عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt Inaugurates Mediterranean Union Investment Forum of Renewable Energy

Ministers during the inuaguration (Union for Mediterranean)
Ministers during the inuaguration (Union for Mediterranean)
TT
20
TT

Egypt Inaugurates Mediterranean Union Investment Forum of Renewable Energy

Ministers during the inuaguration (Union for Mediterranean)
Ministers during the inuaguration (Union for Mediterranean)

Mediterranean union investment forum of renewable energy began in Egypt on Wednesday aiming to launch several opportunities in the field of renewable energy in the Euro-Mediterranean region, enhance cooperation on energy and climate actions, and create a more active involvement of the private sector in the regional-European-Mediterranean collaboration.

Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker el-Markabi, Egyptian Minister of Investment and International Cooperation Sahar Nasr inaugurated on Wednesday the forum at the presence of Portuguese Secretary of State for Energy Jorge Seguro Sanches, Secretary General of the Union for Mediterranean (UfM) Fathallah Sijilmassi, official representatives, international financial institutions and private sector investors.

Minister Nasr said that the Electricity Ministry reforms in the energy field, including feed-in tariffs, contribute in attracting the investors to invest in the renewable energy, as well as in attracting a number of development partners such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

She added that a renewable energy strategy has been followed through diversifying energy sources and allocating subsidies for the field.

“Renewable energy projects include providing job opportunities and contributing to achieving the sustainable development goals,” according to Nasr.

Nasr stressed that there are huge regional cooperation opportunities, human and natural resources and huge markets that qualify the region to integrate more with the European partner.

On the other hand, the Minister of Electricity said that the energy strategy will link between Egypt, Asia, Africa, and Europe.

Minister Markabi highlighted the importance of the role played by the private sector and the Euro-Mediterranean cooperation in the fields of renewable energy and energy efficiency.

Most Viewed

 
Business

Asian Markets Drop as Trump's Tariff Deadline Looms

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)
TT
20
TT

Asian Markets Drop as Trump's Tariff Deadline Looms

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, July 2, 2025. (AP Photo/Ahn Young-joon)

Most Asian markets fell Monday as countries fought to hammer out trade deals days before Donald Trump's tariff deadline, though investors took heart after he said the levies would not kick in until the start of next month.

While the White House has said several deals were in the pipeline, only two have been finalized ahead of the July 9 cut-off set by the US president, AFP said.

Governments from major trading partners including Japan, India, the European Union and South Korea have fought for the past three months to get agreements.

But Trump said he will send his first tariff letters at 1600 GMT Monday, setting out what Washington will charge for doing business with the United States.

He said an extra 10 percent would be added to any country "aligning themselves with the Anti-American policies of BRICS", an 11-member alliance including Brazil, Russia, India and China.

The announcement came after leaders of the group warned Trump's "indiscriminate" import tariffs risked hurting the global economy.

The deadline for a deal is Wednesday, but Treasury Secretary Scott Bessent confirmed on Sunday that the measures would not be applied until August 1.

"It's not a new deadline. We are saying, this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," Bessent told CNN.

He said the rates will then "boomerang back" to the sometimes very high levels Trump announced on April 2, before the president suspended the levies to allow for trade talks.

"I would expect to see several big announcements over the next couple of days," Bessent said.

The president told reporters Sunday on Air Force One that "I think we'll have most countries done by July 9, either a letter or a deal", adding that some deals have already been made.

Tariff uncertainty weighed on equity markets, with Tokyo, Hong Kong, Shanghai, Sydney, Wellington and Taipei all down, though there were small gains in Singapore, Seoul, Manila and Jakarta.

Wall Street was closed Friday for a holiday.

"Whether deadlines get extended remains uncertain given Trump's unpredictable style," said IG market analyst Fabien Yip. "Our base case expects several important trade partners to agree on a high-level basis before the deadline.

"This would provide more time for detailed discussions over the following two months. The other risk factor is sector-specific tariffs covering semiconductors, pharmaceuticals, and materials may also be announced in due course."

Oil prices sank after major producers in the OPEC+ alliance said they would boost output far more than expected in August, fueling demand worries just as Trump's tariffs are about to begin.

The group said "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories" led to the decision to further hike output.