Egypt's Sisi Opens Huge Suspension Bridge over the Nile

Egyptian President Abdul Fattah al-Sisi. (Reuters)
Egyptian President Abdul Fattah al-Sisi. (Reuters)
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Egypt's Sisi Opens Huge Suspension Bridge over the Nile

Egyptian President Abdul Fattah al-Sisi. (Reuters)
Egyptian President Abdul Fattah al-Sisi. (Reuters)

Egyptian President Abdul Fattah al-Sisi on Wednesday opened a suspension bridge over the Nile touted as the world's widest, one of a series of military-led, mega-projects designed to improve infrastructure and provide jobs.

The bridge, which crosses the Nile just north of central Cairo, is a key link in a highway stretching from the Red Sea in the east to Egypt's northwestern Mediterranean coast, and is meant to help reduce congestion in the capital.

Traffic ground to a halt in parts of central Cairo on Wednesday morning as Sisi traveled to open the bridge with ministers and military generals.

At its widest, the bridge has six traffic lanes in each direction and measures 67.3 meters (222 feet) across. A regional director for the Guinness Book of World Records present at the opening said that makes it the world's widest suspension bridge.

Around one million cubic meters of concrete as well as 1,400 km (2,268 miles) of steel wire for 160 suspension cables were used in its construction, according to a presentation given at the formal opening.

The bridge crosses the Nile's Warraq Island, which has an estimated 100,000 residents, some of whom have protested against planned demolitions on the island and plans to develop it into a "modern residential community".

Other prestige projects launched under Sisi include an expansion of the Suez Canal, completed in 2015, and the building of a new capital in the desert east of Cairo that is currently under construction.



Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices gained on Thursday as fears of an escalating conflict between Israel and Iran drove investors towards the safe-haven metal, while platinum scaled its highest level since September 2014.

Spot gold was up 0.2% at $3,374.49 an ounce at 1100 GMT US gold futures fell 0.5% to $3,391.00.

"We're seeing some haven flows in gold, which is really not surprising given what's happening ... with the fighting between Iran and Israel," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Equity markets have dipped, which is also supporting the precious metal, Razaqzada added, Reuters reported.

Israel said on Friday it had struck Iran's only functioning nuclear power plant on the Gulf coast, potentially a major escalation in its air war against Iran.

Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.

Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.

In other metals, platinum lost 2.5% to $1,289.71, having risen to its highest level since September 2014 earlier in the session.

Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives, analysts say.

"The supply-demand dynamics at play in the platinum market do hint at there being further upside in store for the price," KCM Trade Chief Market Analyst Tim Waterer said.

Palladium lost 1.1% to $1,036.74, while silver fell 1.2% to $36.31 per ounce.