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Egypt Independent
09-04-2025
- Business
- Egypt Independent
Naguib Sawiris expects gold to hit US$5,000 per ounce
Egyptian businessman Naguib Sawiris, chairman of Orascom Investment Holding, predicted that the price of gold would reach US$5,000 per ounce within a year or two. The Egyptian billionaire indicated that psychological pressures and investor need for liquidity were among the reasons for the decline in gold prices, and confirmed that he will continue to invest in the yellow metal. Sawiris said that the sharp declines in global markets are due to the policies of US President Donald Trump, who did not anticipate this sharp decline and could have implemented his economic plans in a calmer manner that would satisfy everyone. In an interview with Al-Arabiya Business, Sawiris added that most stocks have lost 100 percent of their market value, believing that the current downturn has reached its peak and that markets will not experience a deeper collapse than this. Sawiris noted that the US economy is heading toward recession as a result of Trump's trade decisions, which will force the Federal Reserve to cut interest rates in the coming period. He also criticized Trump's choices for leadership positions, saying, 'A television presenter cannot be qualified to be Secretary of Defense,' referring to his unconventional appointments that have sparked widespread controversy. Regarding more local matters, Sawiris emphasized the need to attract massive investments to boost the Egyptian economy, warning that politically motivated American pressure could have a significant economic cost for the country.
Egypt Independent
07-04-2025
- Business
- Egypt Independent
Egypt considers importing 15 new Liquefied natural gas shipments in 2025
The Egyptian Ministry of Petroleum and Mineral Resources is considering importing more than 15 new Liquefied natural gas (LNG) shipments through international suppliers for delivery during 2025. Al-Arabiya Business reported a government official as saying that the new shipments could be secured through negotiating with major suppliers previously engaged in the process to secure the sector's LNG needs. Egypt is seeking to regularly issue tenders for LNG imports until domestic production returns to self-sufficiency in the coming years. The Egyptian government is working to accelerate the development of gas production and access new deep-water gas reservoirs in the Red Sea and the Mediterranean to maximize domestic production. The official indicated that the new LNG contracts will be for the country's consumption during the summer months, specifically for fossil fuel-fired power plants. He continued that the Egyptian Natural Gas Holding Company (EGAS) is continuing its external LNG contracts and regasification in Egypt to bridge the gap between production and consumption, estimated at more than 1.5 billion cubic feet per day on average. The source added that gas consumption forecasts for the second half of 2025 range between 6.3-6.4 billion cubic feet per day across various consumer sectors. The official pointed to the joint coordination between EGAS and the Ministry of Electricity to determine the monthly needs for power plants during the second quarter of the year. Field Development Programs According to the official, the development programs currently underway in Egyptian gas fields, in coordination with foreign partners, have contributed to increasing domestic production by between 200-250 million cubic feet of gas per day during the first half of the year. Earlier in February, Reuters reported trade sources as saying that Egypt had signed two agreements with Shell and TotalEnergies worth three billion to purchase 60 shipments of liquefied natural gas during the current year. On the other hand, the joint energy database showed that Egypt's natural gas production declined by 16.7 percent in 2024, reaching 49.4 billion cubic meters, compared to 59.3 billion cubic meters in 2023. Consumption increased by 1.1 percent to 62.5 billion cubic meters, and Egypt resorted to increasing gas imports by 70 percent to compensate for the production shortfall. Its imports reached 14.6 billion cubic meters, including liquefied and dry gas.
Arab News
31-03-2025
- Business
- Arab News
Saudi real estate sector playing key role in GDP growth: Minister
RIYADH: Saudi Arabia's exanding real estate sector is contributing directly to the growth of the Kingdom's gross domestic product, according to the minister of economy and planning. Faisal Al-Ibrahim told Al-Arabiya Business that the Saudi government has created an enabling environment for the private sector, allowing it to focus on qualitative investment in real estate development. Those remarks come amid a broader government effort to stabilize the real estate market in Riyadh. Over the weekend, Crown Prince Mohammed bin Salman announced a series of measures aimed at addressing rising land prices and rental costs, including lifting restrictions on land transactions and development in northern Riyadh. The initiative, based on studies by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs, seeks to increase housing accessibility, regulate market dynamics, and ensure sustainable growth in the sector. In his remarks, Al-Ibrahim also highlighted the importance of cost regulation in supporting the private sector, enhancing market competitiveness, and driving sustainable economic growth. Regarding upcoming policies and regulations, he said: 'All legislative measures will be announced in due course, and their impact will be monitored in a structured and institutionalized manner to ensure they achieve the desired objectives.' According to an analysis by real estate services firm JLL released at the end of March, the Saudi real estate sector is poised for further expansion, driven by Vision 2030's economic diversification goals. The firm said that the Kingdom's non-oil sector is projected to grow by 5.8 percent in 2025, up from 4.5 percent in 2024. The report highlighted Saudi Arabia's strong construction activity, with project awards totaling $29.5 billion in 2024. A strong real estate market is critical for the Kingdom's ambitions to position itself as a global hub for tourism and business. The property market is projected to reach $101.62 billion by 2029, growing at an annual rate of 8 percent from 2024. Despite global economic headwinds, JLL's country head for Saudi Arabia, Saud Al-Sulaimani, emphasized that Vision 2030's strategic diversification efforts are attracting both domestic and international capital. Key sectors, particularly in Riyadh and Jeddah, are seeing sustained demand, with tourism and infrastructure initiatives further stimulating investment.
Al-Ahram Weekly
11-03-2025
- Business
- Al-Ahram Weekly
Egypt to receive 4th tranche of EFF loan within days: IMF executive director - Economy
Egypt will receive the $1.2 billion fourth tranche of its loan under the Extended Fund Facility (EFF) programme within days, International Monetary Fund (IMF) executive director Mohamed Maait told Al-Arabiya Business via phone interview on Tuesday. Maait indicated that the IMF's Executive Board recognizes and appreciates the economic reforms implemented in Egypt since March 2024, including reducing the inflation rate and increasing foreign reserves to $47.4 billion, as well as the Ministry of Finance's efforts to achieve a primary surplus and reduce public debt. Maait stated that the IMF understood Egypt's requests to postpone certain measures within the economic reform programme and to lower the targeted primary surplus in the public budget. This review, discussed in a Monday meeting, is the first to be completed after the fund had raised the original amount of the loan under the programme from $3 billion to $8 billion in response to the Egyptian government's request to address the consequences of the regional geopolitical tensions. The meeting was expected to decide on Egypt's request to secure a $1.3 billion loan under the Resilience and Sustainability Facility (RSF). However, the Fund has yet to announce the results of the meeting. The RSF provides affordable long-term financing to countries undertaking reforms to reduce risks to prospective balance of payments stability, including those related to climate change and pandemic preparedness. 'The authorities would have access to $1.2 billion under the EFF programme; in addition, it would be subject again to approval by our executive board regarding the RSF. The size of the RSF would be about $1.3,' director of the IMF Communications Department Julie Kozack told Ahram Online earlier this month. Additionally, the IMF was meant to hold a media roundtable on Tuesday following the anticipated approval of the review, but the event was delayed due to 'technical issues.' Finance Minister Ahmed Kouchouk stated that the IMF approved the disbursement of the fourth tranche of Egypt's loan as part of an extended support program worth $8 billion. In December, the IMF announced that it reached a staff-level agreement regarding the fourth review under the EFF with Egypt, enabling the disbursement of $1.2 billion as part of the programme, a total loan signed by Egypt in March 2024 spanning 46 months. Follow us on: Facebook Instagram Whatsapp Short link:
