Treasury has lost important records and allowed gold vaults to be opened and resealed without new audits, calling this 'unacceptable negligence' that would never be tolerated in the private sector. Gold: The Safe Haven Amid Dollar Doubts The bill arrives at a time when investors and central banks are increasingly turning to gold as a reliable monetary asset free of geopolitical risks or third-party exposure, amid a gradual move away from the U.S. dollar. Jp Cortez, Executive Director of the Sound Money Defense League, stated that the bill would help restore confidence in the U.S. dollar, especially after moves by some countries, such as Germany, to repatriate their gold reserves stored in the United States. Cortez emphasized that safeguarding the U.S. Treasury's gold is a 'national security issue,' adding that what the country needs is a real, thorough audit — not the 'public relations stunt' previously proposed by Elon Musk earlier this year. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan


See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Industrial Demand Drives Silver Prices to 13-Year High
Waleed Farouk Silver prices witnessed a significant rise last week, with local markets recording a 1.6% increase, while the global ounce price surged by 8.8%, This rise was mainly driven by increased industrial demand for the white metal amid influential economic and geopolitical shifts. The price of 800-fineness silver gram opened the week at EGP 46.50 and closed at EGP 47.25, marking an increase of EGP 0.75. Globally, the ounce price rose from $32.96 to $35.85, touching a peak of $36 — its highest level since February 2012. the price of 999-fineness silver gram reached EGP 59, 925-fineness silver gram stood at EGP 54.50, and the 925-fineness silver pound was valued at EGP 436. The surge in silver prices was fueled by rising demand as an industrial metal, particularly in the solar energy and electronics sectors, amid declining safe-haven demand towards the end of the week. Silver also benefited from escalating trade tensions between the United States and China, alongside a weakening U.S. dollar, which boosted appetite for precious metals. However, a positive shift in relations between the two countries, following a constructive call between U.S. President Donald Trump and Chinese President Xi Jinping, led to the resumption of trade talks. This reduced silver's safe-haven appeal but reinforced its role as an important industrial metal. Additionally, strong GDP and retail sales data from the Eurozone for Q1 bolstered investor confidence in the European economy. Meanwhile, better-than-expected employment figures from the U.S. and Canada contributed to optimism regarding North American economic growth prospects. Geopolitical tensions in regions such as the Middle East and Ukraine continue to exert additional pressure on the market, further increasing demand for silver and precious metals in general. Analysts believe silver retains significant upside potential in the near future, expecting it to continue benefiting from global financial market volatility and currency movements. Investors are also closely monitoring upcoming U.S. inflation data, anticipated this week, which is expected to play a decisive role in the Federal Reserve's interest rate policies and consequently impact silver price movements in global markets. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan