Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
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Egypt Makes Progress in its Nuclear Energy Project

Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)
Construction work at the El-Dabaa nuclear power plant. (Egyptian Nuclear Power Plants Authority)

Egypt has reported significant progress in the construction of the El-Dabaa nuclear power plant in the country’s northwest, a project being developed in cooperation with Russia. The government announced on Tuesday that more than 20% of the project has been completed.

Egypt and Russia signed a cooperation agreement on November 19, 2015, to establish the nuclear power station at a cost of $25 billion, funded through a Russian government loan. The final agreements for El-Dabaa were signed in December 2017.

The plant will consist of four nuclear reactors with a total generation capacity of 4,800 megawatts, each producing 1,200 megawatts. The first reactor is scheduled to begin operations in 2028, with the remaining units coming online gradually as part of Egypt’s energy mix.

In its quarterly performance report, the Egyptian government stated that the project aligns with efforts to expand the peaceful use of nuclear energy within the national power grid.

President Abdel Fattah al-Sisi emphasized in November the importance of executing energy projects efficiently and on schedule, calling them a pillar of Egypt’s development strategy. He underscored the need to adhere to the project timeline while ensuring the highest standards of execution and workforce training.

Also in November, Prime Minister Mostafa Madbouly reaffirmed Egypt’s commitment to the project, stating that El-Dabaa would enhance renewable energy capacity and stabilize the national power grid.

In early March, Russia’s Atomstroyexport announced that construction on the second reactor at El-Dabaa had progressed ahead of schedule. According to the Egyptian Nuclear Power Plants Authority, the second tier of the inner containment structure had been installed at the reactor building.

Egypt experienced widespread power outages last summer, which ended in late July after securing sufficient fuel supplies for its power plants.

The El-Dabaa project is part of Egypt’s strategy to diversify its energy sources, generate electricity to meet domestic demand, and reduce reliance on imported gas and other fuels.

On Tuesday, the government also announced an additional 200 megawatts of private-sector solar power capacity as part of its efforts to expand renewable energy. Officials said the move would support energy diversification and advance the country’s sustainable development strategy.



Dollar Drifts as Traders Assess Stuttering US-Iran Talks

US Dollar banknotes are seen in this illustration taken July 17, 2022. (Reuters)
US Dollar banknotes are seen in this illustration taken July 17, 2022. (Reuters)
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Dollar Drifts as Traders Assess Stuttering US-Iran Talks

US Dollar banknotes are seen in this illustration taken July 17, 2022. (Reuters)
US Dollar banknotes are seen in this illustration taken July 17, 2022. (Reuters)

The US dollar wobbled on Monday as wavering hopes of a deal to end the Middle East war left investors on edge in a week when they will also be looking for direction from central bank policymakers on the impact of the conflict.

US President Donald Trump scrapped a visit to Islamabad by his envoys over the weekend, saying Iran could reach out if it wanted to negotiate an end to the two-month war, leaving the pivotal Strait of Hormuz effectively closed.

But sentiment got a lift after Axios reported, citing sources, that Iran offered the US a new proposal through Pakistani mediators on reopening the waterway and ending the war, with nuclear negotiations postponed for a later stage.

The euro cut earlier losses to trade flat at $1.1726, while sterling bought $1.3544, also pulling back a bit. The dollar index, ‌which measures the ‌US currency against six major peers, was at 98.465, down 0.18%.

The dollar benefited ‌in ⁠March from safe-haven ⁠flows as the war erupted but shed most of those gains on hopes of a peace deal this month. It has steadied in recent days after US-Iran talks stalled.

"I have been surprised that the markets are so confident, perhaps even blase, about progress in talks and the prospect of a peace deal," said Kyle Rodda, senior financial analyst at Capital.com, noting the markets are priced for peace.

"The peace might not hold and if it doesn't the markets will have to re-price quite violently."

Although a ceasefire has paused full-scale fighting in the conflict, which began with US-Israeli strikes on Iran on February 28, no agreement has ⁠been reached to end the war, keeping shipping through the Strait of Hormuz at ‌a standstill.

The war has sent oil prices surging, fueled inflation and ‌cast a shadow over the outlook for global growth, with the closure of the strait, which normally carries a fifth of ‌global oil and gas shipments, a key risk.

Brent crude futures were up 1% at $107.20 a barrel and US West ‌Texas Intermediate at $95.80 a barrel, up 1.5% on Monday.

"While a bout of mild stagflation is baked in, the clock is now ticking on whether this turns into a more severe bout like that seen in the 1970s," said Shane Oliver, chief economist and head of investment strategy at AMP in Sydney.

FLURRY OF CENTRAL BANK MEETINGS

Investors will be watching several central bank meetings this week to gauge ‌the impact of the war on prices and rate outlooks, with the Bank of Japan expected to keep rates steady on Tuesday but signal its readiness to ⁠hike as soon as June.

Unlike ⁠last year when higher US tariffs forced a pause in its rate-hike cycle, the BOJ will stress its resolve to keep raising rates as the energy shock risks fueling broad-based inflation, sources familiar with its thinking told Reuters.

The Japanese yen was steady at 159.26 per US dollar, just shy of the crucial 160 level that traders worry could prompt Tokyo to intervene in the currency markets.

The yen has been stuck in the 159 range since early March as investors assess the impact of the oil shock on energy-import-dependent Japan and the BOJ's tightening trajectory.

Gregor Hirt, global CIO for multi asset at Allianz Global Investors, said the resumption of the hiking cycle hinges on geopolitical stabilisation, noting that if tensions eased and the Strait of Hormuz became navigable again, hikes could be back on the table by summer.

"However, investors should not expect aggressive signalling at the April meeting. Instead, the BOJ will likely favor a strategy of incremental guidance to preserve optionality under uncertainty."

The Federal Reserve, the European Central Bank and the Bank of England are all widely expected to hold rates steady this week, with markets looking for policymakers' views about the war's impact on the economy and the path for interest rates.


Oil Climbs Nearly 2% as US-Iran Peace Talks Stall

The Noble Endeavor (C) and Well-Safe Defender (R) oil rigs are seen on the Cromarty Firth on the north-east coast of Scotland on April 24, 2026. (AFP)
The Noble Endeavor (C) and Well-Safe Defender (R) oil rigs are seen on the Cromarty Firth on the north-east coast of Scotland on April 24, 2026. (AFP)
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Oil Climbs Nearly 2% as US-Iran Peace Talks Stall

The Noble Endeavor (C) and Well-Safe Defender (R) oil rigs are seen on the Cromarty Firth on the north-east coast of Scotland on April 24, 2026. (AFP)
The Noble Endeavor (C) and Well-Safe Defender (R) oil rigs are seen on the Cromarty Firth on the north-east coast of Scotland on April 24, 2026. (AFP)

Oil prices extended gains on Monday, rising nearly 2% as peace talks between the US and Iran stalled while shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.

Brent crude futures rose $2.16, or 2.05%, to $107.49 a barrel by 2346 GMT, the highest since April 7, and US ‌West Texas Intermediate ‌was at $96.17 a barrel, up $1.77, or ‌1.88%.

Last ⁠week, Brent and ⁠WTI gained nearly 17% and 13%, respectively, the biggest weekly gains since the start of the war.

Hopes of reviving peace efforts receded during the weekend when US President Donald Trump scrapped a planned trip to Islamabad by his envoys Steve Witkoff and Jared Kushner, even as ⁠Iranian Foreign Minister Abbas Araqchi arrived In Pakistan.

"This ‌move puts the ball ‌squarely back in Iran’s court, and the clock is now ‌ticking loudly," IG market analyst Tony Sycamore said in ‌a note, adding that Tehran may be forced to shut production at its aging oil fields when it runs out of storage capacity.

Tehran has largely closed the strait while Washington ‌has imposed a blockade of Iran's ports.

Traffic through the Strait of Hormuz remained limited, ⁠with just ⁠one oil products tanker entering the Gulf on Sunday, shipping data from Kpler showed.

Goldman Sachs raised its oil price forecasts for the fourth quarter to $90 a barrel for Brent crude and $83 for WTI citing reduced output from the Middle East.

"The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock," GS analysts led by Daan Struyven said in an April 26 note.


Saudi Stocks Close Higher at 11,122 Points amid Mixed Performance

A market display screen inside the headquarters of the Saudi Tadawul Group in Riyadh (Asharq Al-Awsat)
A market display screen inside the headquarters of the Saudi Tadawul Group in Riyadh (Asharq Al-Awsat)
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Saudi Stocks Close Higher at 11,122 Points amid Mixed Performance

A market display screen inside the headquarters of the Saudi Tadawul Group in Riyadh (Asharq Al-Awsat)
A market display screen inside the headquarters of the Saudi Tadawul Group in Riyadh (Asharq Al-Awsat)

Saudi Arabia’s main stock index (TASI) ended Sunday’s session up 0.1 percent to close at 11,122 points, with liquidity of about 3.6 billion riyals ($960 million).

Among leading stocks, Al Rajhi Bank rose 1 percent to 69.1 riyals, while SABIC gained 2 percent to 58.4 riyals.

Petro Rabigh topped the list of gainers, rising 10 percent to 12.65 riyals, following the company’s announcement of its first-quarter 2026 financial results.

In contrast, Saudi Aramco, the index’s heaviest-weighted stock, fell 0.22 percent to 27.16 riyals.

Shares of NADEC and Alawwal Bank declined 4 percent each, while Kingdom Holding Company fell 3 percent.

Ban topped the list of decliners, dropping 8 percent.