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IMF Lauds Egypt’s Decision to Lower Fuel Prices

A general view of a Mobil gas station in Cairo, Egypt, 04 October 2019. EPA/Mohamed Hossam
A general view of a Mobil gas station in Cairo, Egypt, 04 October 2019. EPA/Mohamed Hossam
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IMF Lauds Egypt’s Decision to Lower Fuel Prices

A general view of a Mobil gas station in Cairo, Egypt, 04 October 2019. EPA/Mohamed Hossam
A general view of a Mobil gas station in Cairo, Egypt, 04 October 2019. EPA/Mohamed Hossam

Egypt has decreased fuel prices for the first time in decades, as it begins linking energy prices to international markets.

Although the drop was only around three percent, Egyptians welcomed the move in hopes for further price cuts.

International Monetary Fund (IMF) Mission Chief for Egypt Subir Lall lauded the pricing committee’s decision on Thursday to lower domestic fuel prices by 25 piasters.

In press statements, he noted that amending the prices of fuel products in Egypt comes in line with the mechanism of automatic pricing that was announced in July.

The mechanism allows for increasing or decreasing the prices of some fuel products every three months partly based on international oil prices, he added.

The price for 92-octane gasoline was lowered to 7.75 Egyptian pounds a liter from 8 pounds, while the cost of 80-octane gas dropped to 6.50 Egyptian from 6.75 pounds.

Egypt signed a three-year, $12 billion Extended Fund Facility on Nov. 11, 2016, after allowing its currency to weaken sharply, implementing a valued-added tax and raising fuel prices to reduce its balance of payments budget and deficits.

Also on Thursday Egypt lowered the domestic price of gas for the cement, metals and ceramics industries.

The domestic price of gas for the cement industry was set at $6 per million Btu from $8 and at $5.50 per million Btu for metals and ceramics sector from $7.

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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Riyadh is set to launch the eighth edition of the Future Investment Initiative (FII) conference on Monday.
This year’s event carries the theme, “Infinite Horizons... Investing Today, Shaping Tomorrow” and will feature prominent figures in finance, investment, and technology.
Through its annual conference, often called the “Davos of the Desert,” the Future Investment Initiative aims to foster discussions on how investment can drive a prosperous and sustainable future, expanding the possibilities for humanity.
The conference is expected to attract over 7,000 guests and 500 speakers, covering a wide range of current topics across more than 200 sessions. Key areas of focus include economic stability, equitable development, climate change, artificial intelligence, innovation, health, and geopolitical issues.
Among those looking to leverage projects aligned with Saudi Arabia’s Vision 2030 are David Solomon of Goldman Sachs, Jane Fraser of Citigroup, and Larry Fink of BlackRock, which recently agreed to establish a multi-asset investment platform in Riyadh, backed by a $5 billion investment from Saudi Arabia’s sovereign wealth fund. This year, the conference will also host the New Africa Summit, featuring speakers from Africa’s mining and banking sectors.
Reflecting Saudi Arabia’s emphasis on technology and artificial intelligence, industry leaders in these fields will participate in the event. Notably, Alphabet President Ruth Porat, TikTok CEO Shou Zi Chew, and tech entrepreneur Benjamin Horowitz, co-founder of the venture capital firm Andreessen Horowitz, are scheduled to speak for the first time.
According to Richard Attias, CEO of the Future Investment Initiative, executives worldwide are expected to announce deals exceeding $28 billion. Some of these initiatives will focus on artificial intelligence, including a new potential fund with Andreessen Horowitz that could grow to $40 billion, as reported by Bloomberg.
The Kingdom is also expected to announce a new company that will invest at least $10 billion in making Saudi Arabia the world’s largest producer of hydrogen—a low-carbon fuel critical for the global transition away from fossil fuels. Key speakers from Asia will include Hong Kong’s Financial Secretary Paul Chan and Belt and Road Commissioner Nicholas Ho.
On the eve of the event, Swiss entrepreneur and FII participant Stephan Knuser told Asharq Al-Awsat that the conference will provide significant business insights for both local and international communities, anticipating that new partnerships will form between Swiss and Saudi companies in energy-efficient technologies and food security.
Neil Bush, Chairman of Sky Towers, remarked: “We view FII as not only a driver for attracting capital but also for bringing in technologies that accelerate Saudi Arabia’s goals.” According to Bush, the FII topics align with needs like business registration processes, free trade zone policies, and strategies for developing industrial complexes, which will help accelerate Vision 2030 goals, including carbon reduction.