Egypt Souvenir Market Pins Hopes on New Lease of Economic Life

A technician paints a replica of an ancient Egyptian statue at the Konouz (Treasures) factory in Cairo - AFP
A technician paints a replica of an ancient Egyptian statue at the Konouz (Treasures) factory in Cairo - AFP
TT

Egypt Souvenir Market Pins Hopes on New Lease of Economic Life

A technician paints a replica of an ancient Egyptian statue at the Konouz (Treasures) factory in Cairo - AFP
A technician paints a replica of an ancient Egyptian statue at the Konouz (Treasures) factory in Cairo - AFP

Pyramids, Tutankhamun masks, Nefertiti busts -- Egypt's souvenir-makers are pinning their hopes on a new lease of economic life, after tourism was battered by the coronavirus pandemic.

In the shadow of the magnificent Giza Pyramids, Eid Yousri manufactures polyester Pharaonic figurines from a humble workshop erected on the roof of his family home.

"We've lost nearly 70 percent of our business," he told AFP, lamenting the plunge in visitors to one of the seven wonders of the ancient world.

Before the pandemic, "we had about 15 workers -- compared to five today," he said, noting that even the remaining staff were not full-time.

He sells his products from as little as 20 Egyptian pounds (about $1.30, or one euro) to 200 pounds.

Hundreds of small business owners and artisans have been forced to mothball much of their activity, choked by cancelled flights and movement restrictions around the world.

Yousri hopes that foreign tourists are lured back to Egypt in the latter part of the year, "especially Americans", with some groups from the US expected in September.

In 2019, the last full year before the pandemic struck, tourism made up about 12 percent of Egypt's GDP.

After a long period of political instability dented earnings, revenues from the sector reached $13 billion that year.

But in 2020, a year when Egypt had initially eyed a further rebound to $16 billion, takings collapsed to $4 billion.

In a recent interview with AFP, Tourism Minister Khaled El-Enani welcomed a partial recovery in visitor numbers.

Around 500,000 have flown in monthly since April this year, more than double the number in January and up from an average of just 200,000 tourists per month in 2020.

On the other side of town, in the narrow and labyrinthine alleys of Khan el-Khalili in Islamic Cairo, tourist Caroline Bucher is on the hunt for "locally made" products to bring back home to her native Dominican Republic.

"We're looking for hand made and quality souvenirs, that are about local culture," she told AFP. "It has to be a memory of the trip."

In a souvenir market that was for many years flooded by cheap Chinese imports, the government is seeking to meet demand for quality products sought out by tourists like Bucher.

On the eastern outskirts of Cairo, a new antique reproduction factory has since March been preparing to capitalize on the much hoped for post-pandemic era.

The factory, named Konouz (treasures in Arabic), produces furniture, statuettes and paintings that retrace four major periods of Egyptian heritage: Pharaonic, Greco-Roman, Coptic and Islamic.

Reproductions, in 1:1 scale or miniaturized, are accompanied by an official government-issued certificate of authenticity.

The vast 10,000 square metre (approximately 107,650 square foot) factory is run by Hisham Sharawi, a retired general, who supervises around 150 workers, painters, cabinetmakers, sculptors and designers.

"We opened a gift shop at the National Museum of Egyptian Civilization" in April, he told AFP.

Other Konouz gift shops will open at museums and key archaeological sites later on.

"When tourists come back, we will be ready," pledged Ahmed Aboul Gheir, who is also working on the 'Made in Egypt' initiative.

Government-driven investment under the scheme totals 80 million Egyptian pounds and focuses on quality production.

In 2015, the ministry of industry prohibited "the imports of goods and products of a popular art nature", including "models of Egyptian Antiquities" as a protective measure to safeguard its home-grown crafts industry from cheaper foreign competition.

Most of the factory's replica objects are cast in polyester, plaster or metal. Specialized machines give a "final touch" to the replicas before they are painted by hand or covered with gold leaf.

But the cheaper items created under the initiative also risk crowding out local craftsmen who are unable to produce in such high volumes.

Items at Konouz range from a small amulet selling for 50 Egyptian pounds to a three-meter statue setting back customers thousands of pounds.

Tourism expert Elhamy al-Zayat calls the government initiative a "smart marketing exercise".

But he warned against flooding the replica goods market.

"You mustn't produce too much, otherwise it loses value," he noted.



India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
TT

India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
TT

Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.


Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
TT

Europe, Türkiye Agree to Work Toward Updating Customs Union

European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal
European Union (R) and Turkish flags fly at the business and financial district of Levent in Istanbul, Türkiye September 4, 2017. REUTERS/Osman Orsal

The European enlargement chief and the Turkish foreign minister said on Friday they had agreed to continue work toward modernizing the EU-Türkiye customs union and to improve its implementation, Reuters reported.

European Commissioner for Enlargement Marta Kos met Turkish Foreign Minister Hakan Fidan in the capital Ankara on Friday.

"They shared a willingness to work for paving the way for the modernization of the Customs Union and to achieve its full potential in order to support competitiveness, and economic security and resilience for both sides," they said in a joint statement afterward.

The sides also welcomed the gradual resumption of European Investment Bank (EIB) operations in Türkiye and said they intended to support projects across the country and neighbouring regions in cooperation with the bank.