Saudi Arabia Takes Over Majority Stake in Egyptian Gold After Key Decision

Al-Marsad Newspaper: The President of the General Federation of Chambers of Commerce in Egypt, Ibrahim El-Araby, announced the export of a shipment of Egyptian gold artifacts to Saudi Arabia, after the decision to cancel the valuation fees on exporting gold.

Hani Milad Gaid, head of the General Division for Gold and Jewelry at the General Federation of Chambers of Commerce, said that the decision to cancel the valuation fees had a direct impact on the re-export of Egyptian gold jewelry, and gave the Egyptian product the ability to compete in foreign markets, explaining that two shipments have been exported since the ministerial decision was issued. The first was estimated at 10 kilograms of gold, while the second was estimated at about 12 kilograms of jewelry for the Saudi markets. According to Cairo 24.

He pointed out that there is a new shipment of gold completed by one of the companies, and it amounts to about 20 kilos of gold artifacts, all of them 21 karat.

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