Eurasian Group to Invest in Egyptian Mining Sector

Egyptian Minister of Petroleum Tarek El-Molla during his meeting with the delegation of the Eurasian Resources Group specialized in mining. (Asharq Al-Awsat) 
Egyptian Minister of Petroleum Tarek El-Molla during his meeting with the delegation of the Eurasian Resources Group specialized in mining. (Asharq Al-Awsat) 
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Eurasian Group to Invest in Egyptian Mining Sector

Egyptian Minister of Petroleum Tarek El-Molla during his meeting with the delegation of the Eurasian Resources Group specialized in mining. (Asharq Al-Awsat) 
Egyptian Minister of Petroleum Tarek El-Molla during his meeting with the delegation of the Eurasian Resources Group specialized in mining. (Asharq Al-Awsat) 

The Eurasian Resources Group (ERG) - which is specialized in mining - said that it seeks to expand in Egypt in the coming period amid ongoing developments and legislations in Egypt that are facilitating foreign firms’ operations in the country.

The Eurasian Resources Group specializes in mining, energy, transportation, and marketing operations in 16 countries worldwide. The Group uses the newest techniques in search and exploitation.

The history of the Eurasian Group goes back to 1994, when shareholders of the Company acquired the first asset in Kazakhstan. Since then, ERG has become one of the world’s leading diversified mining and smelting groups with fully integrated mining, processing, energy production, logistical and marketing operations, according to the website.

On the sidelines of Egypt Mining Forum 2023, the ERG officials expressed during their meeting with Minister of Petroleum and Mineral Resources Tarek El Molla their interest in Egypt’s achievements in mining.

They revealed studies to kick off investments in the Egyptian market, given its promising opportunities.

Jonathan Cordiero, the head of the Development Sector at Eurasian Resources Group, said that he agreed with the minister on exploring further opportunities for cooperation and investment, aiming to benefit from the group's expertise, especially in maximizing the value of mineral resources and developing ongoing projects.

El Molla explained the developments and reforms that the mining sector has witnessed in Egypt, resulting in successful auctions attracting global investments and partnerships.

El Molla emphasized that the group's participation in the Egypt Mining Forum is an excellent opportunity to gain insight into the Egyptian market and explore the tangible reforms undertaken in the mining sector. It will also help identify potential areas for the group's investment, starting from participation in bids and extending to various services within the mining sector.

In parallel, heads and officials of the companies participating in the Forum stressed that Egypt is “on the right track” and has offered new incentives for investment in the mining sector.

During the session of the CEOs of major international companies working in gold mining in Egypt, to unleash the investment potential of the mining sector in the country, within the activities of the Egypt Mining Forum, Martin Horgan, Centamin CEO, said that Egypt has the necessary geological factors and expertise to achieve remarkable results in the mining sector, in addition to the infrastructure and human capacities.

Mark Campbell, Chairman & General Manager of Akh Gold Limited, lauded the unique geographic location of Egypt that permits it to attract more investments especially after the Egyptian minister of petroleum amended the mineral wealth law.



Turkish Manufacturing Contracts in October at Fastest Pace Since June, PMI Shows

 People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)
People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)
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Turkish Manufacturing Contracts in October at Fastest Pace Since June, PMI Shows

 People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)
People walk past displayed items in a clothes shop at Eminonu commercial area, in Istanbul, Türkiye, Thursday, March 26, 2026. (AP)

Türkiye's manufacturing sector ‌contracted in October at the fastest pace since June as sharper declines in output and new orders weighed on activity, a business survey showed on Monday.

The headline Istanbul Chamber of Industry Türkiye Manufacturing PMI, compiled by S&P Global, fell to 47.3 in October from 47.9 in September.

The 50 mark separates growth ‌from contraction.

"The ‌economic environment facing Turkish ‌manufacturers ⁠is such that they ⁠continued to find it difficult to generate growth as the final quarter of the year began," said Andrew Harker, economics director at S&P Global Market Intelligence.

Output was cut for a fifth ⁠straight month and at the fastest ‌pace in four ‌months, while new orders fell for a ‌40th consecutive month. The decline in new ‌business was the sharpest since July, with export orders also continuing to soften.

Manufacturers reduced headcount again, but the pace of job shedding ‌eased for a second month and was the weakest since ⁠June.

Input costs and output prices both rose sharply, though their inflation rates eased from September. S&P Global said 29% of respondents reported higher input prices, citing oil, raw materials and exchange rate weakness.

Manufacturers still expected output to rise over the coming year, but confidence slipped to a three-month low. Suppliers' delivery times lengthened again, extending a run of monthly deterioration to a full year.


Sumou Real Estate and Saudi Downtown to Develop Residential Project in Al Khobar

The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)
The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)
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Sumou Real Estate and Saudi Downtown to Develop Residential Project in Al Khobar

The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)
The Sumou pavilion at the Real Estate Future Forum in Riyadh. (Sumou)

Sumou Real Estate Company announced the signing of an agreement with Saudi Downtown Company, wholly owned by the Saudi Public Investment Fund, to develop, execute and market a residential units project in Downtown Al Khobar with an area of 4,827 m².

Under the agreement, signed on Sunday, Sumou Real Estate will oversee the development, execution and marketing of the project, as well as the sale of its residential units.

Saudi Downtown Company's contribution will be in the form of land, while Sumou Real Estate Company's contribution includes a partial investment and financing the remaining portion from off-plan sales proceeds.

The agreement also appoints Sumou as developer, contractor and marketer of the project in exchange for agreed fees, in addition to a share of the project's profits.

Sumou Real Estate Company will receive development management fees of 6.5% of total development costs, in addition to marketing and sales fees of 2% of total sales.

It will also receive 32% of the project's net profits in return for the investment the Company will provide.

The agreement is valid for 48 months from the date it takes effect.

The project is expected to have a positive impact on the Company's results once the agreement becomes effective and work commences.


Oil Prices Ease 3% on Optimism for Qatari-Led Talks on Ending Iran War

A flare burns off methane and other hydrocarbons as oil pumpjacks operate in the Permian Basin in Midland, Texas, on Oct. 12, 2021. (AP)
A flare burns off methane and other hydrocarbons as oil pumpjacks operate in the Permian Basin in Midland, Texas, on Oct. 12, 2021. (AP)
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Oil Prices Ease 3% on Optimism for Qatari-Led Talks on Ending Iran War

A flare burns off methane and other hydrocarbons as oil pumpjacks operate in the Permian Basin in Midland, Texas, on Oct. 12, 2021. (AP)
A flare burns off methane and other hydrocarbons as oil pumpjacks operate in the Permian Basin in Midland, Texas, on Oct. 12, 2021. (AP)

Oil prices slipped more than 3% on Monday after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran.

Brent crude futures fell $3.68, or 3.2%, to $109.75 a barrel by 0407 GMT while US West Texas Intermediate crude was at $100.69 a barrel, down $3.43, or 3.3%.

Brent ended October at its highest in ‌six months amid concerns ‌that the US-Iran conflict could escalate again ‌after Tuesday's ⁠US midterm elections.

"Oil ⁠is seeing a technical pullback this morning after last week’s strong gains," said Tim Waterer, chief market analyst at KCM Trade.

"Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now."

However, the market remained alert to the ⁠possibility that rhetoric around Iran could be ratcheted higher ‌and push Brent toward $120 after the midterm ‌elections, Waterer said.

Iranian Foreign Minister Abbas Aragcchi said on Sunday that the ‌purpose of the "ongoing and progressing" talks was to continue consultations with ‌the Qatari mediators, adding Tehran was prepared for "both defense and diplomacy".

The talks come amid attacks on oil tankers transiting the Strait of Hormuz that are driving up global energy and shipping costs.

"The price ⁠action in oil in recent weeks reflects a market increasingly bracing for the potential for more hostilities between the US and Iran," ING analysts said in a client note.

"If the midterms pass with neither strikes nor a deal, the key question is whether the market continues to price in a substantial geopolitical risk premium or whether that premium gradually begins to unwind."

The Organization of the Petroleum Exporting Countries and allies including Russia, or OPEC+, kept December production targets steady on Sunday, confirming expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran war.