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.



Gold Climbs as Traders Position for Powell's Speech

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Climbs as Traders Position for Powell's Speech

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices gained on Friday as investors positioned themselves for Federal Reserve Chair Jerome Powell's speech that could shed more light on a potential US September interest rate cut.

Spot gold rose 0.7% to $2,500.83 per ounce by 1219 GMT, after hitting a record high of $2,531.60 on Tuesday. US gold futures gained 0.8% to $2,536.50.

Bullion fell more than 1% in the previous session, setting it on course for a 0.3% weekly decline, pressured by a rebound in the dollar and higher Treasury yields, Reuters reported.

"I think it's position-taking ahead of the expected rate cut, which I think is now looking like almost a certainty in September," said independent analyst Ross Norman.

Traders are expecting a 74% chance of a 25 basis points cut in September, while 26% expect a deeper 50 bps cut. Gold tends to thrive in a low interest rate environment as it yields no interest by itself.

"If Powell now hints at stronger interest rate cuts as a result, we could see new record highs for gold," Commerzbank said in a note.

"Given that the market has already priced in Fed rate cuts of around 100 basis points by the end of the year, the bar for a dovish surprise is likely to be set quite high."

Powell is expected to deliver speech at the annual central banking conference in Jackson Hole, Wyoming at 1400 GMT.

Meanwhile, India's silver imports are on course to nearly double this year due to rising demand from solar panel and electronics makers and as investors bet the metal will give better returns than gold, leading importers said on Friday.

Spot silver rose nearly 1.5% to $29.41 per ounce and was up 1.3% for the week.

Platinum gained 0.3% to $946.35 and palladium steadied at $933.71. Both metals were on track for a weekly decline.