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Egypt to Benefit from Mining in the Golden Triangle

Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)
Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)
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Egypt to Benefit from Mining in the Golden Triangle

Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)
Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)

Egyptian Minister of Petroleum Tarek El-Molla has said that the development of the Golden Triangle region requires the participation of all sectors to attract foreign and domestic investments.

The Golden Triangle project is one of the major mining projects intended to be established between Qena, Safaga, and al-Qusayr. Its area is over 7,000 square kilometers.

It includes tourism, mining, agricultural, industrial, and commercial projects amid expectations of providing about half a million job opportunities in five years.

The area is rich in mining sources that make up 75 percent of Egypt's minerals, including metallic and non-metallic minerals, iron, copper, gold, silver, granite, and phosphate.

Molla chaired a workshop for coordination between the mining and the industrial sectors to explore investment opportunities at the economic zone in the Golden Triangle area.

The minister stressed the importance of increasing the efficiency of the infrastructure and achieving possible benefits from the mining resources, which can be one of the primary resources of added value to the national economy.

The meeting also reviewed the strategy of the Egyptian mining sector, the investment map for the mining sector until 2040, the ministry's vision to develop the Golden Triangle, and maximizing its revenues.

Also, the workshop witnessed agreement on the importance of emphasizing the mining reserves, noting that the last international bids posted by the ministry had activated the mining exploration and discovery operations in the promising area.

At the end of the meeting, Molla highlighted the importance of welcoming all feasible ideas and agreeing on a roadmap to develop the Triangle.

He also called for providing the necessary human cadres and building their capabilities to actively attract investments.

The minister pointed to the importance of the Environment Ministry's participation in the development project in light of the vital role of environmental compatibility regarding luring investments.

He directed officials to work on a dialogue based on the strengths that characterize the region to accelerate the development of outputs that enable the sustainability of work and growth.

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Business

Saudi Arabia Extends Finance Minister’s Authority to Grant Exemptions Under Govt Tenders Law

The Saudi capital, Riyadh. (SPA)
The Saudi capital, Riyadh. (SPA)
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Saudi Arabia Extends Finance Minister’s Authority to Grant Exemptions Under Govt Tenders Law

The Saudi capital, Riyadh. (SPA)
The Saudi capital, Riyadh. (SPA)

Asharq Al-Awsat has learned that Saudi Arabia has extended the authority of its Minister of Finance to grant exemptions from certain provisions of the Government Tenders and Procurement Law in cases where applying those provisions is not feasible under revenue-sharing arrangements.

The three-year extension is intended to encourage innovative financing mechanisms and expand public-private partnerships (PPPs) as part of the Kingdom’s economic transformation.

The revenue-sharing model is a modern contractual approach that enables government entities to collaborate with the private sector in delivering goods or services. Under this model, projects are funded entirely through revenues generated by their operations, rather than through direct allocations from the state budget.

The approach seeks to harness private-sector expertise and achieve maximum value for public funds.

Because some contracts under this model may require adjustments or exemptions from certain procurement rules, the extension authorizes the finance minister to review and approve such exemptions on a case-by-case basis after assessing their necessity and justification.

According to Asharq Al-Awsat sources, the government has also instructed the minister, in coordination with relevant agencies, to explore alternative mechanisms for processing exemption requests before the end of the extension period.

The decision was based on a recommendation from the Council of Economic and Development Affairs, which also tasked the finance ministry with continuing to coordinate with related government entities to ensure that exemptions align with national policy and regulatory frameworks.

Under the law, the Minister of Finance has the authority to approve new contracting and procurement mechanisms, standardized tender documents, and evaluation criteria. The minister may also extend the implementation period of the law by one year if government entities require more time to achieve full readiness for compliance.

The law further authorizes the minister to decide on maintaining exemptions related to Vision 2030 programs, provided that such recommendations are submitted jointly with the Strategic Management Office to the government at least six months before the end of the extension, along with proposals for future oversight.

The Government Tenders and Procurement Law aims to regulate contracting procedures, prevent conflicts of interest, protect public funds, and ensure fair competition and value for money in public projects. It reinforces transparency, integrity, and equal opportunity among bidders, while supporting economic growth and good governance.

To boost these efforts, the government established the Local Content and Government Procurement Authority (LCGPA) to strengthen local industries, increase the national economic impact of public procurement, and promote sustainable development.

Business

Qatar Threatens to Cut Gas Supply to Europe Unless EU Lowers Sustainability Law

Qatari Energy Minister Saad bin Sherida Al Kaabi speaks during the opening ceremony of the annual energy industry event Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi on Monday (Reuters) 
Qatari Energy Minister Saad bin Sherida Al Kaabi speaks during the opening ceremony of the annual energy industry event Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi on Monday (Reuters) 
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Qatar Threatens to Cut Gas Supply to Europe Unless EU Lowers Sustainability Law

Qatari Energy Minister Saad bin Sherida Al Kaabi speaks during the opening ceremony of the annual energy industry event Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi on Monday (Reuters) 
Qatari Energy Minister Saad bin Sherida Al Kaabi speaks during the opening ceremony of the annual energy industry event Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi on Monday (Reuters) 

Qatar’s Minister of State for Energy Affairs, Eng. Saad bin Sherida Al Kaabi said on Monday that his country will not be delivering liquefied natural gas (LNG) to Europe, if the EU does not look at how to water down sustainability law or cancel it.

Qatar has supplied between 12% and 14% of the bloc’s LNG since Russia’s 2022 invasion of Ukraine.

The EU is split over the corporate sustainability due diligence directive (CSDDD), which is a key plank of Europe’s efforts to transition to a cleaner economy, and an attempt to use the EU’s position as a major marketplace to encourage trading partners to do the same.

The leaders of Germany and France have called on the bloc to scrap the law entirely, saying it hurts European businesses’ competitiveness, while Spain has urged Brussels to keep the rules intact to support European priorities on sustainability and human rights.

The European Parliament agreed last Wednesday to consider further changes to the EU’s corporate sustainability rules, as the US and Qatar stepped up pressure on Brussels to weaken the law.

The US and Qatar had urged the European Union to scale back the law and warned on Wednesday that the rules risked disrupting liquefied natural gas trade with Europe.

In a vote that had been scheduled before the US and Qatar’s intervention, the European Parliament agreed to negotiate further changes to the law. The EU aims to approve the final changes by year-end.

On Monday, Al Kaabi reissued a threat to halt supplying Europe with liquefied natural gas, saying it will not be able to continue doing business in Europe if the EU doesn't change or cancel the law.

“We can't reach net zero, and that's one of the requirements, among other hosts of things,” said Kaabi.

“Europe needs to understand that, I think, they need the gas from Qatar. They need gas from the US,” he said. “They need the gas from many places around the world ... it's very important that they look at this very seriously.”

 

 

Business

Türkiye to Crack Down on Market Manipulation by ‘Certain Funds’ 

Turkish Finance Minister Mehmet Simsek speaks during a session at the Qatar Economic Forum, Doha, Qatar, May 20, 2025. (AFP)
Turkish Finance Minister Mehmet Simsek speaks during a session at the Qatar Economic Forum, Doha, Qatar, May 20, 2025. (AFP)
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Türkiye to Crack Down on Market Manipulation by ‘Certain Funds’ 

Turkish Finance Minister Mehmet Simsek speaks during a session at the Qatar Economic Forum, Doha, Qatar, May 20, 2025. (AFP)
Turkish Finance Minister Mehmet Simsek speaks during a session at the Qatar Economic Forum, Doha, Qatar, May 20, 2025. (AFP)

Türkiye will crack down on market manipulation by "certain" investment funds with tougher penalties and new regulations, Finance Minister Mehmet Simsek said on Tuesday in a stark warning to the country's financial sector.

Addressing a gathering of bankers and investors in Istanbul, Simsek said: "We know these manipulations are being carried out, especially through certain funds, and know there is a lack of regulation in that area. We will address this deficiency."

He did not specify which funds he was referring to in his speech to the Turkish Capital Markets Congress.

"In the fight against manipulation, we will make additional efforts to increase penalties and strengthen the regulatory framework," Simsek said.

Omer Gonul, head of the Capital Markets Board, later told reporters that it is considering raising manipulation-related fines and that one potential punishment is cancelling licenses in portfolio management.

Authorities have sharpened screening for manipulation in the past year. They have also detained dozens of people suspected of causing fluctuations in trading volumes and share prices in capital market instruments.

Years of soaring inflation have pushed Turks to find ways to protect their purchasing power, with some buying hard currencies and others turning to stocks and cryptocurrencies.