Egypt

Egyptian President Abdel Fattah alSisi will hold talks with President Tayyip Erdogan in Turkey on Wednesday in the first presidential level visit in 12 years amid a warming of longfrozen relations in between the local powers. The visit comes after Erdogan took a trip to Cairo in February, his first trip to Egypt considering that 2012, taking a significant step towards rebuilding ties that were badly strained for a. years. Turkey-Egypt relations will be evaluated in all their. aspects and possible joint steps in the coming duration to further. develop cooperation will be discussed, the Turkish presidency's. communications workplace stated...

Significant stock exchange in the Gulf were mixed in early trade on Tuesday ahead of a multitude of information being released this week, including U.S. inflation, that will help hone views on the Federal Reserve's next moves and on oil need concerns. Markets are evenly split between a cut of 25 bps and 50 bps at the next conference in September. Traders are pricing in an overall of 100 bps of cuts this year. U.S. producer price data for July, due later in the day, might feed through to the core personal consumption (PCE). procedure favoured by the Fed. Monetary...

The majority of Gulf stock markets rose in early Wednesday trade, on course to extend their return from an aggressive selloff in international stocks previously in the week set off by worries of a possible U.S. recession. U.S. Federal Reserve policymakers pushed back on Monday against the idea that weaker than anticipated July tasks data ways that the economy is in a recessionary freefall. Markets are pricing in a 65% opportunity of the Fed cutting rates of interest by 50 basis points in September, the CME FedWatch tool shows, compared to 85% a day earlier. Monetary policy in the six-member...

Egypt raised the prices of a. vast array of fuel items on Thursday, the official gazette. said, four days before the International Monetary Fund (IMF). conducts a third evaluation of its broadened $8 billion loan. programme for the country. The official gazette, citing the petroleum ministry, said. fuel prices increased by approximately 15% per litre, with 80 octane. rising to 12.25 Egyptian pounds ($ 0.25), 92 octane to 13.75. pounds and 95 octane to 15 pounds. Diesel, one of the most frequently used fuels, saw the most significant. increase, rising to 11.50 Egyptian pounds ($ 0.24) from 10. pounds. This...

Egypt raised the costs of a. large range of fuel items on Thursday, the official gazette. said, four days before the International Monetary Fund (IMF). conducts a third review of its broadened $8 billion loan. programme for the country. The official gazette, mentioning the petroleum ministry, said. petrol rates increased by up to 15% per litre, with 80 octane. increasing to 12.25 Egyptian pounds ($ 0.25), 92 octane to 13.75. pounds and 95 octane to 15 pounds. Diesel, one of the most commonly utilized fuels, saw the greatest. increase, increasing to 11.50 Egyptian pounds ($ 0.24) from 10. pounds. This...

Egypt's Prime Minister Mostafa Madbouly stated on Wednesday that prices of petroleum products will gradually increase up until the end of December 2025. Egypt currently invests billions on subsidising petroleum and energy costs for millions of consumers, which has been criticized a number of times by state officials in addition to economic experts, consisting of those of the International Monetary Fund ( IMF) that has just recently expanded its lending to Egypt. In April, the IMF approximated that Egypt's fuel aids ought to go down from EGP 331 billion ($ 6.8 billion) in 2024/2025 to EGP 245 billion ($ 5.1...

Egypt is looking for big volumes of gas from global markets this summertime with delayed payments of approximately six months, terms that market sources said would narrow the list of bidders and increase premiums at a time of high completing need from Asia. The most populated Arab nation had been setting itself up as a reputable LNG exporter to Europe in the last few years, but diminishing natural gas products have forced Cairo to return to being a web importer of gas. In a tender that closes on June 26, Egypt's Natural Gas Holding Business (EGAS) is looking for delivery...

Egypt prepares to provide a buy tender seeking 1520 cargoes of melted natural gas (LNG) to cover heavy summer season need that had actually led to a wave of rolling blackouts and required short-term shutdowns of chemical and fertilizers plants, 4 industry sources informed . The most populous Arab country has actually returned to being an internet importer of natural gas, reversing its position as an exporter in recent years as part of a strategy to end up being a reputable supplier to Europe. Natural gas products that assist Egypt generate electrical power have been decreasing at a time when...

Afreximbank has disbursed $925. million to Nigeria's stateowned NNPC, part of a syndicated $3.3. billion unrefined oilbacked prepayment center, the African trade. bank said on Thursday. This brings the overall dispensation to Nigerian National. Petroleum Business (NNPC) to $3.175 billion, African. Export-Import Bank (Afreximbank) said. Afreximbank stated the deal was the largest crude-backed. facility in Nigeria and among the biggest syndicated financial obligations. raised in Africa. The pan-African lender had actually been tapping oil traders to. fund a $3 billion loan to Nigeria's state oil business after. the energy company approached it for the facility last August, to. assist the...

Major stock markets in the Gulf were suppressed in early trading on Tuesday in the middle of unpredictable oil prices, while investors looked forward to inflation data later this week for ideas on the course of U.S. rates of interest cuts. Oil prices, a driver for the Gulf's monetary markets, swept in between gains and losses as markets waited for an OPEC+. meeting on June 2. Brent edged as much as $83.18 a barrel by. 0800 GMT. The Federal Reserve's preferred step of inflation, core. individual intake expenses, due on Friday, will be. closely watched by investors for hints on...

Oil manufacturers Capricorn Energy and Pharos Energy stated on Thursday their money positions have enhanced after they got payments from the Egyptian federal government, enabling them to resume drilling in the country. Capricorn stated it got a total of $71 million from Egypt in the very first 4 months of 2024, while Pharos said it received $ 12.4 million. The ultimate goal in Egypt, and a potential significant catalyst for both business if it takes place, is if they have the ability to modify and consolidate license terms to unlock worth and speed up financial investment even more, Jefferies experts...

Asian area melted gas (LNG) prices increased this week to its greatest levels given that January, as heat throughout the region spurred more demand for the superchilled fuel, and as it tracked gains in European gas costs on the back of maintenance outages and lower wind output. The average LNG cost for July delivery into north-east Asia rose to $10.90 per million British thermal systems ( mmBtu), up from $10.50/ mmBtu in the previous week and its strongest levels considering that Jan. 5, market sources estimated. Asian provided rates have actually edged higher in the previous few days ... as...

The Biden administration on Wednesday notified the U.S. Congress that it will provide Egypt with $1.3 billion in military help, a State Department representative stated, the first time considering that 2020 Egypt will get the overall quantity of U.S. funding despite human rights conditions. The statement comes as Washington has actually relied heavily on Cairo - a longstanding U.S. ally - to moderate up until now unsuccessful talks in between Israel and Hamas on a ceasefire deal to end the war in Gaza. Of the $1.3 billion in U.S. foreign military funding designated to Egypt, $320 million goes through conditions...

AngloGold Ashanti will purchase Egyptfocused smaller rival Centamin in a $2.5 billion stock and money deal, the business stated on Tuesday, as the U.Slisted worldwide miner expands its operations in Africa. Under the terms of the deal, Centamin investors will receive 0.06983 new AngloGold Ashanti shares for each Centamin share and $0.125 in cash. The implied 163 cent per share deal represents a premium of 36.7% to Centamin's Monday closing price of 120 cent, the companies said in a declaration. The acquisition accompanies a flurry of deal activity in the gold mining sector over the previous couple of years, with...

Significant stock markets in the Gulf fell in early trade on Thursday due to increasing geopolitical stress in the region, while financiers await U.S. weekly unemployed claims information to evaluate the health of the labour market. In the Middle East, combating continued in the Gaza Strip between Israel and Hamas militants, without any indications yet of a. concrete development in ceasefire talks in Cairo. More than 40,500 Palestinians have been eliminated in the war,. according to Gaza's health ministry. The congested enclave has. been laid to squander. The majority of its 2.3 million individuals have actually been. displaced numerous times...

China will enforce export limitations on antimony and associated components in the name of nationwide security, its commerce ministry said on Thursday, Beijing's. latest move to limit deliveries of important minerals in which. it is the dominant provider. China accounted last year for 48% of worldwide mined output of. antimony, a strategic metal utilized in military applications such. as ammunition, infrared missiles, nuclear weapons and night. vision safety glasses, as well as in batteries and photovoltaic. devices. The constraints are being enforced in order to protect. national security and interests, and meet international. commitments such as non-proliferation, the ministry stated...

The majority of major stock markets in the Gulf alleviated in early trade on Tuesday following a decrease in oil prices as investors waited for the result of the U.S. main bank's meeting. Oil costs-- a driver for the Gulf's monetary markets-- extended losses from the previous session in the middle of concerns about need in China, while the marketplace shook off the risk of dispute escalating in the Middle East. Saudi Arabia's benchmark index dropped 0.3%, with aluminium products maker Al Taiseer Group losing 0.9% and Al Rajhi Bank down 0.4%. Separately, the kingdom's Manara Minerals is taking a...

Major stock markets in the Gulf dropped in early trading on Monday, tracking losses in international markets, as financiers wagered that the attack on U.S. presidential prospect Donald Trump made his victory more likely. Saturday's shooting at Trump's election rally raises his chances of recovering the White House and banking on his victory will increase, investors stated. Donald Trump was shot in the ear during a campaign rally Saturday after a major security lapse, an attack that will likely reshape this year's presidential race and fuel fears that the campaign might come down into political violence. Saudi Arabia's benchmark index...

The U.S. must increase industrial ties with African nations to curb dependence on China for products of vital minerals, a. Washingtonbased think tank said on Tuesday. U.S. economic and national security depend on securing a. trustworthy supply of critical minerals, including from Africa,. the United States Institute of Peace stated in a report. The U.S. is nearly 100% reliant on foreign entities of. issue, mainly China, for essential critical minerals, it said, and. must develop own sources of supply to prevent being. shorthanded and susceptible to China's export curbs. Western mining business are lagging Chinese rivals in the. race to...

Investors reacted positively to the Federal Reserve's comments and the ongoing geopolitical tensions as they surveyed the major stock markets of the Gulf in the early trading on Thursday. Saudi Arabia's benchmark stock index rose 0.3% to close out two sessions of losses. The Saudi Arabian Mining Company stock, which had been down for the previous two sessions, gained 4.1% after the bourse introduced single stock option contracts. Allianz Saudi Fransi Cooperative Insurance also rose 0.3% after Abu Dhabi National Insurance Co acquired 51% of the insurer for 133.1 million dollars. Qatar Navigation rose 1.8%, while Industries Qatar increased 0.4%....

The United States has backed two Australianlisted unusual earths jobs with as much as $ 850 countless funding as Western countries develop a supply chain for the highly magnetic metals utilized in sectors from renewable energy to defence. Australian Strategic Materials said on Thursday it has actually received a letter of interest (LoI) for a financial obligation funding package of approximately $600 million from the U.S. Export-Import Bank ( EXIM) to support building of its Dubbo unusual earths project northwest of Sydney. The bank has actually likewise provided to $250 million in preliminary support for Australian-listed Meteoric Resources, which is...