First Visit by Egyptian Minister to Israel in 5 Years

Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla meets Israeli PM Netanyahu. (Israeli PM’s office)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla meets Israeli PM Netanyahu. (Israeli PM’s office)
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First Visit by Egyptian Minister to Israel in 5 Years

Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla meets Israeli PM Netanyahu. (Israeli PM’s office)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla meets Israeli PM Netanyahu. (Israeli PM’s office)

Tel Aviv and Cairo have agreed to expand cooperation in the energy field.

The announcement was made during a visit by Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla to Israel on Sunday.

The Egyptian minister’s visit marked the first public visit to Israel by a senior Egyptian government official in five years.

“This is an important day, marking our continued cooperation on energy and so many other things,” said Israeli Prime Minister Benjamin Netanyahu upon receiving Molla.

“This began of course with the historic peace treaty between Egypt and Israel but is turning into something that can economically improve people’s lives.”

“We think that this is a great opportunity for regional cooperation among Egypt, Israel and the other countries,” he added.

“We are an energy hub. Together we can supply not only our own needs, but the needs of many other countries. So it is in this spirit of friendship and cooperation and peace and prosperity that I welcome you to Israel,” Netanyahu noted.

The meeting between Netanyahu and Molla was attended by Energy Minister Yuval Steinitz, National Security Adviser Meir Ben-Shabbat, Israel’s envoy to Egypt Amira Oron, Egyptian envoy to Israel Khaled Azmi, and Magdy Galal, chair of the state-owned Egyptian Natural Gas Holding Company, which manages Egyptian state shares in gas projects.

Steinitz welcomed his guest and said he was “happy and excited” to host Molla, the first Egyptian minister to visit Israel since 2016.

Molla’s visit focused on extending a pipeline linking Israel to the Sinai Peninsula in Egypt, in addition to developing gas fields and cooperation in gas exploration, and promoting the Eastern Mediterranean Gas Forum (EMGF).

Egypt, Israel, Greece, Cyprus, Italy, Jordan and the Palestinian Authority established the EMGF as an intergovernmental organization in September 2020. In December, the United Arab Emirates joined the Forum as an observer.

Egypt has been seeking to transform itself into a regional energy hub through the forum, which aims to establish a regional gas market, rationalize the cost of infrastructure and offer competitive prices.

Egypt began importing Israeli gas in early 2020, for possible re-export to Europe or Asia.

The 2015 discovery of the giant offshore Zohr field had unlocked interest in Egypt’s energy market and encouraged Cairo to promote itself as a regional hub.

Molla also signed a memorandum of understanding for Egypt to help develop the Gaza Marine field with the project’s two partners, the Palestine Investment Fund (PIF), the sovereign fund of the Palestinian Authority, and Consolidated Contractors Company.

They agreed to cooperate on developing the field and the necessary infrastructure that would provide Palestine’s needs of natural gas with the possibility of exporting part of it to Egypt.

The MoU was signed by Magdy Galal and advisor to the Palestinian President for Economic Affairs and Chairman of the PIF Board of Directors Mohamed Mustafa.



Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.