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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) 
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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.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.