Egypt's gold exports hit $3.2bln in Q1 2025: Wasif
Egypt's gold exports reached a record $3.2bn during the first quarter (Q1) of 2025, reflecting a significant leap in the country's jewelry industry, according to Ihab Wasif, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries.
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
Gulf Business
28 minutes ago
- Gulf Business
Dubai Duty Free's May sales top Dhs724.7m; here's what travellers are buying
Image: Dubai Media office/ DDF The result also makes it the second-highest sales month ever for a non-December period, trailing only behind November 2024, and landing ninth in all-time top monthly sales. Commenting on the May figures, Ramesh Cidambi, MD of Dubai Duty Free said, 'May continued the strong growth story of 2025 and I am especially happy that the increase in sales was seen in many of the major categories. As of May 31, our revenue has exceeded Dhs3.5bn ($1bn), reflecting a year-to-date growth of nearly 6.5 per cent.' Here are 10 standout figures that highlight Dubai Duty Free's success in May: 1. Dhs724.7m in sales – and counting: The retail powerhouse raked in nearly$200m in May alone, making it 2025's strongest month to date. 2. Year-to-date revenue crosses $1bn: By May 31, DDF reported revenue of over Dhs3.5 bn ($1bn), with 6.5 per cent year-to-date growth 3. Sales growth outpaces footfall: Despite average daily traffic of 242,000 passengers, DDF's May sales growth outpaced traffic estimates by 7–8 per cent, based on internal projections. 4. Shoppers are spending more: Average spend per departing passenger hit US$46.7, up $3 from last year. Penetration rate (shoppers versus total passengers) also rose to 28 per cent, compared to 26.3 per cent in May 2024. 5. Sweet success: Confectionery up 81 per cent: Fuelled by the runaway popularity of 'Dubai chocolate', confectionery sales hit Dhs73.9m ($20.2m) – the biggest percentage gain of all categories. 6. Perfumes, tobacco, and gold shine bright: Perfumes: Dhs132.8m ($36.4m), +15 per cent Tobacco: Dhs77.m ($21.3m), +14.4 per cent Gold: Dhs70.7m ($19.4m), +11.65 per cent 7. Precious jewellery sparkles with 31.75 per cent gain: Sales in this luxury category climbed to Dhs20.2m ($5.5m), proving that high-spending travellers are still splurging. 8. Fashion and electronics remain steady: Fashion boutique sales grew 4.7 per cent to Dhs71.3m ($19.5m), while electronics saw a 5.4 per cent lift, reaching Dhs41.7m ($11.4m). 9. Terminal 2 Departures takes the crown: While Concourse B (T3) led major concourses with 17.5 per cent growth, Terminal 2 Departures posted the strongest overall gain at 20.8 per cent year-on-year. 10. Europe leads regional spenders: Passenger sales by region all showed growth: Europe: +25.9 per cent Russian region & Middle East: both +14 per cent Far East: +5.2 per cent Indian subcontinent: +4 per cent, despite recent travel disruptions Cidambi credited the growth to strong staff performance and broad-based category gains: 'These positive results are a direct reflection of the commitment and excellence shown by our entire team,' he said. With momentum building and half the year still ahead, the
Zawya
38 minutes ago
- Zawya
Dubai tops again in creative industries cluster FDI
Dubai has maintained its first place as the world's leading destination for greenfield foreign direct investment (FDI) in the cultural and creative industries (CCI), topping the Financial Times' fDi Markets ranking for the third consecutive year. The 2024 report, which assessed 233 cities under the 'Creative Industries Cluster' classification, placed Dubai ahead of global hubs such as London and Singapore. During the year, the emirate attracted 971 CCI projects — an 8% increase from 2023 — bringing in AED18.86 billion ($5.13 billion) in capital inflows, up nearly 60% from 2023, and generating 23,517 new jobs, a 9% year-on-year rise. All major CCI subsectors saw stronger performance, with notable growth in advertising and PR, film and media production, gaming, education, and advanced software design. According to the Dubai FDI Monitor, greenfield, wholly-owned ventures made up 76.5% of all projects, while new forms of investment represented 15.4%, reinvestment 5.6%, and mergers & acquisitions (2.4%). Data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics show that the US accounted for the largest share of capital inflows in 2024, at 23.2%, followed by India (13.4%), the United Kingdom (9.4%), Switzerland (7.6%), and Saudi Arabia (4.8%). India led in both the number of projects (18.8%) and jobs (18.5%), while the UK, US, Germany, Italy, and France also featured prominently across both metrics. Investor confidence continues to be driven by Dubai's pro-business reforms, including Executive Council Resolution 11 of 2025, which enables free zone businesses to operate onshore, expanding commercial flexibility. The city's Zero Government Bureaucracy programme is also reducing red tape across more than 2,000 federal procedures. Combined with strong intellectual property protections and advanced digital infrastructure, these initiatives have helped establish a regulatory framework marked by efficiency, transparency, and ease of doing business. Insights from the 'Creative Dubai: Navigating Tomorrow's Creative Landscape' report illustrate how this ecosystem is scaling with demand, pinpointing investment opportunity hotspots in design, immersive media and AI-driven production. Dubai continues to offer investors access to top-tier talent, competitive setup costs, and strategic connectivity. The 2024 FDI results underscore the city's rise as a global hub for innovation and one of the world's most attractive environments for creative enterprise. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
38 minutes ago
- Zawya
NBK signs an MoU with AIU to enhance career development
Al-Ablani: We work collaboratively with educational institutions to develop national professionals and support Kuwait Vision 2035. We strive to support Kuwait's strategic agenda and build a sustainable and diversified economy that utilizes innovation and technology. The bank's leadership and excellence are highly driven by its professional development efforts. NBK believes in the essential role of education in shaping a thriving future for society. National Bank of Kuwait signed a Memorandum of Understanding (MoU) with the American International University to provide collaborative and innovative training programs and professional development workshops. Signing the memorandum were Mr. Emad Al-Ablani – Group Chief Human Resources Officer from NBK and Mr. Nael Alawadhi – Member of Board of Trustees from AIU with the attendance of officials from both institutions. According to the agreement, AIU will invite NBK representatives to participate in training programs and workshops organized by the university, which stands as a remarkable chance for exchanging knowledge and experiences. Moreover, specialized training programs will be organized for NBK employees in collaboration with the Human Resources Department, further enhancing the partnership in the field of professional development and elevating professional competencies. From its end, AIU will share its activities with the bank to explore sponsorship opportunities, and it will facilitate and prioritize NBK's access to campus to attend the different workshops and activities. AIU will also provide special care for students working part time at NBK by adjusting their schedules in line with their professional obligations, which reflects the two institutions' commitment to supporting continued education and professional development. This initiative comes as part of NBK's continued efforts to promote social responsibility and support education, as it firmly believes that investing in education is key to achieving a sustainable future, and it mirrors its dedication to collaborate with academic institutions to develop national professionals in line with Kuwait Vision 2035 and build a private sector-led economy that is diversified, sustainable, and underpinned by education, innovation, and technology. On this occasion, Al-Ablani commented: 'We strive to provide cutting-edge educational and training tools as per the latest international standards for competency development and enable our employees to access a diversified educational content that imparts knowledge and necessary experiences to boost innovation and enhance sustainability.' Al-Ablani added: 'We are proud of our long-standing relationships with all of Kuwait's educational and academic institutions that enable us to exchange training experiences and ultimately enhance professional competencies, as we are keen on aligning our own economic sustainability objectives with Kuwait's, and this relies heavily on providing training opportunities as per the highest international standards.' Al-Ablani also emphasized NBK's strong belief in education and its essential role in shaping the future of society, further indicating that the collaboration with AIU confirms NBK's commitment to preparing a generation of competent leaders and innovators in different fields by motivating students and establishing a nurturing environment that promotes innovation and creativity. Due to its essential role in affirming its leadership and excellence, NBK is remarkably keen on investing in its human capital by providing the best specialized programs as per international standards, presented by top banking experts who impart their knowledge, and transform professionals into future leaders.
