Egypt Applies Zero-Customs for Gold Expo Participants

An exhibitor displays gold jewelry to a client during the last edition of the Nebu Expo for Gold. (Asharq Al-Awsat)
An exhibitor displays gold jewelry to a client during the last edition of the Nebu Expo for Gold. (Asharq Al-Awsat)
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Egypt Applies Zero-Customs for Gold Expo Participants

An exhibitor displays gold jewelry to a client during the last edition of the Nebu Expo for Gold. (Asharq Al-Awsat)
An exhibitor displays gold jewelry to a client during the last edition of the Nebu Expo for Gold. (Asharq Al-Awsat)

Egypt approved a zero-customs policy for participants of the Nebu Expo for Gold and Jewelry, scheduled for the end of November.

Head of the Gold Division at the Cairo Chamber of Commerce, Hani Milad, announced that the Egyptian Customs Authority agreed with the Assay and Weights Authority to exempt international participants from gold customs and taxes, allowing them to bring their products in their luggage.

The third edition of Nebu will be held between Nov. 25 and 27 amid a rise in the price of gold.

Milad explained that exhibitors in the past two editions had to agree with a shipping company and pay customs and tax duties, which affected the percentage of participants.

However, he expects the number of international participants to double with the new facilities introduced, as long as the incoming shipments will be re-exported with the exhibitors.

Authorities aim to transform Egypt into an international and regional center for gold and jewelry.

According to a document seen by Asharq Al-Awsat, there are 13 steps in the new plan, beginning with the Gold Division notifying the Assay and Weights Authority with a list of names and data of the international exhibitors scheduled to participate in the expo.

It will also include a detailed statement of the types and specifications of the artifacts accompanying the exhibitor.

The document stated that the Assay and Weights Authority would inspect the jewelry and coordinate between customs, exhibitors, and organizers.

Egypt International Exhibitions Center Customs will deliver to the exhibitor a temporary release permit and a secured safe containing the artifacts imported with them. Before departure, they must provide the safe to the authorities for examination and verification.

Head of Assay and Weights Authority Ahmed Soliman approved the new procedures during a meeting with representatives from the Egyptian Customs Authority and the Gold Division.

Gold Division spokesman Wael Shahboun stated that these measures would double the number of international exhibitors at the expo, which supports Egypt’s efforts to transform into a global and regional hub for gold and jewelry.

Shahboun pointed out that most of the exhibitors in the upcoming Nebu exhibition are from Türkiye and Italy.

He told Asharq Al-Awsat that the government is expected to extend the customs and tax-free period for gold imports for another six months.

The Gold Division had submitted a request to the cabinet to exempt gold imports carried by passengers from customs and taxes for another six months.

Shahboun explained that there are indications that the government would agree to the extensions, backed by Minister of Trade and Supply Ali el-Moselhi and the shortage of raw gold and dollars in the country.



Saudi Arabia, Russia, Kazakhstan Stress Importance of Maintaining Balance in Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
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Saudi Arabia, Russia, Kazakhstan Stress Importance of Maintaining Balance in Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)

Saudi Arabia, Russia and Kazakhstan stressed on Wednesday the importance of maintaining stability and balance in global oil markets, highlighting the significant role played by the OPEC+ Group in this regard.

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud took part, by phone, in a meeting with Russian Deputy Prime Minister Alexander Novak and Kazakhstan’s Minister of Energy Almasadam Satkaliyev in Astana.

They underlined the importance of cooperation among OPEC+ member countries and full adherence to the agreement, including the voluntary production cuts agreed upon by the eight participating countries, as well as compensating for any excess production.

The Kazakh minister reiterated his country’s full commitment to the agreement, the voluntary production cuts, and compensating for any overproduction, in accordance with the updated schedule submitted to the OPEC Secretariat.