Egypt: Industrial Product Valued at EGP1.2 Trillion

CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba, during a tour of the free zones in Suez Governorate (Asharq Al-Awsat)
CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba, during a tour of the free zones in Suez Governorate (Asharq Al-Awsat)
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Egypt: Industrial Product Valued at EGP1.2 Trillion

CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba, during a tour of the free zones in Suez Governorate (Asharq Al-Awsat)
CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba, during a tour of the free zones in Suez Governorate (Asharq Al-Awsat)

The Egyptian economy was capable of achieving positive indexes, topped by attaining the industrial product of a total EGP1.2 trillion in 2022/2023, announced Minister of Trade and Industry Ahmed Samir.
Samir said in a speech during a press conference in Cairo that despite global crises and their economic repercussions, transformative industries achieved a growth rate of 9.57%.
Samir added that non-petroleum exports increased to $35.631 billion in 2023, and Egyptian imports declined to $73 billion, a decrease of 14% compared to 2022.
He said the balance of trade deficit was down to about $11 billion, as it recorded nearly $37 billion against $48 billion in 2022.
The Minister added that these positive indicators are due to global demand stability for Egyptian products in various productive sectors, the preservation of export markets, and the opening of new markets.
The high competitiveness of Egyptian products in foreign markets and the measures taken by the government to encourage manufacturers also increased the positive indicators.
The Minister stressed keenness on achieving the state's goals to increase exports to various global markets and to reach $100 billion annually by developing Egyptian products, increasing their value, and opening new markets.
Meanwhile, the CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, discussed establishing a new investment zone for small industries feeding the economic zone in the Suez Canal region.
Heiba toured public free zones in the Suez Governorate to follow up on the companies operating there.
At the beginning of the tour, the CEO discussed the mechanisms for establishing the investment zone, especially in small industries.
The Suez Governorate includes three public free zones in Port Tawfiq, al-Adabiah, and Ataka, given the governorate's geographical location as a southern gateway to the Suez Canal.
GAFI issued a press statement announcing that Heiba inaugurated a new production line for Galaxy Chemicals in Ataka's free zone, at an investment of $5.5 million, which contributes to boosting Egypt's petrochemical exports and increasing foreign exchange returns.
The CEO also toured Beam Consolidated factories for the production of building materials.
Heiba discussed with the CEO of Beam, Felix Moral, the group's expansion plans to develop eco-friendly building materials and increase its share of exports from 30% to 50% of its total production in the upcoming years.

Moral stressed that the Egyptian economy is appealing to investors, which led to the development of the company's size since the beginning of its work in Egypt in 2016.
Beam Consolidated's investments and assets in Egypt currently amount to about EGP2 billion, making it the country's largest producer of gypsum board.
At the end of the tour, GAFI organized a meeting between Heiba and investors in the three free zones in Suez.
The meeting addressed developing work within the free zones and the challenges facing investors.
The head of the Authority reviewed the latest investment stimulating measures, including enabling electronic incorporation of companies and reducing the number of documents needed to establish and operate companies.
He also emphasized the government's openness to the business community's proposals to develop legislation and procedures related to the investment environment.



World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.


Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
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Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.


Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
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Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over the next five years, driven by the current energy crisis, the International Energy Agency said on Friday.

Gas and oil prices have soared this year as the US-Iran war disrupts traffic through the Strait of Hormuz, a key route for global oil and gas trade.

Global renewable energy ‌capacity is forecast ‌to increase by almost 4,800 gigawatts ‌between ⁠2026 and 2031, ⁠the IEA said in its annual outlook.

Emerging and developing economies are expected to add about 1,100 GW, roughly the same as advanced economies, with China adding around 2,550 GW, the agency said.

Capacity growth in Southeast Asia, Africa and the Middle East is ⁠expected to triple over the period, ‌led mainly by solar installations, ‌the IEA said.

China will remain the biggest contributor to ‌global renewable energy growth, although its share is ‌forecast to fall to 53% by 2031 from 60% in 2025.

India is emerging as the world's second-fastest deployer of renewables and is expected to more than double its contribution ‌to global growth by 2031 to nearly 8.5%.

Grid connection delays remain ⁠a major ⁠challenge, with projects awaiting connections worldwide rising 60% over the past year, equivalent to four times the wind and solar capacity connected to grids during the same period.

Grid constraints are expected to slow growth in advanced economies, with annual additions in Europe through 2031 forecast to remain broadly in line with 2025 levels.

Renewable energy is expected to meet 6% of global transport energy demand by 2031, while higher fuel-blending mandates prompted the IEA to raise its biofuels forecast by 40% from last year's report.