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Egypt Seeks 20 LNG Cargoes for Winter

FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt Seeks 20 LNG Cargoes for Winter

FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
FILE PHOTO: Egyptians walk in front of the central bank in central Cairo, Egypt, June 7, 2017. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt is seeking winter cargoes of liquefied natural gas for the first time in years, highlighting a deepening energy shortage, Bloomberg reported.

State-owned Egyptian General Petroleum Corp. issued one of its biggest tenders, asking for 17 shipments for its floating import terminal at Ain Sukhna and three more cargoes to be delivered into neighboring Aqaba, Jordan, according to people with knowledge of the matter. Egypt is seeking the deliveries from October to December, the people said.

Meanwhile, Egypt's Suez Canal Economic Zone signed contracts worth $1.067 billion linked to several projects to manufacture chemical and food products and renewable energy components at the China-Africa summit, the prime minister's office said in a statement on Friday.

In other economic news, Egypt's central bank as expected left its overnight interest rates on hold, saying inflation pressures had subsided but that economic growth had softened.

The lending rate remained at 28.25%, while the deposit rate stood at 27.25%, the bank said in a statement.

It was the third time that it left rates unchanged since a 600 basis point (bps) hike on March 6, when it signed a $8 billion financial support agreement with the International Monetary Fund.

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DMDF 2024 Explores Dynamics of Saudi Financial Market

A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)
A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)
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DMDF 2024 Explores Dynamics of Saudi Financial Market

A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)
A previous conference organized by the Saudi Financial Academy (Asharq Al-Awsat)

The Debt Markets and Financial Derivatives Forum (DMDF 2024), set to launch on Sunday in Riyadh, will focus on key principles aimed at exploring the dynamics of the Saudi financial market.
Organized by the Financial Academy, the forum will be held under the patronage of Mohammed El-Kuwaiz, Chairman of the Capital Market Authority and the Board of Trustees of the Financial Academy, with the participation of industry leaders, experts, and specialists from the financial securities sector.
The forum will examine emerging trends and insights from experts and CEOs in the financial sector, contributing to the mission of the Financial Academy, which aims to leverage its resources to provide high-level specialized services that align with Saudi Arabia’s Vision 2030.
Mana bin Mohammed Al-Khamsan, CEO of the Financial Academy, told Asharq Al-Awsat that the forum comes in parallel with the Kingdom’s ongoing advancements, driven by Vision 2030, which seeks to achieve exceptional results across all areas, particularly the economic sector, a cornerstone of the country’s development.
Key Focus Areas
According to Al-Khamsan, the forum will address several major topics in the financial sector, including strategic partnerships with local and international exchanges, such as collaborations with the Saudi Tadawul Group and the Chicago Mercantile Exchange. It will also include partnerships with renowned international organizations like the CFA Institute and the International Capital Market Association (ICMA).
He added that a central focus will be on the debt and derivatives markets, which are expected to experience significant growth in the near future due to recent legal and regulatory reforms. These markets will play a crucial role in diversifying financing sources and improving liquidity.
The CEO of the Financial Academy also noted that the debt and derivatives markets in Saudi Arabia are experiencing rapid growth, and are expected to play a vital role in expanding funding sources and enhancing liquidity over the next few years.
Additionally, the official anticipated a rise in foreign investments in the Saudi financial market due to an improved regulatory environment and increased confidence among international investors.
Future Outlook
According to Al-Khamsan, the forum will shed light on these transformations through panel discussions and dialogues centered on future trends and challenges facing these markets. It will also present innovative solutions to keep pace with global financial market developments.
The forum aims to deliver measurable outcomes by tracking the impact of the Financial Academy’s initiatives on career development within the sector and fostering the principles of continuous professional training across the Kingdom’s financial industry, he underlined.
Al-Khamsan continued that the forum seeks to raise awareness and facilitate the exchange of expertise on modern financial instruments and risk management, while solidifying Saudi Arabia’s position as a leading investment destination regionally and globally. This will be achieved through collaboration with prestigious local and international entities such as the Saudi Tadawul Group, the Chicago Mercantile Exchange, and the CFA Institute.