Latest news with #Wassef
Daily News Egypt
27-07-2025
- Business
- Daily News Egypt
Plan underway to revitalise Egypt's silver industry amid fierce import competition
The Gold and Precious Metals Division at the Federation of Egyptian Industries (FEI) prepares a comprehensive strategy to revitalise Egypt's struggling silver industry. The plan will propose a series of measures to be submitted to the relevant authorities, as the sector grapples with growing reliance on imported silver products. In a statement issued on Friday, Ehab Wassef, head of the division, said many silver workshops across Egypt face significant obstacles that undermine their competitiveness. Chief among these is a shortage of skilled craftsmen, which he described as the backbone of an industry that depends heavily on manual dexterity and precision. Wassef highlighted another major challenge: intense competition from imported products, particularly those from China, Thailand and Turkey, which are sold at prices below local production costs, placing Egyptian workshops at a disadvantage. He explained that silver manufacturing is more labour-intensive than gold, as producing a single piece of silver requires roughly twice the effort, despite a gram of silver being about 65% the weight of a gram of gold. This makes the availability of skilled technicians critical to sustaining and growing the industry. According to Wassef, there is a determined push to expand domestic production and reduce reliance on imports. However, achieving this would require exempting imported production inputs from customs duties to lower operational costs and create fair competition. He also noted that Egypt currently lacks large-scale factories dedicated to silver production, with the sector largely comprising small and medium-sized workshops. To address this, the division is focusing on launching training programmes to produce new skilled technicians, alongside efforts to secure low-interest loans at a 5% rate. Wassef emphasised that Egypt's silver industry has considerable growth potential but needs tangible government support in the form of financing, easing regulatory burdens and fostering an environment conducive to training and production.
Al-Ahram Weekly
22-07-2025
- Business
- Al-Ahram Weekly
Egypt gold exports surge by 194% to $3.93 bln in H1 2025
Egypt's gold and precious metals exports surged by 194 percent year-on-year in the first half (H1) of 2025 to a record $3.93 billion, compared to $1.34 billion in the same period of 2024, according to a statement by Ehab Wassef, head of the Gold and Precious Metals Division at the Federation of Egyptian Industries. Wassef, citing a report by the Gold and Precious Metals Division, stated that the UAE remained Egypt's top export destination, accounting for $3.2 billion in jewellery, gemstones, and gold imports during the first six months of 2025. Switzerland followed with $705 million, trailed by Canada ($6.3 million) and Turkey ($5.3 million), and then Lebanon, Italy, and Saudi Arabia. 'This historic jump reflects a major shift in the local gold industry and its fast adaptation to global dynamics,' Wassef added. He attributed the unprecedented growth to three key drivers. First, the soaring global demand for gold, amid rising geopolitical instability and trade tensions, has prompted global markets to view gold as a haven. Second, improved design and manufacturing standards helped Egyptian products compete with international luxury brands in key markets. Third, the division participates in proactive global marketing efforts, with a focus on major trade fairs and exhibitions worldwide. Egypt targets top 10 global gold exporters' list by 2027 Wassef also noted that Egypt's ranking in global gold jewellery exports jumped from 94th in 2022 to 54th in 2023, with ambitions to break into the top 10 by 2027. He credited strong government support, particularly from the Ministries of Supply, Industry, Investment, and the Central Bank of Egypt (CBE), for enabling the industry's breakout performance. The CBE's decision to extend the repatriation period for export proceeds to 75 days also helped exporters by easing liquidity pressures and allowing greater flexibility in fulfilling foreign orders, he explained. Global and regional geopolitical tensions and Trump's new tariffs have driven gold prices to significant surges, which caused a local increase of gold prices by about 24 percent since the beginning of the year until mid-May 2025. Experts suggest that the upward trajectory in gold prices is likely to persist throughout 2025, as the precious metal continues to solidify its status as a safe-haven asset. With ongoing geopolitical unrest, trade tensions, and mounting economic pressures, global investors are turning to gold as a reliable store of value. This trend continues to fuel Egypt's record-breaking export performance. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
Gold Division Head: Egypt's Rate Cut Won't Affect Local Gold Prices
H-Tayea Ehab Wassef, head of the Gold and Precious Metals Division at the Federation of Egyptian Industries, said the Central Bank of Egypt's decision to cut interest rates by 100 basis points will not have an immediate effect on gold prices in the local market. In the division's weekly report, Wassef explained that local gold prices remain tied to global trends, particularly the international price of gold per ounce. He noted that gold's recent increase in Egypt reflects a global rally, with international prices breaking past resistance levels and closing above $3,340 per ounce, nearing the $3,360 mark. He stated that the rise in global gold prices has fully offset the recent decline in the U.S. dollar exchange rate in Egypt. Locally, the price of 21-karat gold, the most traded type, rose by 3.85% over the past week—an increase of EGP 175 per gram—closing at EGP 4,715 compared to EGP 4,540 at the start of the week. Regarding investment behavior, Wassef noted that lower interest rates may reduce the appeal of bank savings certificates, potentially leading some investors to shift toward gold. However, he stressed that this kind of shift happens gradually and depends on sustained global momentum. He added that the rate cut reflects improving economic indicators in Egypt, including reduced inflation, and supports broader reform efforts. read more Japan Stun Spain 2-1 to Qualify for World Cup Last 16 World Cup 2022: Get to Know Confirmed Line-ups of Japan and Spain Group E Decider Saudi Arabia Bid Farewell to World Cup after 2-1 Loss to Mexico Tunisia Achieve Historic Win over France but Fail to Qualify Tunisia to Clash against France in World Cup Sports Get to Know Squad of Group D Teams in World Cup Sports Al Ahly Gift EGP 70,000 to Players After Claiming Egyptian Super Cup Title Sports Bencharki Hits First 2 Goals with Al Jazira Since Leaving Zamalek Sports Arsenal Possible Line-up for Nottingham Forest News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Al-Ahram Weekly
16-05-2025
- Business
- Al-Ahram Weekly
Eased tariffs, geopolitical risks fuel Egypt's gold export boom: Experts - Markets & Companies
Gold experts and traders told Ahram Online that eased tariffs and geopolitical tensions are behind the significant increase in Egyptian gold exports. According to a previous statement by Ihab Wasef, head of the Gold and Jewellery Division at the Metallurgical Industries Chamber of the Federation of Industries, gold exports hit $3.2 billion during the first quarter (1Q) of 2025. Global and regional geopolitical tensions and Trump's new tariffs have driven gold prices to significant surges, which caused a local increase of gold prices by about 24 percent since the beginning of the year until mid-May 2025. Egypt's ranking as a global jewellery exporter rose from 94th in 2022 to 54th by the end of 2023. Within two years, Egypt aspires to be ranked among the top ten jewellery exporters globally. Ahram Online spoke to experts about Egypt's prospects of achieving that target, given the ongoing challenges and the reasons behind the country's advancement in the gold exports rank. Reasons for the increase Rafik Abassi, the former head of the Gold and Jewellery Division at the Metallurgical Industries Chamber of the Federation of Industries, explained to Ahram Online that the current surge in gold jewellery exports results from nearly two years of exporting. Abassi added that exports increased after overcoming previous export obstacles, including valuation fees and the cancellation of the stamp duty. "Over the past few years, I have attempted to facilitate export activities by eliminating the valuation fee of one percent on the value of gold, which puts us at a disadvantage in foreign markets. I have also worked on abolishing the Egyptian stamp that importers do not favour," he explained. In a previous statement, Wassef attributed the exceptional performance to the significant rise in global demand for gold amid escalating geopolitical tensions and international trade wars. He added that these circumstances enhanced foreign markets' inclination towards gold as a haven, opening new opportunities for Egyptian producers to enter these markets. Furthermore, Wassef noted that the Central Bank of Egypt (CBE) 's decision to extend the export proceeds payment period to 75 days helped increase export rates during the past period. He highlighted that the UAE, Saudi Arabia, and Turkey are the top importers of Egyptian gold. Egyptian gold has also entered new markets in Europe and the United States. Urgent demands of gold exporters Abassi told Ahram Online that gold exports require additional measures, including allowing banks to lend to gold jewellery manufacturers at a two percent interest rate, like most countries worldwide. "Recently, I proposed that the Union of Egyptian Banks approve borrowing gold from banks outside Egypt at an interest rate of two percent to provide them with sufficient guarantees. The union would then lend it to us at an interest rate of 5 percent to facilitate the production process. This will undoubtedly have a significant impact on export activity." Abassi pointed out that in facilitating the export process for its producers, Turkey became the highest-ranking jewellery exporter in Europe, surpassing even Italy. On the other hand, Wassef told Ahram Online that the Gold and Jewellery Division will work on providing external marketing for Egyptian products to achieve the export target by 2027. Strong industry Abbasi explained that Egypt has "about 20 major producers capable of producing and competing globally and nearly 2000 small workshops that produce gold artefacts. These workshops can manufacture and export through other companies." Wassef, in turn, highlighted that the government substantially supports the sector in overcoming various obstacles facing production and export activities. Moreover, Abbassi confirmed that Egypt has outstanding designers and that Egyptian products appeal to various tastes in foreign markets. However, Wassef pointed out that the factories are not fully operational. He noted that operating at full production capacity would enable these factories to meet future demands. He also highlighted the importance of expanding investments in existing factories. In addition, Wassef indicated that the sector is working on qualifying trained labour to provide a factory workforce. This would increase the quantity of gold produced to meet the targets. Self-sufficiency of gold ore Wassef told Ahram Online that Egypt has achieved self-sufficiency in the raw gold factories needed for production. He explained that consumers' gold items are a primary source for obtaining the raw material used in manufacturing. Similarly, Gold market expert Amir Rizk told Ahram Online that the quantities of bullion and coins purchased in the local market over the past two years reflect the abundance of raw materials available in the market and of raw material itself. Meanwhile, Wassef anticipated that the sector would increase exports fourfold during the upcoming period, given its advantages in the gold jewellery industry, which enable it to compete in global markets. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
07-04-2025
- Business
- Zawya
Gold demand drops during Eid al-Fitr, defying holiday trends: Egypt's FEI official
Ehab Wassef, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries (FEI), reported an unexpected decline in gold demand during the Eid al-Fitr holiday—contrasting with previous years, when demand typically spikes due to increased purchases of gifts and gold jewellery. 'This year's slowdown in gold buying and selling reflects a noticeable shift in consumer behavior,' Wassef said, attributing the trend to ongoing economic pressures and rapid shifts in both global and local markets. He also noted that the relative stability of the local currency has helped curb speculative activity. Gold prices in the local market have dropped by approximately EGP 95 since mid-last week. After reaching a peak of EGP 4,445 per gram for 21-karat gold, prices have now fallen to around EGP 4,350 per gram—a 2.1% decrease. Wassef explained that the decline in prices is largely driven by a fall in global gold prices. Internationally, gold dropped from a record high of $3,167 per ounce to $3,037. He emphasized that the recent stability of the US dollar exchange rate against the Egyptian pound has shifted the focus toward global market dynamics. 'With the dollar holding steady, international gold prices have become the dominant factor influencing local pricing,' he added. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
