Latest news with #StateOwnershipPolicyDocument
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Fed Signals Rattle Markets as Gold Struggles to Hold Ground
Waleed Farouk Gold prices in local markets saw a slight increase of EGP 15 on Thursday, supported by escalating geopolitical tensions and ongoing economic uncertainty, despite the relative stability of global ounce prices on the international exchange. The price of 21-karat gold rose to EGP 4,805 per gram, compared to EGP 4,790 at the close of Wednesday's session. Meanwhile, the global ounce price edged down by just one dollar, settling at $3,373. In other karat levels, 24-karat gold recorded EGP 5,491 per gram, 18-karat stood at EGP 4,119, and 14-karat at EGP 3,204. The price of the gold pound increased to EGP 38,440. This comes after a decline in local gold prices on Wednesday, when 21-karat gold dropped by EGP 20, opening at EGP 4,810 and closing at EGP 4,790. Globally, the ounce price declined by $13 during the same session—from $3,385 to $3,372. Today's modest rise in local prices was driven by the continued stability of the global ounce price below the $3,400 mark, influenced by heightened geopolitical tensions—particularly in the Middle East—and persistent concerns over global trade outlooks. The U.S. Federal Reserve's decision to maintain interest rates unchanged has acted as a cap on gold's upward movement. However, the ongoing geopolitical risks continue to support gold demand in the medium term, as investors increasingly turn to the metal as a safe haven. Markets remain on edge following reports of a potential U.S. military strike on Tehran amid growing confrontations with Israel—factors that are reinforcing investment demand for gold in this volatile climate. On Wednesday, the Federal Reserve left interest rates unchanged for the fourth consecutive meeting, holding them in a range of 4.25% to 4.50%. At the same time, it revised its outlook for the next two years, indicating fewer expected rate cuts. Notably, seven out of 19 Fed officials now forecast no rate reductions in 2025. In his post-meeting remarks, Fed Chair Jerome Powell stated that the U.S. economy remains strong and resilient. He noted that inflation indicators are nearing target levels, while the labor market continues to perform well, with unemployment rates hovering near historic lows. The Fed also warned of further inflationary pressures stemming from U.S. trade policies—particularly under President Donald Trump's direction—citing raised inflation targets to 3.6% and 3.4% for 2026 and 2027, respectively. Despite the inflationary backdrop which typically favors gold, the Fed's continued hawkish stance and prolonged high interest rate policy pose a significant headwind that could limit gold's future gains. 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt 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 News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Jerome Powell: The U.S. Economy Is Strong—Interest Rate Cuts Depend on Coming Months
Waleed Farouk Following the latest Federal Reserve policy meeting, Federal Reserve Chair Jerome Powell affirmed that the U.S. economy remains robust and resilient, with inflation moving closer to the central bank's target and the labor market continuing to show historically low unemployment rates. In his post-meeting remarks, Powell announced that the Fed had decided to keep interest rates unchanged, describing the current stance as appropriate for the present and foreseeable economic conditions. However, he noted that a rate cut remains on the table and may or may not occur in the near future, depending entirely on how economic data evolves in the coming months. On the issue of inflation, Powell acknowledged that inflation expectations have risen recently, but remain within a controllable range. Inflation is projected to stabilize at 3% in 2024, with a gradual decline to 2.4% by 2026. He welcomed the recent progress in inflation readings, emphasizing that the long-term inflation trajectory remains aligned with the Fed's goals. Regarding the labor market, Powell described conditions as balanced, despite a slight slowdown in hiring, which he said is not yet a cause for concern. Job creation remains healthy, and unemployment is expected to hold steady at 4.5% this year and next. Turning to broader economic expectations, Powell forecast that the U.S. economy will grow by 1.4% in 2024 and 1.6% in 2025. He warned, however, that trade tensions and tariffs are contributing to an atmosphere of uncertainty, which could gradually affect pricing and business activity. 'The best support we can offer the housing sector,' he added, 'is to achieve price stability.' In closing, Powell stressed that the months ahead will be critical in determining the Fed's next steps, asserting that the central bank will not rush into premature decisions, but will continue to rely fully on actual economic data and global developments. He made clear that all committee members are committed to acting based on data, not political pressure or speculative expectations. 'At present, the Fed is in a very good position,' he concluded, 'and we will act as future developments require.' 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 China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt 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 News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Daily News Egypt
4 days ago
- Business
- Daily News Egypt
Egyptian government reviews ICON's development plan for 7 state-owned hotels
Egypt's Prime Minister Moustafa Madbouly has reviewed development plans by the Arab Company for Hotel and Tourism Investments (ICON) for seven historic hotels, following the finalisation of a deal valued at up to $800m for a controlling stake in the portfolio. The Prime Minister held a meeting to follow up on the plans for the hotels, describing them as having significant cultural value and promising market potential. He affirmed the meeting's purpose was to track the implementation of development strategies in partnership with the private sector. 'We are following up on the development plans for these historic hotels to raise their operational efficiency and maximise the return from these tourism assets in partnership with the private sector,' Madbouly stated. The meeting was attended by Minister of Tourism and Antiquities Sherif Fathy, Minister of Public Business Sector Mohamed Shimy, Minister of Investment and Foreign Trade Hassan El-Khatib, and Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group Holding (TMG). ICON, a subsidiary of TMG, has signed final agreements to acquire a 39% stake and full management rights in Legasi Hotels, a new company that owns the portfolio of seven hotels. The stake is set to increase to 51% within a specified contractual period, at which point the deal value will reach $800m. The acquisition will be financed through ICON's internal resources and a capital increase of $882.5m from an international strategic investor, who will acquire a minority stake in ICON. TMG will retain its majority stake in the company. TMG Holding has previously stated it expects revenues from the seven-hotel portfolio to double and exceed $250m by 2024. The hotels included in the portfolio are Marriott Mena House Cairo, Marriott Omar Khayyam Zamalek, Mövenpick Resort Aswan, Sofitel Legend Old Cataract Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, and Steigenberger Cecil Hotel Alexandria. Cabinet spokesperson Mohamed El-Homsany said the meeting reviewed ICON's plans for the hotels, which were part of the state's public offering programme. The initiative aligns with the government's 'State Ownership Policy Document' to maximise the value of state-owned tourism assets. The spokesperson added that the ongoing development and modernisation work was discussed, which is part of a plan aimed at restoring the hotels while preserving their unique architectural and historic character. The efforts seek to enhance the properties' tourism value and attract a wider segment of tourists, supported by strong regional and global promotion. El-Homsany added that the presented plans reflected significant investments being channelled into the hotels. He noted that the current phase represents a major step in renovating the properties and improving services to meet international hospitality standards, with significant returns expected for the state and investors.
Middle East
4 days ago
- Business
- Middle East
OPEN// PM reviews project to revamp 7 historic hotels in partnership with private sector
CAIRO, June 16 (MENA) - Prime Minister Mostafa Madbouly chaired a meeting Monday to follow up on the plans of the Arab Company for Hotel and Tourism Investments (ICON) to develop and manage seven historic hotels in Egypt. The hotels were previously offered as part of the government's initial public offerings (IPOs) program. The meeting was attended by Minister of Tourism and Antiquities Sherif Fathy, Minister of Public Business Sector Mohamed Shimi, Minister of Investment and Foreign Trade Hassan El-Khatib, and Talaat Mostafa Group CEO and Managing Director Hisham Talaat. The premier said the meeting aimed to review the progress of development plans for these historically significant hotels, which hold great cultural value and strong marketing potential. The initiative aligns with the goals of the State Ownership Policy Document, which seeks to maximize returns from tourism assets through partnerships with the private sector, contributing to the modernization and operational efficiency of these hotels, while attracting more guests and tourists, he added. Cabinet Spokesperson Mohamed el Homsany said the meeting included a presentation by ICON on the development of seven iconic hotels located in Cairo, Alexandria, Aswan and Luxor, including Steigenberger Cecil Alexandria, Cataract Aswan, Mövenpick Aswan, Sofitel Winter Palace Luxor, Steigenberger El Tahrir, Marriott Mena House, and Marriott Omar Khayyam Zamalek. ICON acquired a stake in these hotels through a deal announced in December 2023. The spokesperson added that discussions touched on ongoing work to renovate and upgrade these historic hotels under a restoration plan preserving their architectural and cultural identity to boost their tourism value and appeal to a wider range of international visitors, along with enhanced regional and global marketing efforts. (MENA) M S H/R E E
Middle East
5 days ago
- Business
- Middle East
OPEN// PM: Egypt's economy shows resilience amid regional challenges
CAIRO, June 15 (MENA) - Prime Minister Moustafa Madbouli on Sunday said that despite geopolitical and economic challenges in the region and globally, the Egyptian economy has proven its ability to withstand and adapt. Madbouli was addressing the "Development Finance to Foster Private Sector-Led Growth & Jobs" conference, organized by the Ministry of Planning, Economic Development and International Cooperation in the New Administrative Capital. The event was attended by a galaxy of ministers, ambassadors, and representatives from development partners, the European Union in Egypt, international institutions, and private sector companies. The premier highlighted Egypt's recent economic achievements, including the growth of the GDP by 4.3% in Q2 of the current fiscal year, the increase in the flow of foreign direct investments as well as the rise in non-oil exports by 33% in the first nine months of the fiscal year. The unemployment rate has fallen to 6.3%, while the fiscal deficit declined to 6.5%, Madbouli said, adding that the public debt is expected to decrease to 85–87% of the GDP. The private sector is the primary engine of economic growth, generating over 80% of job opportunities and contributing around 70% of GDP, Madbouli said. He highlighted government's efforts to create a favorable environment for private investment through upgrading the infrastructure, injecting massive public investment in roads, railways, ports, energy, and airports along with launching the State Ownership Policy Document to create a more transparent and competitive market. In order to regulate public expenditure, the government has capped public investments to focus on projects over 70% complete and enacted the 2024 Competition Protection Law to curb monopolies and enhance fair business practices, the premier said. The government has also introduced the Golden License to fast-track project approvals, restructured the tax system, updated legislation, and streamlined non-tax financial burdens, Madbouli said. Madbouli emphasized that structural reforms, which were designed in partnership with international financial institutions, were critical to achieving Egypt's economic progress, enhancing macroeconomic stability and promoting green transition. He added that development finance for the private sector has reached $4.2 billion in 2024, surpassing public sector development finance for the first time, with a total of $15.6 billion mobilized since 2020. (MENA) A A E/R E E
