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Suez Canal Economic Zone Attracts 127 Projects Worth $2.8 Billion in 9 Months

Egyptian Prime Minister Mostafa Madbouly meets with head of the Suez Canal Economic Zone Walid Gamal El-Din. (Asharq Al-Awsat)
Egyptian Prime Minister Mostafa Madbouly meets with head of the Suez Canal Economic Zone Walid Gamal El-Din. (Asharq Al-Awsat)
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Suez Canal Economic Zone Attracts 127 Projects Worth $2.8 Billion in 9 Months

Egyptian Prime Minister Mostafa Madbouly meets with head of the Suez Canal Economic Zone Walid Gamal El-Din. (Asharq Al-Awsat)
Egyptian Prime Minister Mostafa Madbouly meets with head of the Suez Canal Economic Zone Walid Gamal El-Din. (Asharq Al-Awsat)

Chairman of the Suez Canal Economic Zone (SCZONE) Walid Gamal El-Din said that 127 projects worth around $2.8 billion were secured during the period between July 1, 2023 and March 21, 2024.

He added that 61 projects received final approvals, with a foreign investment rate of 49 percent, while 66 projects have been granted initial approval during the same period, with foreign investments accounting for 39% of the total.

The completion of these projects is expected to generate over 22,000 direct and indirect job opportunities, Gamal El-Din underlined, noting that from January 2024 to the present, 37 diverse projects have been contracted at an investment cost of $894 million.

The chairman unveiled these figures in a statement following a meeting with Egypt’s Prime Minister Mostafa Madbouly.

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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.