Egypt's gold exports hit $3.2bln in Q1 2025: Wasif
Wasif attributed the exceptional performance to three key factors: rising global demand for gold amid heightened geopolitical tensions, substantial improvements in local jewelry design and manufacturing quality, and the Division's increased participation in international exhibitions and trade shows.
Speaking on Sunday, Wasif explained that the surge in gold exports aligns with the global shift toward gold as a safe-haven asset in light of escalating trade conflicts and international instability. This environment has created new openings for Egyptian products, particularly in markets seeking both quality and reliability.
He emphasized that Egypt's jewelry industry has undergone a notable transformation, with designs and craftsmanship now rivaling international standards. This competitive edge has enabled Egyptian exports to penetrate high-value markets such as Saudi Arabia and the UAE, in addition to new destinations in Europe and North America.
Marketing efforts have also played a critical role. 'Our presence at international exhibitions has significantly increased brand visibility and built confidence in Egyptian gold among major foreign importers,' Wasif said.
Breaking down the quarterly divs, he noted that exports totaled $929.5 million in January, rising to $1.804bn in February and maintaining strong momentum through March. The UAE, Saudi Arabia, and Turkey were the top importing countries, with noticeable growth in exports to Europe and the United States.
Wasif highlighted these achievements as a fulfillment of the Division's pledge to President Abdel Fattah Al-Sisi to hit the highest export targets in the sector's history. He credited strong governmental support—particularly from the Ministries of Supply, Industry, and Investment, as well as the Central Bank and the Assay and Weights Authority—for enabling the industry's progress.
Egypt aims to rank among the world's top 10 gold-exporting countries by 2027. Wasif noted that Egypt's global position in jewelry exports has already improved significantly, rising from 94th in 2022 to 54th in 2023, with plans to climb further in the next two years.
He also pointed to the Central Bank of Egypt's decision to extend the export proceeds payment period to 75 days as a key facilitator for the recent export boom. 'This policy gave exporters much-needed flexibility in navigating foreign markets,' he said.
The Division now plans to formally request a return to the original legal framework that allows for a 180-day payment period—a move Wasif believes would further enhance Egypt's export performance and global competitiveness.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Daily News Egypt
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Bloom World Academy celebrates outstanding 2025 MYP results
School records its first-ever bilingual MYP Certificate Dubai, United Arab Emirates: Bloom World Academy (BWA) proudly celebrates the outstanding success of its second cohort of International Baccalaureate Middle Years Programme (MYP) Certificate Candidates. The group achieved an average point score of 44 – more than six points above the IB world average of 37.71 – with the highest point score of 49. A total of three students earned scores of 48 points or more, placing them among the high-scoring MYP candidates this year. These results solidify BWA's commitment to academic excellence, personalised learning, and future-focused education, strengthening its position as a leading IB World School in the region. In a milestone moment for the school, one candidate earned BWA's first-ever bilingual MYP Certificate, further demonstrating its dedication to multilingual learning and cultural fluency. In addition to the Certificate Candidates, other Grade 10 students completed individual MYP eAssessments in selected subjects as part of their customised learning pathways. John Bell, Founding Principal of Bloom World Academy, expressed his pride: 'It's deeply rewarding to see what's possible when young people are given the time, space, and support to thrive. I'm incredibly proud of our IB MYP cohort – not only of academic success, but for approaching their learning with curiosity, confidence and character. This success is shared with our brilliant teachers and supportive families, who champion each child's unique journey. Congratulations to all on this fantastic achievement.' With strong foundations laid in the MYP, BWA students now progress into the International Baccalaureate Diploma Programme (IBDP) at the school's Nexus Pre-University Centre – a dedicated post-16 learning environment that supports personalised pathways and university preparation. Known for its firsts, Bloom World Academy has introduced a number of innovations to the region – including a later start time of 9am, fully personalised timetables, and the Learning Achievement Passport (LAP), all designed to put students' wellbeing and individual growth at the heart of learning. Its curriculum follows a spiral structure, enabling students to revisit key concepts over time and build deeper understanding as they progress. As a fully authorised IBDP/CP school, BWA offers multiple academic routes through both the Diploma and Career-related Programmes (IBCP), including Business and Technology Education Council (BTEC) diploma courses such as Engineering and a pioneering, first-of-its-kind short course in Artificial Intelligence in the UAE. For more information about Bloom World Academy, please visit or contact 04 371 4774. -Ends- For media enquires please contact: Plus 1 Communications / madhu@ About Bloom World Academy Bloom World Academy (BWA) is an authorized International Baccalaureate World School for students aged 18 months to 18 years old. As a creative, family first school they believe that education should be dynamic, creative and constantly evolving. BWA dares to do things differently and has brought several firsts to the region, including flexible timings around a later start of 9am, and a highly customised educational offering. Their state-of-the-art campus is located in the heart of Dubai in Al Barsha South. BWA is the first own-brand school of leading school provider in the UAE, Bloom Education. Bloom World Academy is now accepting admissions for the current academic year, with limited places available in certain year groups, as well as for 2025/26. For more information and to book a school tour today, visit or contact 04 371 4774. About Bloom Education Bloom Education supports the development of future generations through partnerships with world-class international education brands, owns brand schools and nurseries, and the operation of UAE Charter Schools and New Generation Schools. A pioneer in the Middle East education sector for more than 14 years, Bloom Education has introduced and operated leading American, English and International Baccalaureate curriculum education brands in the UAE market and has provided exceptional educational experiences and opportunities to more than 20,000 students. The partner of choice for international school brand Brighton College, Bloom Education has been entrusted to deliver and sustain the highest international standards locally and has been selected by Abu Dhabi Department of Education and Knowledge (ADEK) to operate the Abu Dhabi Charter Schools programme. Bloom Education has also been chosen by Emirates Schools Establishment (ESE) to operate schools in the Northern Emirates, as part of the 'Ajyal' (new 'generation') school initiative. With a keen focus on providing the best educational opportunities to help craft better futures for the youth of the UAE, Bloom Education launched its first 'own-brand' premium IB school, Bloom World Academy, in Dubai in August 2022. The school has introduced many firsts in the UAE, such as Learning Achievement Passports (LAP), individual learning pathways and the later start time of 9am, allowing for students' learning to be in balance with family life. Bloom Education's opportunity-rich environments allow it to nurture its community of students so they can reach their highest potential – intellectually, physically, socially, and emotionally and their success is reflected in the high quality of their graduates who continue their studies at leading universities around the world, including Ivy league and Russell Group. As the global population grows and the world becomes increasingly competitive, Bloom Education remains committed to discovering the world's best educational brands whilst expanding its portfolio of premium own-brand schools and nurseries. Additionally, it continues to maintain high standards of operation in ADEK and ESE government schools. This strategic focus enables Bloom Education to provide world-class educational opportunities to an ever-increasing number of students. For more information, please visit
Zawya
an hour ago
- Zawya
BENEFIT partners with General Assembly to empower national tech talent
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, has signed a Memorandum of Understanding (MoU) with General Assembly Bahrain, marking a strategic partnership to support the development of national talent and empower their capabilities within the tech sector. The signing ceremony took place at the Bahrain Institute of Banking and Finance (BIBF). The MoU outlines BENEFIT's access to the General Assembly's pool of trained professionals for recruitment purposes. With the ability to share job openings to facilitate candidate matching. The agreement further encompasses the implementation of specialized training programs, including a range of upskilling and reskilling options such as Career development, accelerators, part-time courses, and bootcamps in tech disciplines. Furthermore, the agreement includes cooperation in organizing joint events and meetings, participation in career fairs, and opportunities for representatives from both organizations to contribute as guest speakers at relevant events. It also highlights plans for UX Design Capstone Collaborations, as well as joint efforts in the areas of marketing. Commenting on the occasion, Reyadh Almearaj, Chief Information Officer -BENEFIT stated: 'We are pleased to formalize this partnership with General Assembly, as it supports our commitment to developing human capital, which is essential to institutional growth and excellence. This collaboration aims to strengthen the link between training and employment in the tech sector, and we were keen to pursue this cooperation to equip our technical teams with advanced skills and expertise.' Mr. Almearaj further added: 'This collaboration allows us to leverage General Assembly's well-established training programs and technical expertise, while creating meaningful job opportunities and practical learning experiences within a modern, innovation-driven environment. We remain firmly committed to nurturing national talent and look forward to introducing further initiatives that support skills development in one of the most vital sectors shaping the future.' Ms. Ahlam Oun, Director of General Assembly, stated: 'We are proud to sign this MoU with a distinguished institution like BENEFIT. This partnership represents a tangible model for aligning training with employment by providing trainees with the opportunity to apply their skills in a real-world professional environment. It also paves the way for joint efforts to enhance the technical capabilities of BENEFIT's workforce, ensuring they remain equipped with the latest knowledge and tools required to support the company's digital transformation and sustained growth.' Aisha Buhiji Administrator, PR & Corporate Communication ayshab@ The Benefit Company B.S.C (C) P.O Box 2546, Seef District, Kingdom of Bahrain
Zawya
an hour ago
- Zawya
IHC and RIQ snnounce strategic 10-year alliance anchored by over $500mln in reinsurance premiums
RIQ to deliver AI-native risk transfer solutions tailored to IHC and its group companies. Partnership accelerates Abu Dhabi's rise as a global hub for reinsurance and intelligent risk management. Abu Dhabi, UAE – RIQ, the AI-native reinsurance platform purpose-built for the future of global risk transfer, has entered into a preferred reinsurance partnership with IHC, anchored by a targeted allocation of over USD 500 million in risk coverage within the coming decade. Based in ADGM and launched earlier this year by IHC in partnership with BlackRock and Lunate, RIQ will offer a full suite of reinsurance solutions, working closely with IHC and its portfolio companies to structure capital-efficient coverage across complex Specialty and Property and Casualty (P&C) risk classes. Leveraging advanced data modelling and AI-augmented underwriting, the platform is purpose-built to meet the demands of a rapidly evolving risk environment. This partnership represents IHC's commitment to pioneering intelligent capital deployment and transformative risk transfer solutions. By leveraging RIQ's AI-powered infrastructure, IHC aims to enhance the resilience and operational agility of its group companies. The collaboration also aligns with Abu Dhabi's ambition to lead globally in structured reinsurance and financial innovation. RIQ is currently advancing through its regulatory journey with the Financial Services Regulatory Authority (FSRA) of ADGM, as it moves toward formal authorization as a reinsurer. In parallel, final preparations are underway for the execution of the reinsurance transaction between IHC and RIQ, which remains subject to regulatory clearance. This transaction will mark a foundational step in RIQ's operational rollout. Syed Basar Shueb, CEO of IHC, said: 'This partnership reflects IHC's conviction in the transformative power of intelligent capital and data-driven risk transfer. By aligning with RIQ, we are catalyzing the next chapter of Abu Dhabi's evolution as a global center for reinsurance innovation. This is not just a financial commitment, it is a strategic investment in the future of resilient infrastructure and industrial agility.' Mark Wilson, CEO of RIQ, noted: 'We are proud to collaborate with IHC in this milestone partnership. RIQ's platform is engineered to deliver intelligent risk solutions at pace, fusing advanced analytics, underwriting discipline, and strategic capital. This announcement marks a defining step in our mission to reshape global reinsurance from Abu Dhabi outward.'' Additional strategic updates are expected in the coming months, as RIQ executes on its global buy-and-build strategy. With over USD 1 billion in equity commitments from IHC and strategic partners BlackRock and Lunate, and anchored in AI-native infrastructure, RIQ aims to ultimately write USD 10 billion per year, redefining the future of reinsurance through intelligence, scale, and strategic discipline. About IHC Established in 1999, IHC has become the most valuable holding company in the Middle East and one of the world's largest investment firms, with a market capitalization of AED 879.6 billion (USD 239.3 billion). Since then, it has transformed to represent a new generation of investors. IHC's commitment to sustainability, innovation, and economic diversification spans over 1,300 subsidiaries, driving growth across industries like Asset Management, Healthcare, Real Estate, Financial Services, IT, and more. IHC continually looks beyond the stand-alone value of its assets for opportunities, stepping outside of traditional approaches and artificial barriers to unlock opportunities across its portfolio, enabling sector-agnostic Dynamic Value Networks and creating results that are often much greater than the sum of their parts. At IHC, we take our responsibility to shareholders, customers, and employees seriously. Our commitment to responsible investment ensures that we create sustainable value by staying connected to the communities we serve, making a positive difference with every investment. About RIQ Established in 2025, RIQ is a next-generation, AI-native reinsurance platform launched by IHC, in partnership with BlackRock and Lunate. Headquartered in Abu Dhabi Global Market (ADGM), RIQ is designed to serve global markets with an initial focus on high-growth regions across the Middle East, Asia, and select international jurisdictions. With deep capital backing, advanced analytics capabilities, and a long-term commitment to innovation, RIQ will provide reinsurance solutions across Property & Casualty, Life, and specialized segments. By integrating intelligent risk assessment with global capital, RIQ aims to help shape a more resilient and responsive future for reinsurance worldwide. Media Contacts Simon Hailes Managing Director, Head of Edelman Smithfield Middle East IHC@
