Europe Interested in Electrical Linkage with Egypt

EU Commission President Ursula von der Leyen, hugs EU Commissioner for Energy Kadri Simson, left, as Egyptian Minister of Petroleum Tarek El-Molla looks on, after a deal was signed between Israel, the EU and Egypt to boost East Mediterranean gas exports to Europe, in Cairo, Egypt, Wednesday, June 15, 2022. (AP)
EU Commission President Ursula von der Leyen, hugs EU Commissioner for Energy Kadri Simson, left, as Egyptian Minister of Petroleum Tarek El-Molla looks on, after a deal was signed between Israel, the EU and Egypt to boost East Mediterranean gas exports to Europe, in Cairo, Egypt, Wednesday, June 15, 2022. (AP)
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Europe Interested in Electrical Linkage with Egypt

EU Commission President Ursula von der Leyen, hugs EU Commissioner for Energy Kadri Simson, left, as Egyptian Minister of Petroleum Tarek El-Molla looks on, after a deal was signed between Israel, the EU and Egypt to boost East Mediterranean gas exports to Europe, in Cairo, Egypt, Wednesday, June 15, 2022. (AP)
EU Commission President Ursula von der Leyen, hugs EU Commissioner for Energy Kadri Simson, left, as Egyptian Minister of Petroleum Tarek El-Molla looks on, after a deal was signed between Israel, the EU and Egypt to boost East Mediterranean gas exports to Europe, in Cairo, Egypt, Wednesday, June 15, 2022. (AP)

Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker discussed with EU Commissioner for Energy Kadri Simpson ways to support and boost cooperation between the Egyptian electricity and renewable energy sector and the European Energy Commission.

The Commission is interested in ​​the electrical linkage between the EU, Africa, and the Middle East through Egypt.

Simpson praised the achievements of Egypt's electricity and renewable energy sector, expressing her desire to increase cooperation in various electricity fields, especially in renewable energy and green hydrogen.

She expressed the Commission's interest in completing a linkage project with Greece so that Egypt becomes a regional hub for energy exchange between Europe, Arab, and African countries.

For his part, Shaker praised the distinguished relations between the Egyptian electricity and renewable energy sector and the Commission.

He highlighted the achievements of the electricity and renewable energy sector, stressing interest in spreading the use of renewable energies.

The Minister pointed out the significant challenges Egypt faced in providing energy to the local market in the past and the efforts made to secure and sustain the electricity supply to meet demand.

Moreover, Shaker noted that the ministry is interested in renewable energies through an ambitious plan to produce around 10,000 megawatts in 2023.

He stressed that the electricity sector is working on improving and developing the transmission and distribution networks.

It also establishing networks to strengthen the national grid to contain the new capabilities added from renewable energy, reduce electrical losses in the network, and enhance linkage with neighboring countries.

The Minister noted that Egypt is linked with Jordan, Libya, and Sudan.

The ministry has signed contracts to award the electrical linkage project between Saudi Arabia and Egypt to increase the reliability of the electrical supply.

Cairo also signed memoranda of understanding to implement interconnection projects with Cyprus and Greece, making Egypt a regional hub for energy exchange with Europe and Arab and African countries.

The Minister indicated that cooperation is ongoing with international companies to start discussions and studies to implement experimental green hydrogen production projects in Egypt as a first step towards the possibility of export.

Green hydrogen would soon become a promising energy source, Shaker remarked, adding that a ministerial committee is currently studying hydrogen as a source of energy in Egypt.

Egypt is keen to support the efforts of African countries to access clean energy from renewable sources, he said.



Gold Rebounds on Dip Buying; US-China Trade Talks in Focus

A one kilogram gold cast bars with 99.99% purity is pressed and ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)
A one kilogram gold cast bars with 99.99% purity is pressed and ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)
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Gold Rebounds on Dip Buying; US-China Trade Talks in Focus

A one kilogram gold cast bars with 99.99% purity is pressed and ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)
A one kilogram gold cast bars with 99.99% purity is pressed and ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)

Gold prices firmed on Friday as investors bought bullion following an earlier dip in the session, while markets turned their focus to US-China trade talks this weekend.

Spot gold was up 0.3% to $3,316.29 an ounce, as of 0448 GMT. US gold futures firmed 0.5% to $3,321.60.

Spot gold retreated earlier in the session, touching a low of $3,274.38, as US President Donald Trump announced a trade deal with the UK on Thursday.

Trump and British Prime Minister Keir Starmer announced a "breakthrough deal". A 10% tariff on goods imported from the UK remains in place, while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to US goods.

"Buying gold on dips is still in vogue, which is so far limiting the downside moves despite safe haven demand drying up to a degree on the US-UK trade deal," KCM Trade Chief Market Analyst Tim Waterer said.

"How the US-China trade talks develop could be key in determining which side of $3,300 gold trades at next week."

Trump also said he expects there to be substantive negotiations between the US and China on trade this weekend and predicted that punitive US tariffs on Beijing of 145% would likely come down, Reuters said.

Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low interest rate environment.

Several US Federal Reserve officials are due to speak later in the day for further insights into the economy and the central bank's policy path. This comes after the Fed held interest rates steady on Wednesday and warned of rising inflation and unemployment risks.

Meanwhile, Indian gold dealers offered discounts this week amid weak demand as a softer rupee lifted local prices to near-record highs, while buying in China picked up after a holiday.

Spot silver was steady at $32.48 an ounce, platinum rose 0.5% to $980.55 and palladium gained 0.2% to $978.21.