عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Oman, Egypt Discuss Establishing $100 Mn Investment Fund

Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)
Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)
TT
TT

Oman, Egypt Discuss Establishing $100 Mn Investment Fund

Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)
Egyptian Foreign Minister Sameh Shoukry with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said (ONA)

Oman and Egypt signed several memoranda of understanding (MoUs) after a meeting held by the joint Business Council in Muscat.

The Egyptian-Omani Business Council concluded its meeting and recommended the two governments discuss the establishment of a $100 million fund to develop the investment exchange.

The Council also called for the completion of the legal aspects of the signed agreements to facilitate and promote trade exchange.

The Oman News Agency (ONA) said that the two countries signed several MoUs in the political, security, economic, commercial, industrial, judicial, developmental, educational, media, labor, and social fields.

Egyptian Foreign Minister Sameh Shoukry met with the Omani Deputy Prime Minister for Cabinet Affairs, Fahd bin Mahmoud al-Said, to discuss bilateral relations and take advantage of Egypt's development and economic boom.

Said and Shoukry participated in the meeting of the Omani-Egyptian Business Council at al-Bustan Palace.

Shoukry delivered a message to Sultan Haitham bin Tariq from Egyptian President Abdel Fattah al-Sisi.

The FM said that the private sector should help push the development in the two countries and support joint economic cooperation backed by both governments.

Shoukry urged the Omani private sector and businessmen to maximize their direct investments in Egypt and benefit from Cairo's giant development and economic projects.

He called for benefiting from the giant economic development projects implemented by the Egyptian state, which provide many and varied opportunities for investment in various fields, especially in light of recent achievements in terms of economic reform and improving the investment environment.

Shoukry hoped the Joint Business Council support government efforts to boost the development engine in both countries.

The Joint Egypt Omani committee issued a statement after its 15th session, noting that the Council stressed the importance of the distinguished historical relations between Oman and Egypt and the solid ties that bind their peoples.

The statement said that the two sides expressed their deep satisfaction with the high level of the relations, stressing the need to boost bilateral cooperation in all fields and open new horizons for collaboration.

The two delegations discussed regional and international issues of common interest and expressed their satisfaction with political coordination at various levels.

Speaking at the meeting, the Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, Redha al-Saleh, said that the chambers of commerce want to take advantage of the opportunities in the two countries through exchanged visits between business delegations.

Saleh pointed out that the trade exchange between Muscat and Cairo reached over $293 million at the end of June 2021, with 744 Egyptian companies investing in Oman in 2020.

Most Viewed

 
 
Business

IMF Chief Sees Steady World Growth in 2025, Continuing Disinflation

People visit the lantern festival at the Beijing's Wenyuhe Park in Beijing on January 4, 2025, to welcome the upcoming Chinese New Year on January 29, marking the beginning of the Year of the Snake. (AFP)
People visit the lantern festival at the Beijing's Wenyuhe Park in Beijing on January 4, 2025, to welcome the upcoming Chinese New Year on January 29, marking the beginning of the Year of the Snake. (AFP)
TT
TT

IMF Chief Sees Steady World Growth in 2025, Continuing Disinflation

People visit the lantern festival at the Beijing's Wenyuhe Park in Beijing on January 4, 2025, to welcome the upcoming Chinese New Year on January 29, marking the beginning of the Year of the Snake. (AFP)
People visit the lantern festival at the Beijing's Wenyuhe Park in Beijing on January 4, 2025, to welcome the upcoming Chinese New Year on January 29, marking the beginning of the Year of the Snake. (AFP)

The International Monetary Fund will forecast steady global growth and continuing disinflation when it releases an updated World Economic Outlook on Jan. 17, IMF Managing Director Kristalina Georgieva told reporters on Friday.

Georgieva said the US economy was doing "quite a bit better" than expected, although there was high uncertainty around the trade policies of the administration of President-elect Donald Trump that was adding to headwinds facing the global economy and driving long-term interest rates higher.

With inflation moving closer to the US Federal Reserve's target, and data showing a stable labor market, the Fed could afford to wait for more data before undertaking further interest rate cuts, she said. Overall, interest rates were expected to stay "somewhat higher for quite some time," she said.

The IMF will release an update to its global outlook on Jan. 17, just days before Trump takes office. Georgieva's comments are the first indication this year of the IMF's evolving global outlook, but she gave no detailed projections.

In October, the IMF raised its 2024 economic growth forecasts for the US, Brazil and Britain but cut them for China, Japan and the euro zone, citing risks from potential new trade wars, armed conflicts and tight monetary policy.

At the time, it left its forecast for 2024 global growth unchanged at the 3.2% projected in July, and lowered its global forecast for 3.2% growth in 2025 by one-tenth of a percentage point, warning that global medium-term growth would fade to 3.1% in five years, well below its pre-pandemic trend.

"Not surprisingly, given the size and role of the US economy, there is keen interest globally in the policy directions of the incoming administration, in particular on tariffs, taxes, deregulation and government efficiency," Georgieva said.

"This uncertainty is particularly high around the path for trade policy going forward, adding to the headwinds facing the global economy, especially for countries and regions that are more integrated in global supply chains, medium-sized economies, (and) Asia as a region."

Georgieva said it was "very unusual" that this uncertainty was expressed in higher long-term interest rates even though short-term interest rates had gone down, a trend not seen in recent history.

The IMF saw divergent trends in different regions, with growth expected to stall somewhat in the European Union and to weaken "a little" in India, while Brazil was facing somewhat higher inflation, Georgieva said.

In China, the world's second-largest economy after the United States, the IMF was seeing deflationary pressure and ongoing challenges with domestic demand, she said.

Lower-income countries, despite reform efforts, were in a position where any new shocks would hit them "quite negatively," she said.

Georgieva said it was notable that higher interest rates needed to combat inflation had not pushed the global economy into recession, but headline inflation developments were divergent, which meant central bankers needed to carefully monitor local data.

The strong US dollar could potentially result in higher funding costs for emerging market economies and especially low-income countries, she said.

Most countries needed to cut fiscal spending after high outlays during the COVID pandemic and adopt reforms to boost growth in a durable way, she said, adding that in most cases this could be done while protecting their growth prospects.

"Countries cannot borrow their way out. They can only grow out of this problem," she said, noting that the medium-growth prospects for the world were the lowest seen in decades.