Egypt Accelerates Steps to Become Regional Hub for Gold Production

FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger
FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger
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Egypt Accelerates Steps to Become Regional Hub for Gold Production

FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger
FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard Foeger

The Federation of the Egyptian Chambers of Commerce announced launching the first of its kind 2022 Nebu Expo for the production, manufacture and export of gold jewelry.

The three-day event will kick off on Feb. 19, with the participation of 30 major local gold companies.

On the sidelines of the event, the government will present its strategy to transform into a regional and international hub for the production of gold and goldsmiths.

Chairman of the Federation of Egyptian Chambers of Commerce Ibrahim Elaraby said the locally designed jewelry have been developed to compete with international products in this field.

He issued a press statement, which Asharq Al-Awsat obtained a copy of, noting that launching the first edition of the exhibition marks a new step on the path of partnership between the Egyptian government and the private sector to achieve economic development.

“Over the past two years, the government has taken various steps, in partnership with the private sector, to establish a strong base for the production of raw gold and gold bars on Egyptian soil,” the statement read.

Among these steps are the establishment of an integrated city for the manufacture and trade of gold, the first gold refinery to maximize the added value of gold resources and complete the value chain for gold production by maximizing local content.

Head of the Gold Division at the Chamber of Commerce in Cairo Hany Milad said that the conference that will be held on the sidelines of the exhibition will discuss various issues related to the production of gold jewelry and the development of the internal and export trade system for Egypt’s goldworks.

It will further tackle the legislation that motivates the production of goldsmiths, which would allow Egypt to become a regional hub for gold industry and compete in global markets in one of the global trade’s key sectors.

He pointed out that the seminars will discuss the latest developments in the industry and arts of designing gold jewelry.



Saudi Economy Minister, World Bank President Discuss Economic Cooperation

Saudi Minister of Economy and Planning Faisal Alibrahim met with World Bank Group President Ajay Banga. SPA
Saudi Minister of Economy and Planning Faisal Alibrahim met with World Bank Group President Ajay Banga. SPA
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Saudi Economy Minister, World Bank President Discuss Economic Cooperation

Saudi Minister of Economy and Planning Faisal Alibrahim met with World Bank Group President Ajay Banga. SPA
Saudi Minister of Economy and Planning Faisal Alibrahim met with World Bank Group President Ajay Banga. SPA

Saudi Minister of Economy and Planning Faisal Alibrahim has met with World Bank Group President Ajay Banga in Washington.

Alibrahim was joined by Deputy Minister of Economy and Planning Ammar Nagadi, Deputy Minister for Policies and Economic Planning Rakan Alsheikh, CEO of the National Infrastructure Fund (INFRA) Esmail Alsallom, General Director of the Economic Research and Insights Department Yaser Faquih, and General Supervisor for International Organizations Hattan Saman.

Banga was accompanied by Managing Director for Operations Anna Bjerde and Deputy President for the MENA region Ousmane Dione.

During the meeting, both sides discussed regional and global economic challenges and opportunities to enhance cooperation between the Kingdom and the World Bank.