Turkish Amb. Highlights New Investment in Egypt's Textile Sector
Turkish Ambassador to Egypt, H.E. Salih Mutlu Şen, announced a new Turkish investment in Egypt's growing textile sector, emphasizing the deepening economic ties between the two nations.
In a post on social media platform X, Ambassador Şen stated: 'We discussed the investment environment and opportunities in the country with Haluk Ceylan, the owner of Emaks, which decided to invest in textile accessories (buttons) in Egypt.'
The investment by Emaks, a company specializing in textile accessories, particularly buttons, reflects increasing confidence among Turkish businesses in Egypt's industrial potential. The move also aligns with Egypt's broader strategy to attract foreign direct investment (FDI) into its manufacturing and textile industries.
Ambassador Şen's remarks come amid a wave of renewed cooperation between Ankara and Cairo, as both countries continue to rebuild economic and diplomatic relations.
In January, a number of Turkish firms announced that they are planning to pump new investments of not less than $300 million in Egypt during 2025, particularly in the textile sector.
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
Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters
Arts & Culture
"Jurassic World Rebirth" Gets Streaming Date
News
China Launches Largest Ever Aircraft Carrier
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Arts & Culture
South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle
Business
Egyptian Pound Undervalued by 30%, Says Goldman Sachs
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Sports
Get to Know 2025 WWE Evolution Results
News
Flights suspended at Port Sudan Airport after Drone Attacks
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
Egypt Offers Condolences to China Over Deadly Floods
H-Tayea On Thursday, Egypt extended its deepest condolences to the People's Republic of China following the deadly floods that have struck multiple regions across the country, resulting in the tragic loss of dozens of lives and a large number of injuries. In an official statement, the foreign ministry expressed heartfelt sympathy and solidarity with the Chinese government and people during this difficult time, offering sincere condolences to the families of the victims and wishing a swift and full recovery for all those who have been injured. Egypt reaffirmed its full support for China in the face of this natural disaster, underlining the strength of the longstanding friendship and mutual respect that bind the two nations. The message highlighted that Egypt stands by China and shares in its sorrow, hoping for resilience and recovery for the affected communities. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Al-Ahram Weekly
2 hours ago
- Al-Ahram Weekly
Palestinian VP denounces campaign to undermine Egypt and Jordan support for Gaza - War on Gaza
Hussein Al-Sheikh, vice president of the State of Palestine and deputy chairman of the Executive Committee of the Palestine Liberation Organization (PLO), denounced what he described as a coordinated campaign to weaken Egypt and Jordan, despite their consistent support for Palestinians. In a statement on Thursday, Al-Sheikh said the attacks on the two countries were not random, but 'part of deliberate attempts to weaken their positions and undermine any Arab balance.' 'Amid the organized attack targeting Egypt and Jordan, it cannot be ignored that the two countries stand on sensitive lines of contact and bear the burden of regional stability despite the challenges,' he added. Al-Sheikh noted that those attacking Egypt and Jordan today are deliberately ignoring their role in supporting the Palestinian cause and their standing as an impregnable barrier against the displacement of Palestinians. "They also ignore their steadfastness and perseverance on their homeland and their joint political efforts with our brothers and friends to stop the war of extermination and starvation and expand the circle of countries that expressed willingness to recognize the State of Palestine,' he stated. Al-Sheikh concluded by saluting the leadership and people of both countries for their 'firm, unwavering, and supportive positions toward our people's right to freedom and independence.' His remarks come as Israel continues to enforce a five-month blockade on Gaza and restricts the entry of critical aid, thus plunging 2.3 million Palestinians in the strip into famine. Facing a regional and global outrage, Israel allowed limited airdrops and aid trucks through tightly controlled crossings. In recent days, Egypt has rerouted aid to the Karm Abu Salem crossing, but Israel's intransigence has led to prolonged delays and denied entry to many convoys. Egypt and Jordan have dispatched aid convoys and airdropped aid to Gaza. Jordan has also suspended high-level contacts with Israel over its insistence on forging ahead with its war on the Palestinians in Gaza and the West Bank. Cairo and Amman have repeatedly affirmed their rejection of any Israeli attempts to forcibly displace Palestinians to Egypt or Jordan. Tens of UN agencies and humanitarian organizations have called on Israel to lift the blockade and allow unrestricted humanitarian access to a population deliberately starved into famine. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
Gold Prices Rise Amid Global Pressures and Shifting Egyptian Consumer Behavior
Waleed Farouk Gold prices rose in both local and international markets during Thursday's trading, driven by a weakening U.S. dollar, falling U.S. Treasury yields, and market anticipation ahead of key inflation data expected later today. Saeed Embabi, Executive Director of the "iSagha" platform for online gold and jewelry trading, stated that local gold prices increased by approximately EGP 10 compared to Wednesday's close, with 21-karat gold reaching EGP 4,530 per gram. Meanwhile, the global ounce price rose by around $37 to hit $3,308. The price of 24-karat gold stood at EGP 5,177, 18-karat at EGP 3,883, and 14-karat at EGP 3,020, while the gold pound recorded EGP 36,240. Yesterday, gold had declined by about EGP 45 per gram, dropping from EGP 4,565 to EGP 4,520, despite a slight global increase in the ounce price from $3,271 to $3,325. Fed Decisions and Global Market Impact Embabi pointed out that today's price rebound followed a sharp decline at the end of Wednesday's session, influenced by the U.S. Federal Reserve's decision to maintain interest rates at 4.25%-4.50%, which triggered a wave of selling in international markets. Despite the Fed's hold on interest rates, inflation concerns persist. In its statement, the Fed slightly adjusted its economic outlook, noting a slowdown in growth during the first half of the year. An internal division also emerged in the Federal Open Market Committee, with members Michelle Bowman and Christopher Waller voting in favor of a rate cut. Despite this divergence, markets still anticipate two potential rate cuts in 2025, with the first possibly occurring in September, driven by slowing growth and weakening consumer spending. Fed Chair Jerome Powell, however, provided no clear guidance regarding the September meeting, emphasizing that it's still "too early" to determine the direction of monetary policy. Market attention now turns to new tariff policies and upcoming inflation data, particularly the Fed's preferred inflation gauge—Core Personal Consumption Expenditures (PCE)—set to be released later Thursday. Trump's Tariffs Boost Demand for Gold On another front, newly announced protectionist measures by U.S. President Donald Trump have contributed to a surge in global gold demand. The measures include reinstated tariffs on imports from South Korea, Brazil, and India, along with the removal of exemptions for low-value shipments. Key actions include a 15% tariff on South Korean goods and a 50% tariff on Brazilian imports. Despite Trump's optimistic remarks about trade talks with China, markets remain cautious about potential disruptions ahead of the August 1 deadline for reciprocal trade agreements. Shifting Egyptian Consumer Behavior Toward Gold On the domestic front, Embabi highlighted World Gold Council data for Q2 2025, which shows clear shifts in how Egyptian consumers approach gold—both in traditional jewelry purchases and in direct investment through bullion and coins. He explained that these shifts reflect a changing economic landscape. Gold is no longer viewed solely as a stable, traditional safe haven, but rather as an asset whose role is being reassessed amid economic volatility. Jewelry Purchases Decline Purchases of gold jewelry in Egypt fell to approximately 5.7 tons in Q2—down 17% year-on-year and also lower than the 6.4 tons recorded in Q1. Embabi attributed the decline to weak consumer purchasing power, as the U.S. dollar surpassed EGP 50 locally, and global price volatility caused many to delay buying decisions. Purchases are now driven mostly by necessity (such as for weddings), or through selling existing holdings to capitalize on price differences. He added that this behavior is no longer unusual but rather represents a broader trend, as rising living costs have eroded the culture of long-term savings among Egyptian households. Cautious Return to Bullion and Coins In terms of direct investment, bullion and coin purchases declined 23% year-on-year to 5.9 tons in Q2. However, there was a noticeable increase compared to Q1, which saw 4.7 tons sold. Embabi noted this reflects a gradual return of individual investors to gold as a hedging tool, especially given the lack of attractive investment alternatives, with the real estate market stagnating and inflation making it difficult for financial instruments to offer real returns. He emphasized that gold is no longer purchased solely for long-term savings but is increasingly used as a dynamic tool for short- to medium-term risk management. Egyptian consumers are now more market-savvy, monitoring prices closely, postponing or making decisions to buy or sell based on perceived value. Embabi expects cautious demand for jewelry to persist, while bullion and coin sales may experience a mild recovery if prices continue to rise or stabilize. He concluded by stressing that gold will remain ingrained in the Egyptian mindset as a store of value, but the way it is utilized has evolved—clearly reflected in both recent data and consumer behavior patterns. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
