Gold prices have hit a historic high, surpassing $2,800 per ounce, as markets react to President Donald Trump’s sweeping tariffs on Canada, Mexico, and China. The surge signals a strong shift toward safe-haven assets, driven by rising fears of trade wars and inflation. With uncertainty mounting, investors are flocking to gold, raising questions about the future of the precious metal in these turbulent times. Gold market reacts On February 1, the White House revealed that President Trump had decided to impose a 25% tariff on imports from Mexico and Canada, and a 10% tariff on goods from China. Energy resources…
Author: Rana Salem
The Central Bank of Egypt (CBE) raised $2 billion through its first dollar-bond issuance in nearly two years on January 29, signaling a rebound in the international bond market amid ongoing economic challenges. New bonds sale The deal included $1.25 billion in five-year bonds with an 8.625% yield and $750 million in eight-year bonds with a 9.45% return. This move comes as part of Egypt’s broader strategy to manage its external debt and bolster foreign investment. The government hired JPMorgan Chase & Co., Citigroup Inc., HSBC Holdings Plc, Goldman Sachs Group Inc., Standard Chartered Plc and Sumitomo Mitsui Banking Corp.…
As artificial intelligence (AI) continues to reshape industries worldwide, two emerging technologies are stirring significant interest in Egypt’s private sector: OpenAI’s ChatGPT and the Chinese-developed DeepSeek. Both AI models offer transformative potential for businesses, but knowing when to use each is critical for achieving optimal results. The rise of DeepSeek and ChatGPT The global AI landscape has seen rapid developments, and two technologies are leading the charge—OpenAI’s ChatGPT and DeepSeek. As AI adoption grows, Egyptian enterprises are increasingly looking to these tools for solutions to improve efficiency, enhance decision-making, and automate services. DeepSeek, developed in China, has created a stir in…
As the fog of geopolitical uncertainty lifts, a historic artery of global trade is finding its rhythm again. The Suez Canal, the lifeblood of commerce between East and West, is eager to get back on course after a ceasefire agreement in Gaza. After months of disruption, on January 21, Osama Rabie, chairman and managing director of the Suez Canal Authority (SCA), announced the resumption of major shipping lines transiting through the Suez Canal. He stated that the canal is ready to operate at full capacity as preparations are underway for the gradual return of global trade, following the restoration of…
Egypt’s business landscape is closely monitoring U.S. President Donald Trump’s second term, secured with 312 electoral votes and JD Vance as vice president, as his executive decisions are expected to significantly impact monetary policy, investments, and the broader economy. With his “America First” agenda and historical focus on private sector growth, Egypt might see both challenges and opportunities in attracting U.S. investments, adjusting to changes in global trade, and navigating shifts in international financial strategies. The U.S. has been Egypt’s largest trade partner for years. In 2023, total trade between the two countries reached $6.9 billion, according to the American…
Around 12,000 medical tourists from 50 countries received care in Egypt’s healthcare facilities in 2024, marking a 200% increase from a year earlier, according to Ahmed El Sobky, Chairman of the Board of Directors of Egypt Healthcare Authority. This marks a five-fold increase from 2022, reflecting growing confidence in Egypt’s healthcare services. El Sobky believes this trend will further solidify the country’s position as a leading destination for medical tourism, according to a statement released by the Egyptian Cabinet in January. El Sobky noted that the “We Care for You in Egypt” initiative aims to establish Egypt as a leading…
As Egypt embarks on a journey to transform its education system, the road ahead is marked by significant hurdles—overcrowded classrooms, aging infrastructure, and an outdated curriculum. Yet, amid these challenges, a new wave of innovation is emerging. The private sector, traditionally a bystander, is now stepping up to fill the gaps, offering solutions that could redefine the future of education in the country. With a growing appetite for change, Egypt’s education revolution is not just a government-led initiative; it’s becoming a collaborative effort where private players are seeking to rewrite the rulebook for quality education, accessibility, and sustainability. Egypt has…
Egypt’s current account deficit surged to $5.9 billion in the July-September 2024 quarter, more than double the $2.8 billion recorded for the same period a year earlier, impacted by a higher trade deficit and a plunge in Suez Canal revenues, according to a statement by the Central Bank of Egypt (CBE) on January 16. Lower Suez Canal revenues Suez Canal revenues plummeted by 61.2% in the first fiscal quarter, starting July 1, to $931.2 million, from as high as $2.4 billion during the same period a year ago, the statement showed. This was mainly attributed to Red Sea tensions that…
Egypt’s Financial Regulatory Authority (FRA) has begun preparing the country’s first regulatory framework for crowdfunding in real estate investment funds, to diversify financing sources for companies and offer a new investment product for individuals, Chairman Mohamed Farid reportedly said on January 16. Focus on real estate Farid announced that crowdfunding will be initially introduced in the real estate sector, driven by increasing investment interest from individuals, he told Hapi Journal in an interview. The initiative aims to offer an investment tool that expands the ownership base while ensuring client protection and service provider efficiency within a regulated framework. He noted…
ExxonMobil Egypt has discovered natural gas off Egypt’s Mediterranean coast, a significant find that could play a key role in revitalizing the North African country’s struggling oil production, the Texas-based company said in a statement on January 16. Nefertari-1 well This marks a significant development in the company’s exploration activities within Egypt’s energy sector, which remains a focal point for local and international energy investments. Exxon said it completed the exploratory Nefertari-1 well in the North Marakia Block, located about eight kilometers off Egypt’s northern coast. The Nefertari well was drilled in the North Marakia area, which lies at a…