logo
Egypt to issue improved mining investment law

Egypt to issue improved mining investment law

Zawya30-04-2025

Egypt is on the verge of issuing a new mining law that includes better incentives for foreign investors in a bid to boost the sector's contribution to the economy by 12 times, the Petroleum and Mineral Resources Minister has revealed.
Karim Badawi told Egypt's parliament on Monday that the mining sector currently contributes just around 0.5 percent to gross national product (GNP) and the target is to expand that share to six percent by the end of Vision 2030.
In his comments, published by Al-Ahram newspaper and other local publications on Tuesday, Badawi disclosed that global consultancy firms have helped Cairo in devising a new mining investment law with the aim of wooing in capital to attain that target.
'We are in the process of issuing the new law, which illustrates efforts to improve the investment atmosphere and create a strong framework that will serve the interests of all parties concerned,' the Minister said.
'The new law will include an integrated strategy for mining surveys, exploration and geological assessments besides the preparation of new mining maps.'
Egypt, locked in IMF-recommended reforms, stepped up its mining investment drive in 2024 with the creation of a landmark mining portal.
The portal includes maps and data for investors seeking to embark on minerals projects in the third largest Arab economy after Saudi Arabia and the UAE.
'This platform is designed facilitate investment opportunities for those interested in setting up minerals project in Egypt…it will also promote the country's mining sector abroad and provide information on mining project bids…technical evaluation of the new portal has been completed and it will be launched soon,' the Petroleum and Mineral Resources Ministry said last year.
It said the platform will cover 27 metals, including gold, zinc and iron, adding that Egypt is rapidly becoming a key metal producer and exporter.
In 2023, metal production stood at around 13 million tonnes and exports exceeded 2.3 million tonnes, it added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Sharjah Strikes AED5.5bn Real Estate Milestone in May
Sharjah Strikes AED5.5bn Real Estate Milestone in May

Arabian Post

timean hour ago

  • Arabian Post

Sharjah Strikes AED5.5bn Real Estate Milestone in May

Sharjah achieved a total real estate trading value of AED 5.5 billion during May 2025, recording 8,415 transactions across the emirate. The total area traded reached 13.2 million square feet, underlining the emirate's advancing market strength. Investors conducted 1,574 outright sales deals, accounting for roughly 18.7 per cent of activity, alongside 381 mortgage registrations totalling AED 1.1 billion—4.5 per cent of the transactions. Additionally, 1,486 initial sale contracts were signed, and 3,619 ownership certificates issued, followed by 1,355 ownership deeds, according to data. These metrics reflect growing confidence in long-term investment within Sharjah's legal framework. Sales operations covered 134 locations, including residential, commercial, industrial and agricultural properties. Land plots constituted 877 deals, tower units 395 and built-in land assets 302. Sharjah City led all zones with 1,426 sales, while Al-Metraq registered 354 transactions, topping overall volumes. Muwailih Commercial followed with 258, Tilal with 135, and Rodhat Al Qarat with 67. ADVERTISEMENT In absolute value terms, Muwailih Commercial led in trading value, generating AED 352.2 million, while Tilal recorded AED 263.2 million. Al-Sajaa Industrial investors transacted AED 140.9 million, and Al-Metraq AED 114.9 million. Suburban and northern districts also contributed notably. The Central Region logged 97 deals, with Industrial 1 leading in volume and Al-Blida highest in value at AED 13.8 million. Khor Fakkan saw 26 transactions; Al Harai Industrial led in activity, Hay Hayawa 4 in value. Kalba registered 24 deals, with Al-Tarif 5 accounting for seven sales and Al Soor 1 holding the highest value at AED 3.5 million. Sharjah's trend mirrors broader national momentum. UAE-wide real estate dealings across the five emirates reached AED 239 billion in the first quarter of 2025, with Sharjah alone recording AED 13.2 billion in Q1—up 31.9 per cent from the same period a year earlier. That figure encompassed nearly 24,600 transactions. Market observers attribute the upswing to enhanced regulations, expanding infrastructure and investor-friendly policies. The introduction of expanded foreign ownership and digital processing platforms has particularly encouraged participation from both domestic and international buyers. Sharjah's growing reputation as a smart-living hub—in developments such as Aljada and the forested Masaar and Masaar 2 communities by Arada—is also playing a key role. Aljada, covering 24 million square feet in Muwaileh, and Masaar, with over 1,500 completed smart homes, exemplify the emirate's emphasis on integrated, sustainable neighbourhoods. Arada's newer masterplans also signal ongoing demand for eco-friendly and lifestyle-led residential projects. Abu Dhabi and Dubai continue to lead the national landscape. In Q1, Dubai accounted for AED 193 billion in property transactions, followed by Abu Dhabi at AED 25.3 billion. Yet Sharjah's accelerated growth—near double-digit gains in both value and volumes—shows it emerging as a significant real estate contender. Analysts anticipate momentum to continue. Infrastructure expansion, including roads and metro-linked projects, and investment in tourism and cultural sectors, are expected to sustain demand. Moreover, growing appetite among buyers for mid-range housing and integrated communities supports depth in the market. Mortgage trends also underline confidence. With over AED 1 billion in mortgage transactions in May, financial institutions seem increasingly willing to underwrite purchases, while buyers appear optimistic about long-term value.

Dubai Handles Over 629,000 Travelers During Eid al-Adha Holiday Surge
Dubai Handles Over 629,000 Travelers During Eid al-Adha Holiday Surge

Hi Dubai

time2 hours ago

  • Hi Dubai

Dubai Handles Over 629,000 Travelers During Eid al-Adha Holiday Surge

Dubai welcomed more than 629,000 travelers through its air, land, and sea ports during the Eid al-Adha holiday from June 5 to June 8, underscoring the city's status as a major global transit hub. According to the General Directorate of Identity and Foreigners Affairs (GDRFA), Dubai International Airport handled the lion's share with 581,527 travelers. The Hatta border post recorded 46,863 crossings, while 1,169 passengers passed through maritime ports during the same period. Major General Talal Al-Shanqeeti, Assistant Director General of the Air Ports Sector, highlighted the role of smart systems and artificial intelligence in managing the travel rush. He credited seamless coordination between government entities and the activation of digital solutions for ensuring fast and efficient processing. 'Our smart gates and AI technologies have significantly improved passenger flow,' Al-Shanqeeti said, adding that the travel experience is now closely aligned with the city's broader goals of enhancing quality of life and service flexibility. The GDRFA noted that the high-volume traffic was handled with precision, thanks to robust collaboration with aviation and border sector partners. The effort reflects Dubai's commitment to innovation, operational readiness, and delivering top-tier travel experiences. Officials say the smooth handling of such volumes strengthens Dubai's position on global mobility and quality-of-life rankings—reinforcing the emirate's ambition to remain a leading destination for both transit and long-term residence. News Source: Dubai Media Office

Oman: IMF hails CBO's transparency, offers roadmap for enhancements
Oman: IMF hails CBO's transparency, offers roadmap for enhancements

Zawya

time2 hours ago

  • Zawya

Oman: IMF hails CBO's transparency, offers roadmap for enhancements

MUSCAT: The International Monetary Fund (IMF) has commended the Central Bank of Oman (CBO) for its proactive steps in enhancing transparency, governance, and monetary policy communication, as highlighted in a landmark Central Bank Transparency (CBT) Review—the first of its kind in the GCC region. Conducted under the IMF's CBT Code, the review — completed in April 2025 and released by the IMF this June — underscores the CBO's alignment with Oman Vision 2040 and its efforts to uphold international best practices. The IMF described the CBO as a trusted and credible public institution with a legal framework firmly underpinning its transparency policies. At the core of the CBO's operational mandate is the maintenance of a fixed peg of the Omani Rial to the US Dollar—a policy sustained through active liquidity management and strong foreign exchange reserves. The IMF praised the central bank for its disclosure of monetary policy objectives, operational frameworks, and the role of liquidity management in supporting the peg. However, the Fund suggested that further transparency gains could be achieved by detailing the decision-making process behind these policies and disseminating key data in formats more accessible to external users. Enhanced publication of frameworks related to counterparties, collateral, and reserve requirements were also recommended. GOVERNANCE AND ACCOUNTABILITY The IMF acknowledged the CBO's well-established internal governance transparency framework, including disclosures on its board structure, decision-making process, and leadership. To raise standards even further, the IMF advised the CBO to place greater emphasis on internal independence, accountability, and risk management. The addition of an explicit access-to-information policy and the publication of existing internal risk and oversight arrangements were highlighted as "quick wins" for improving governance transparency, as many of these structures are already in place but not fully disclosed. With its expanding mandate in financial stability, the CBO now legally holds responsibilities for Emergency Liquidity Assistance (ELA) and macroprudential policy. The IMF noted that while the CBO has made significant efforts to clarify its role, greater transparency is needed regarding the scope of its financial stability mandate, available tools, and coordination mechanisms with other financial agencies. As these shared responsibilities grow, delineating roles and publishing relevant legal and operational frameworks will enhance public and institutional understanding of the CBO's oversight role. AML/CFT SUPERVISION As the designated Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) supervisory authority for financial institutions under its jurisdiction, the CBO has actively disclosed its legal powers, policies, and supervisory practices. However, the IMF sees room for improvement, especially in public communication of implementation outcomes. The upcoming release of a mutual evaluation report presents an opportunity for the CBO to strengthen communication on its AML/CFT achievements through its website and other outreach platforms. Public appetite for more accessible engagement with the central bank is growing. The IMF urged the CBO to consider simplifying its disclosures for wider public understanding and to expand educational and outreach efforts. This could involve deeper use of social media and communication tools to reinforce transparency and maintain institutional trust. ROADMAP FOR REFORM To help operationalise the findings, the IMF shared a draft Implementation Roadmap, outlining actionable recommendations. The Fund also reiterated its readiness to support Omani authorities in the implementation phase. Overall, the CBT review signals a strong performance by the CBO in aligning with global central banking standards, while identifying opportunities for reform that will solidify Oman's financial credibility and public trust in its monetary authority. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store