Egypt’s engineering exports record highest jump in history reaching $3bn

Egypt’s engineering exports record highest jump in history reaching $3bn
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Updated 27 December 2021

Egypt’s engineering exports record highest jump in history reaching $3bn

Egypt’s engineering exports record highest jump in history reaching $3bn

RIYADH: The Engineering Export Council of Egypt has reported the highest ever leap in Egypt’s engineering exports, of 45 percent during the first 11 months of 2021.

Exports of electrical appliances increased by 41 percent, cables achieved by 97 percent, car components by 41 percent, household appliances by 48 percent, and electrical and electronic industries increased by 31 percent.

The biggest hike in the sector’s history led the engineering industry’s exports to reach $3 billion, compared to $2.1 billion in the corresponding period a year ago, Daily News Egypt reported, citing the council’s chairman Sherif El Sayyad.

According to statistics, the industry’s exports reached the highest monthly figure since 2009 in November 2021, standing at $355 million.

Egypt exported engineering products to countries across Europe, Asia, Africa, South America, and North America.

Most of the sector’s exports were attributed to Europe, accounting for 48 percent – $1.4 billion – of total exports. Asia had total exports of $951 million, Executive Director at EECE May Helmy revealed.

Africa recorded $535 million, while South America and North America together contributed to a total of $77 million of exports, she added.

In light of the leap in exports, she noted that the EECE is to take measures to “increase exports, open new export markets and create hundreds of new export opportunities through various activities of EECE,” as she highlighted the importance of the year 2021 for the sector.


 Tonga latest nation to back Saudi Arabia's Expo 2030 bid

 Tonga latest nation to back Saudi Arabia's Expo 2030 bid
Updated 9 sec ago

 Tonga latest nation to back Saudi Arabia's Expo 2030 bid

 Tonga latest nation to back Saudi Arabia's Expo 2030 bid

RIYADH: Tonga has become the latest country to declare its support for Saudi Arabia’s bid to host the World Expo in 2030. 

The Polynesian country’s Minister for Foreign Affairs Fekitamoeloa ‘Utoikamanu made the declaration during a meeting with the Kingdom’s Tourism Minister Ahmed Al Khateeb in Riyadh.

Saudi Arabia submitted its bid for the World Expo 2030 in October last year, in a letter sent by Crown Prince Mohammed bin Salman to the Bureau International des Expositions, the international organizing body for the global event since 1931. 

The Kingdom has already earned significant support for its bid from more than 60 countries and organizations around the world, including China, France, Turkiye, Greece, Armenia, Cuba, dozens of other African nations, and the Organization of Islamic Cooperation. 

If Saudi Arabia is selected to host the event, authorities plan to turn Riyadh and the rest of the country into a world-class venue for global culture, connectivity and climate action.

The Kingdom 's capital is competing against Busan in South Korea, Rome in Italy, and Odesa in Ukraine for Expo 2030, with a ballot to be held by the BIE in November 2023, on the principle of one country, one vote.

In a statement after her meeting, ‘Utoikamanu — also Tonga’s tourism minister — acknowledged the leadership Saudi Arabia has shown over the last few years to boost its tourism industry and the ambitious plan to attract 100 million visitors by 2030. 

“During my visit it is obvious that the Saudi Government is committed to boosting sustainable tourism,” she said, adding: “The investments in smart, environmentally sound infrastructure place Saudi Arabia as a global leader in responsible development and growth.” 

Tonga and Saudi Arabia established diplomatic relations in 2020, and the Kingdom’s tourism minister was one of the first foreign dignitaries to visit the country this year, following two years of border closures. 

Al Khateeb acknowledged that even if the relations between Tonga and Saudi Arabia are recent, the reciprocal high-level visits signal the commitment by both sides to strengthen the friendly relations that have developed between the two Kingdoms. 

‘Utoikamanu used her trip to Saudi Arabia to attend the World Travel and Tourism Council Global Summit which took place in Riyadh. 

The summit welcomed 57 tourism ministers, 250 CEOs, 8,000 registered participants and 3,000 in-person participants.


Oil Updates — Crude dips; US urges caution on low-quoted Russian oil prices 

Oil Updates — Crude dips; US urges caution on low-quoted Russian oil prices 
Updated 01 December 2022

Oil Updates — Crude dips; US urges caution on low-quoted Russian oil prices 

Oil Updates — Crude dips; US urges caution on low-quoted Russian oil prices 

RIYADH: Oil prices dipped in Asia trade on Thursday as uncertainty lingered ahead of Sunday’s meeting of the Organization of Petroleum Exporting Countries, and its allies, known as OPEC+, though easing COVID-19 curbs at the world’s top crude importer China capped price declines. 

Brent crude futures fell 25 cents, or 0.3 percent, to $86.72 per barrel by 0430 GMT, while US West Texas Intermediate crude futures eased 17 cents, or 0.2 percent, to $80.38. 

US urges caution on low-quoted Russian oil prices as EU debates price cap 

The Biden administration broke its silence on Wednesday on EU deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution. 

A US official told Reuters that recently quoted Urals prices in the $52-a-barrel range do not represent broader pricing in a very opaque market. 

The US Treasury has remained silent over the past week as EU diplomats have struggled to reach a consensus on a price cap level initially proposed in the $65-70 a barrel range. 

Some countries including Poland, Lithuania and Estonia have pushed for a far lower $30-a-barrel price limit, arguing this is closer to Russia’s cost of production and that the West needs to squeeze Moscow’s revenues harder. 

But the US official’s comments, which signal growing concern over the EU deliberations, come just five days before an embargo on Russian crude imports is set to be phased in. 

Lower quoted market prices could erode support for a cap in the $60-70 range. The US official cited concerns over using prices that represent a subset of Russian oil sales. 

Economic headwinds set to push oil below $100 in 2023: Poll 

Brent oil prices will hold above the $100 level for the rest of 2022 as an impending EU ban on Russian oil sparks uncertainty over supply, but will tick lower next year as economic concerns prevail, a Reuters poll showed on Wednesday. 

A survey of 38 economists and analysts forecast benchmark Brent crude would average $100.50 a barrel this year, and $93.65 in 2023, slightly lower than October’s $101.10 and $95.74 consensus, respectively. 

US crude was forecast to average $95.56 a barrel in 2022 and $87.80 next year. 

(With input from Reuters) 

 


Egypt signs $1.1 billion renewable energy deal with AMEA Power

Egypt signs $1.1 billion renewable energy deal with AMEA Power
Updated 01 December 2022

Egypt signs $1.1 billion renewable energy deal with AMEA Power

Egypt signs $1.1 billion renewable energy deal with AMEA Power

DUBAI: Egypt has sealed an agreement with AMEA Power a $1.1 billion agreement for a solar project and a wind farm with a combined capacity of about 1 gigawatt (GW).

The Emirati renewable energy company will build, own and operate a 500-megawatt solar facility in Aswan governorate of Egypt and a 500MW wind farm at the Red Sea governorate. The wind farm will be developed in partnership with Sumitomo Corporation, who will own 40 percent equity in the project. The solar plant, meanwhile, is being financed by International Finance Corporation, Dutch Entrepreneurial Development Bank and the Japan International Cooperation Agency.

The projects will boost the renewable energy ambitions of Egypt, along with supporting economic and social development within the region, a report from state news agency WAM said.

Cairo is aiming to source electricity from renewable energy platforms by as much as 42 percent by 2035.

Construction of both projects will commence this month, with completion of the solar plant expected after 18 months and of the wind farm after 30 months.


Saudi defense ministry, Spain’s Navantia sign combat ships agreement

Saudi defense ministry, Spain’s Navantia sign combat ships agreement
Updated 01 December 2022

Saudi defense ministry, Spain’s Navantia sign combat ships agreement

Saudi defense ministry, Spain’s Navantia sign combat ships agreement

RIYADH: Saudi Arabia’s defense ministry and Saudi General Authority for Military Industries signed an agreement with Spain’s Navantia company to acquire and build a number of multi-mission combat ships for the Royal Saudi Naval Forces, the Saudi Press Agency reported on Thursday.

The Kingdom’s Defense Minister Prince Khaled bin Salman and Spain’s Minister of Industry, Commerce, and Tourism María Reyes Maroto attended the agreement’s signing ceremony.

Prince Khaled said on Twitter that this agreement falls within Crown Prince Mohammed bin Salman’s vision to strengthen the capabilities of the Saudi defense ministry.

“This MOU represents the latest effort to fulfill the vision of HRH the Crown Prince and Prime Minister to localize our military industry and empower and strengthen the capabilities of the ministry of defense, which will help provide security for our country and region,” he said.

The agreement aims to raise the level of readiness of the Royal Saudi Naval Forces to enhance maritime security in the region, protect the Kingdom’s vital and strategic interests, and support defense ministry’s  operational and tactical goals.

According to the agreement, Navantia will localize up to 100% of naval shipbuilding, integration of combat systems, and ship maintenance, in line with Saudi Vision 2030 objectives.

It also focuses on integrating combat systems into new ships, engineering and designing systems and hardware, and developing software.

Testing, systems verification, prototyping, simulation, as well as logistical support and training program design will also be within the scope of the agreement.


King Abdulaziz Port welcomes first ever Grimaldi car carrier

King Abdulaziz Port welcomes first ever Grimaldi car carrier
Updated 30 November 2022

King Abdulaziz Port welcomes first ever Grimaldi car carrier

King Abdulaziz Port welcomes first ever Grimaldi car carrier

RIYADH: The Saudi Ports Authority, or Mawani, has announced the arrival of MSC Cristiana, a 4,250-vehicle car carrier owned by automobile shipping giant Grimaldi Group, at Dammam’s King Abdulaziz Port from the Chinese port of MCID.

With major shipping lines sailing toward Saudi waters, the national maritime regulator has scaled yet another milestone as it looks to boost the Kingdom’s liner connectivity with the rest of the world. It also seeks to reinforce its presence as a competitive force on the global scale while bolstering national economic growth and foreign trade in line with the objectives of the National Transport and Logistics Strategy.

King Abdulaziz Port is a highly rated trade and investment hub in the Arabian Gulf, thanks to its close proximity to Jubail’s ports and industrial complex as well as its rail linkages to Riyadh Dry Port and the Saudi railway network.

With its suite of world-class operating capabilities and best-in-class infrastructure, which includes 43 berths, the port was ranked 14th in the World Bank’s Container Port Performance Index for 2021.

The port has recently added a series of new shipping services to its roster, including the Jebel Ali Bahrain Shuwaikh Service by the Emirates Shipping Line, the Far East to Middle East service by Sea Lead Shipping in partnership with Saudi Global Ports, and the Gulf-India Express 2 service by Aladin Express. These are in addition to the latest expansion of the Gulf China Service by Pacific International Lines through the introduction of Shanghai and Singapore as new ports of call.

The shipping services lend their part in enabling a greater market capture of the regional maritime freight market while at the same time positioning King Abdulaziz Port as a global destination.