Egypt: El-Khatib grants 6 golden licenses for strategic investment projects
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib handed over six new gold licenses to several strategic investment projects, according to a statement.
Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), participated in the ceremony, which aligns with the state's efforts to provide further incentives to investors and attract more local and foreign investment.
The COFICAB Egypt project for manufacturing electrical wires received a golden license. The project is located on an area of 30,296 square meters in the 10th of Ramadan Industrial Zone, with an investment cost of $40 million, creating around 267 job opportunities.
El-Khatib also gave a golden license for the Abydos Renewable Energy project, located on an area of 20 square kilometers in Aswan, with investments of $850 million. It secures 4,000 jobs.
Furthermore, Lesaffre Company's project in Egypt for yeast production also received a golden license. The project is expected to create 130 job opportunities. It spans 43,755 square meters, with a total investment of €120 million.
The Huhtamaki Egypt, a company for the production and distribution of coarse and fine fiber, also secured a golden license for its project in Sadat City. Located on an area of 21,734 square meters, the project has an investment cost of EGP 1.47 billion and provides about 61 job opportunities.
The Shen Feng project for the manufacture of cast iron also got a license. With an investment of $145 million, the project is located on an area of 270,000 square meters in Ain Sokhna and creates about 700 jobs.
Finally, the Yada Egypt project for furniture manufacturing got a golden license. Located on an area of 208,003 square meters in New Alamein City, the project has an investment cost of €70 million. It provides 6,350 direct and indirect job opportunities.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
21 hours ago
- Khaleej Times
Gold eyes $3,900 as uncertainty fuels bullish surge
Already up nearly 30 per cent in 2025 after a 25 per cent gain in 2024, gold is not only outperforming equities but also establishing itself as the ultimate investment haven. In a world increasingly plagued by economic instability, geopolitical tension, and fiscal recklessness, the yellow metal is once again proving its mettle. The outlook, according to analysts and strategists, is upbeat: gold could surge to a record average of $3,210 this year, with the potential to test highs as lofty as $3,900. This bullish trajectory is anchored in an evolving macroeconomic landscape. The latest Gold Focus report by Metals Focus, released this week, forecasts a 35 per cent jump in the annual average gold price for 2025. 'Looking ahead, we expect gold to break new ground,' said Philip Newman, managing director at Metals Focus. "Macroeconomic uncertainty and elevated geopolitical risks are likely to sustain investor interest... We forecast a record average price of $3,210 - a level that would finally surpass the real terms peak from 1980.' Non-liability-bearing reserve asset Driving this momentum is a potent mix of factors. Central banks are hoarding gold at record levels - net official sector purchases in 2024 reached 1,086 tonnes, driven by a strategic move away from the US dollar. With trust in the greenback eroding due to swelling US debt, renewed trade tensions under President Trump, and fiscal uncertainty, global monetary authorities are turning to the yellow metal as a non-liability-bearing reserve asset. Analysts say that trend is set to continue well into 2025. Retail and institutional demand also remain firm, despite sky-high prices. While Western markets have seen a slowdown, investor appetite in South and East Asia has more than made up for the slack. Metals Focus notes that physical demand from private investors held up far better than expected, a sign that gold's value proposition remains intact even at elevated price levels. Still a financial fortress Investor anxiety over the direction of US trade and monetary policy has added fuel to gold's rise. Expectations of further interest rate cuts by the Federal Reserve later in 2025 have stoked enthusiasm for non-yielding assets like gold. At the same time, speculative positioning - while a source of volatility - has reinforced the upward trend as investors consistently 'buy the dips.' Precious metals analysts argue that with central banks accumulating at historic levels, investors hedging against currency volatility, and governments showing few signs of fiscal restraint, "gold's narrative as a financial fortress seems far from over. For now, the yellow metal shines brighter than ever—offering not just a hedge, but a haven." A new price floor Yet not all voices in the market are equally bullish. Quant Mutual Fund recently warned that gold may have peaked in the short term, suggesting a potential 12 to 15 per cent correction in dollar terms over the next two months. Still, the fund maintains a positive medium to long-term outlook and advises investors to maintain meaningful exposure to precious metals within diversified portfolios. For a more nuanced perspective, George Milling-Stanley, chief gold strategist at State Street Global Advisors and one of the most respected voices in the gold space, weighed in on the outlook during a recent interview. A pioneer in gold investing and a key architect behind SPDR Gold Shares (GLD), Milling-Stanley believes the rally has deeper roots. 'We still have a lot of geopolitical turbulence, and gold historically performs well during periods of geopolitical turmoil,' he said. 'We still don't know where we stand with interest rates. We still have enormous uncertainty on the macroeconomic front.' He emphasises that the metal's rise has not been driven primarily by inflation, contrary to popular belief, but by an overarching climate of unpredictability. Importantly, Milling-Stanley believes that gold has now established a new price floor. 'It looks very much as if we've established a new floor above $3,000 an ounce,' he explained. 'Last year, the floor was around $2,000. That is a huge leap.' With this new baseline, gold could consolidate in the $3,000 to $3,500 range before attempting to breach resistance levels near $3,900, he said. Indeed, this sentiment is echoed in the numbers. The three-year annualised return on gold, as tracked by GLD, now stands at 21.4 per cent -well above its long-term average of around 8 per cent since 1971. For nervous investors navigating today's volatile markets, the allure is not just performance, but protection. Bar and coin investment has stayed broadly flat globally, but regional shifts are notable. Strong demand in China and India has compensated for softness in the West. Meanwhile, ETFs and institutional vehicles continue to see steady inflows, signaling confidence in gold's long-term value. Gold's resilience has also found an unexpected ally in trade policy. The reintroduction of tariffs by the US administration and fears of a full-blown trade war have rattled global investors, further undermining confidence in traditional assets and currencies. As these pressures mount, gold's role as an insurance policy becomes ever more relevant. Even if gold consolidates in the coming months, strategists believe the outlook remains fundamentally strong. 'The higher the uncertainty, the higher the upper limit,' said Milling-Stanley. 'Our bullish case suggests we could actually take out whatever resistance is available at the $3,500 area, and possibly even trade as high as $3,900.'
The National
2 days ago
- The National
Syria receives major wave of investments in six months since Assad's fall
Syria has attracted growing international investment and aid commitments in the six months since the fall of the regime of former president Bashar Al Assad, as the country seeks to rebuild its shattered economy. This rapid influx of investment marks a stark contrast to the years of economic decline and isolation that defined the country's post-2011 era. Since Mr Al Assad's departure last December, investors from across the region and beyond have started to take a stake in Syria's post-conflict recovery. Qatar, Saudi Arabia and the UAE were among the first nations to endorse the country's new leadership, with President Ahmad Al Shara invited to visit all three countries a handful of times since he took office in a bid to secure economic support. Major commitments include a $7 billion energy infrastructure deal led by Qatar's UCC Holding, a $6.5 billion aid pledge from international donors and an $800 million port development agreement with Dubai-based DP World. Half a century of recovery Despite the momentum, Syria's reconstruction needs range between $400 billion, according to the World Bank, and $1 trillion, as estimated by Mohammad Al-Shaar, Syria's Minister of Economy and Industry, last month. In February 2025, the UNDP published a report in which it estimated that Syria's economy could take half a century to recover to prewar levels. Before the 2011 uprising, Syria's economy was valued at $67.5 billion, ranking 68th globally and comparable to economies like Paraguay and Slovenia according to the World Bank. By 2023, however, years of conflict and sanctions had reduced the country's gross domestic product by 85 per cent to just $9 billion, placing it 129th in the global rankings. Between 2000 and 2010, Syria enjoyed steady economic growth averaging 4.5 per cent annually, with inflation below 5 per cent. At its peak, nominal GDP reached $60 billion, and the average income per member of the population approached $3,000. People power Despite the investments and interest, a key challenge will be getting the country workforce-ready. The prolonged war in Syria has displaced millions, with more than 6.2 million Syrians registered as refugees, and an additional 7.2 million internally displaced. This mass displacement has resulted in a substantial reduction in the available labour force, particularly in critical sectors such as construction and health care. A significant portion of the population has also experienced disruptions in education and vocational training, leading to a skills gap that hampers reconstruction efforts. To address these challenges, new initiatives like cash-for-work programmes have been introduced. These programmes aim to provide immediate employment opportunities while simultaneously rebuilding essential infrastructure. They also offer on-the-job training, helping to bridge the skills gap and empower communities to participate actively in the nation's recovery.
Gulf Business
2 days ago
- Gulf Business
Abu Dhabi: ADGM assets under management show 33% YoY rise in Q1
Image: ADGM Abu Dhabi Global Market (ADGM) has recorded a strong start to 2025, posting significant year-on-year growth across its ecosystem in Q1, as investor confidence and international interest in the UAE capital's financial centre remain high. Backed by major regulatory developments, global engagement and jurisdictional expansion, 'ADGM's Q1 2025 performance marks the beginning of another landmark year,' said Ahmed Jasim Al Zaabi, chairman of ADGM. 'This is not just a reflection of ADGM's capabilities to deliver sustained growth, but also the trust it has gained among global and regional institutions. 'ADGM continues to expand and diversify with purpose, welcoming leading firms, deepening international partnerships, and driving digital and sustainable transformation across sectors.' At a glance: ADGM's key growth areas in Q1 Assets under management (AUM): AUM grew 33 per cent from Q1 2024. A total of 119 fund and asset managers now manage 184 funds. Licences: The number of new licences issued increased by 67 per cent year-on-year. Entities: Operational entities surged 43 per cent to 2,781. Financial services entities rose 26 per cent to 367. Workforce: More than 29,000 people are now employed on Al Maryah Island, up 17 per cent from the previous year. Work permits: 3,509 new work permits were issued for businesses establishing on Al Reem Island. Expanded international presence and strategic engagements In January, an ADGM delegation attended iConnections Global Alts in Miami, held bilateral meetings in New York and Washington, and joined a panel titled 'Abu Dhabi: The Capital of Capital'. In February, ADGM participated in a high-level UAE-China delegation led by ADDED, supporting efforts to deepen bilateral economic ties. In April, ADGM conducted nearly 30 strategic meetings in Japan with institutions focused on private banking, wealth management and family businesses. Al Reem Island integration and new incentives More than 600 new businesses established on Al Reem Island and 500 existing firms migrated to ADGM licensing during Q1. ADGM revised its fee structure in January, slashing commercial licence fees by 50 per cent or more for non-financial and retail businesses. A flat licence fee of Dhs1,000 was introduced to boost SME access. Digital and blockchain developments In March, ADGM signed an MoU with Chainlink to enable compliant tokenisation frameworks. Stacks Asia and Bitgrit joined ADGM under its DLT Foundations framework. ADGM launched an all-in-one mobile app offering compliance tools, licence renewals and regulatory updates. A new digital real estate platform was introduced, enabling fully virtual sale and purchase transactions. Read: Focus on sustainable finance The Abu Dhabi Sustainable Finance Declaration reached 170 signatories, including Aquila Capital, Century Financial, Oryx Global Partners, PwC and Olive Gaea. The initiative continues to promote ESG integration in the region's financial sector. Human capital and UAE National empowerment ADGM Academy created 800 job placements for UAE Nationals across nine career tracks. Signed strategic MoUs with Arab Youth and the Federal Tax Authority to support upskilling in technology and finance. Published six research papers on the impact of AI in the UAE financial sector via the ADGMA Research Centre. As the financial centre continues its expansion and regulatory innovation, it expects further growth in 2025, particularly from financial markets in Europe and Asia.
