Morocco Inaugurates Tanger-Med 2 of Tangier Port

Crown Prince of Morocco Moulay Hassan during the port’s inauguration (MAP)
Crown Prince of Morocco Moulay Hassan during the port’s inauguration (MAP)
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Morocco Inaugurates Tanger-Med 2 of Tangier Port

Crown Prince of Morocco Moulay Hassan during the port’s inauguration (MAP)
Crown Prince of Morocco Moulay Hassan during the port’s inauguration (MAP)

Crown Prince of Morocco Moulay Hassan, son of Morocco's King Mohammed VI, inaugurated Tanger-Med 2 of Tangier port, which will enhance the country’s position in the Euro-Mediterranean region.

Tanger-Med 2 now has the largest Mediterranean port capacity and by connecting Morocco to 77 countries and 186 ports, the port contributed to the location of the Kingdom of Morocco on the international maritime scene, announced head of the Tanger Med special agency Fouad Brini.

“Tanger today represents the top port in the Mediterranean in terms of capacity.”

Morocco is now in the 17th place according to the United Nations Conference on Trade and Development (UNCTAD), Brini said, adding that: “That's something to be proud of.”

Brini pointed out that the port provides Morocco with world-class infrastructure in Gibraltar Strait and makes the Kingdom a regional and industrial player of the first level in Africa and the Mediterranean. He added that the visionary decision of the King of Morocco to launch the studies and construction of Tanger-Med 2 enabled Tangier port of tripling its capacity from 3 million to 9 million containers per year.

The Head of the agency added that in 2018, Tanger-Med 1 handled 3.4 million containers, which enabled it to be located as the first port in Africa, ahead of Egypt’s Port Said on the Suez Canal and Durban in South Africa.

Tanger-Med is the first African port to be labeled EcoPort, part of the main environmental initiative which features equipment that respects the environmental standards of the European Maritime Ports Organization.

Brini noted that the momentum of development will continue for a new investment program worth $900 million, adding that this investment program aims at keeping pace with the growth of Moroccan industrial and agricultural exports, through expanding port processing capabilities and creating new facilitation zones.

This dynamism will contribute to improving the logistics competitiveness of the African continent and confirm Morocco’s integration in the world's leading logistics corridors by enabling Tanger-Med to be located within the world's top 20 container ports, explained Brini.

He recalled that 12 years after the actual launch of the project, the innovative model of the Tanger-Med Agency's governance is systematically brought up in the best global practices.

A.P. Moller Maersk CEO Morten Engelstoft said that Tanger-Med is one of the most developed ports within the port network in which the group operates. He added that this port platform is one of the strategic centers within the global network of A.P. Moller Maersk.

Engelstoft noted that Tanger-Med is a leading port with a very advanced technology that offers effective and safe solutions. He praised the extraordinary business climate in Morocco, stressing that Maersk reaffirmed its commitment and trust in country.

Tanger-Med 1 & 2 port director Rachid Houari stated that the port put Morocco in the category of the world's great marine countries.

He also pointed out that Morocco has become an inevitable destination, and Tanger-Med is an indispensable port.

The extension is the result of nine years of work and 1.3 billion euros of public funding along with an equivalent amount pumped in by private investors, explained Houari.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.