Egypt Underlines Japan’s Support for its Tourism, Development Projects

FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
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Egypt Underlines Japan’s Support for its Tourism, Development Projects

FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)
FM Badr Abdelatty meets with Japanese Prime Minister Fumio Kishida in Tokyo. (Egyptian Ministry of Foreign Affairs)

Egypt’s Foreign Minister Badr Abdelatty underscored on Friday Japan’s ongoing support for significant development projects in Egypt and collaboration in the field of education.

He emphasized his country’s eagerness to expand areas of bilateral cooperation by including artificial intelligence, governance, and collaboration between institutions and research centers for the exchange and transfer of expertise, as well as boosting Japanese tourism to Egypt.

Abdelatty met on Friday with Japanese Prime Minister Fumio Kishida on the sidelines of his participation in the ministerial meeting of the Tokyo International Conference on African Development (TICAD).

Ahmed Abu Zeid, the official spokesperson of the Ministry of Foreign Affairs and Immigration, said the minister conveyed President Abdel Fattah al-Sisi’s greetings and appreciation for Kishida’s role in elevating the bilateral relationship to a strategic partnership level.

The Japanese premier, for his part, stated that Egypt was an extremely important partner for his country, being “a major regional player with a crucial role in the Middle East.”

Abdelatty emphasized Cairo’s commitment to boosting economic and trade relations, noting the importance of increasing Japanese investment in the Egyptian market and Egypt’s success in attracting significant projects despite regional and global economic challenges and regional instability.

The discussions between Abdelatty and Kishida covered Egypt’s efforts on various fronts to resume negotiations for a Gaza ceasefire agreement and the delivery of humanitarian aid to Palestinians.

The FM underscored his country’s firm stance against “escalation policies, assassinations, and violations of state sovereignty practiced by Israel,” while Kishida noted that Japan “is watching the situation in the region with deep concern.”

He stated that “continued escalation will not serve anyone’s interests,” expressing Tokyo’s support for Cairo’s efforts to reach a viable solution.

In another meeting in Tokyo with the Egyptian-Japanese Business Council, Abdelatty stressed that Egypt is making steady and rapid economic progress despite global economic crises and the challenges posed by regional disruptions.

This has led to increased competitiveness of the Egyptian economy and boosted private sector involvement and the mobilization of more foreign direct investment.

He also highlighted his country’s efforts to become a regional hub for supply chains for European companies, as well as for the transport and trading of renewable and green energy.



Oil Up 2% but Set to End the Week Lower on Demand Concerns

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
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Oil Up 2% but Set to End the Week Lower on Demand Concerns

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant

Oil prices rose 2% on Friday on a softer dollar but were still set to end the week lower as weaker US employment data raised concerns over the health of the world's largest oil consumer, and renewed ceasefire talks in Gaza eased worries about supply.

Brent crude futures rose $1.38, or 1.8%, to $78.60 a barrel at 1220 GMT, while US West Texas Intermediate (WTI) crude futures rose $1.46, or 2%, to $74.47. Brent futures have fallen about 1.4% so far this week, while WTI lost nearly 3%.

Both benchmarks hit their lowest since early January this week, after the US government sharply lowered its estimate of jobs added by employers this year through March, Reuters reported.

That sparked concern about a potential recession in the US hurting demand in the top oil consuming nation, but some analysts say that was an overreaction to the jobs revision.

The market will be closely monitoring a keynote speech by Federal Reserve chair Jerome Powell scheduled for 1400 GMT on Friday, with the market widely anticipating a rate cut from next month.

"Alluding to a quarter point cut in September is something already priced in and will receive a lukewarm reaction," PVM Oil analyst John Evans said.

"But a double-decker half point percentage cut goes against how the Fed wishes to manage a controlled move away from tightening," he added.

The US dollar index softened to about 101.45 ahead of the speech, and remained close to the 2024 low of 100.92 it hit on Wednesday, and is headed for a fifth straight week of losses. A cheaper greenback typically lifts demand for dollar-denominated oil from investors holding other currencies.

Morgan Stanley said in a note on Friday that a drawdown in oil inventories has provided oil prices with some support.

"For now, the balance in the oil market is tight, with inventories drawing approximately 1.2 million barrels per day in the last four weeks, which we expect will continue in the balance of [the third quarter]," the bank said.

Recent data from China, the top oil importer, has pointed to a struggling economy and slowing oil demand from refiners.
A renewed push for a ceasefire in Gaza between Israel and Hamas has also helped ease supply worries and weighed on oil prices.

US and Israeli delegations started a new round of meetings in Cairo on Thursday to resolve differences over a truce proposal.