Latest news with #BusinessAfrica
See - Sada Elbalad
26-07-2025
- Business
- See - Sada Elbalad
Egypt Leads North Africa in Copper Exports
Taarek Refaat Egypt has emerged as North Africa's top copper exporter, outpacing regional peers Morocco and Libya, according to a new report by Business Africa, which ranked the continent's top 10 copper-exporting countries. The report underscores copper's rising status as Africa's second-most valuable export after crude oil, with total trade value reaching an estimated $35 billion in 2024. While 52 out of 54 African nations export copper in some capacity, 98% of the continent's copper export value is concentrated in just 10 countries. Egypt's growing prominence in copper exports reflects its accelerated push to expand its mining and metals sector, part of a broader economic diversification strategy. The report highlighted Egypt's key export markets, including Europe, the Middle East, and North Africa, positioning the country as an increasingly important supplier in regional and global copper supply chains. 'Egypt's rise in copper exports supports its ambition to become a key hub for mineral resources in the region,' the report noted, pointing to infrastructure improvements and regulatory reforms in the mining sector. Africa currently accounts for 15.3% of global copper exports, a sizeable contribution given rising global demand for the metal, which is critical in renewable energy infrastructure, electric vehicles, and industrial manufacturing. Beyond North Africa, the continent's leading copper exporters include: DRC Zambia Tanzania Republic of Congo Namibia Nigeria These countries dominate Africa's copper output, supplying the bulk of raw materials to global markets. The report also notes that China remains the primary destination for most African copper exports, reflecting the Chinese economy's unrelenting demand for raw materials to fuel its manufacturing and energy transition sectors. 'The Chinese market continues to play a central role in shaping copper trade dynamics across Africa,' Business Africa said. As nations worldwide invest heavily in green technologies and electrification, copper demand is expected to rise further, presenting strategic opportunities for countries like Egypt to cement their positions in the global value chain. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Egypt Independent
28-01-2025
- Business
- Egypt Independent
Egypt amongst top 10 African countries with largest proven crude oil reserves: Business Africa
Egypt now ranks amongst the top 10 African countries with the largest proven crude oil reserves in 2025, according to the 'Business Africa' platform. In a report released on Tuesday, the platform stated that oil is a vital source of energy and economy in many African countries, which possess huge reserves of this precious resource. It is a major source of economic revenue and plays a pivotal role in stimulating domestic economic growth and supporting Egypt's energy strategy in the coming years. According to government data, Egypt is seeking to increase exploration activities in the oil sector, accelerate the attraction of investments, and enhance ongoing cooperation with private sector companies. The General Petroleum Corporation announced its target to drill 41 new wells for oil and gas exploration, alongside production in the Eastern and Western Deserts and the Gulf of Suez, while also repairing and complete 39 wells in the company's various fields during the 2025-2026 fiscal year. The 'Business Africa' report stated that despite the political challenges facing Libya, it remains the country with the largest oil reserves in Africa, ranking ninth globally. The report added that oil has always been the cornerstone of many African countries' economies and contributes to strengthening Africa's position in the global energy market. Oil has emerged as a cornerstone of economic growth across Africa, from North Africa to Sub-Saharan regions. The continent's vast oil reserves have attracted significant foreign investment, generated employment opportunities, and boosted government revenues. Algeria, with its substantial reserves, is another notable African oil producer, ranking 15th globally. West Africa, particularly Nigeria and Angola, is also a significant contributor to Africa's oil production. Other countries such as South Sudan, the Republic of Congo, Uganda, Gabon, and Chad further solidify Africa's position as a major global oil player. Edited translation from Al-Masry Al-Youm
