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emerging markets

Gold Prices Surge Amid Global Tensions and Fed Leadership Speculation

by Priya Shah – Business Editor August 7, 2025

written by Priya Shah – Business Editor

Grand Egyptian Museum Set to Open in November

Cairo, Egypt – the Egyptian government has officially announced the long-awaited opening of the Grand egyptian Museum (GEM) will take place in November. The proclamation confirms months of speculation regarding the museum’s launch date,marking a significant milestone in Egypt’s cultural and tourism sectors.

Located in Giza, near the pyramids, the GEM is poised to become the largest archaeological museum in the world dedicated to a single civilization. Construction began in 2005 at a reported cost exceeding $1 billion, funded through a combination of Egyptian government resources and international loans, including a $300 million loan from the Japan Bank for International Cooperation.

The museum will house an estimated 50,000 artifacts, including the complete Tutankhamun collection, many of which have never been publicly displayed. Key exhibits will also feature artifacts from predynastic and Old Kingdom periods, showcasing the breadth of Egypt’s ancient history. The museum’s design,by Irish architectural firm heneghan Peng Architects,incorporates a translucent stone façade and a grand atrium offering views of the Giza pyramids.

The opening of GEM is expected to significantly boost Egypt’s tourism industry, which has been recovering following periods of political instability. Egyptian authorities anticipate an increase in international visitors,contributing to economic growth and job creation.The museum is projected to attract over 15 million visitors annually once fully operational.

Egyptian Pound Exchange Rate Update

In related economic news, the Egyptian pound continues to be monitored closely against the US dollar. As of the close of trading on Wednesday, November 1st, the exchange rate varied across 11 major Egyptian banks. The National Bank of Egypt recorded a rate of 30.90 pounds per dollar, while Banque Misr showed 30.95 pounds. Other banks reported rates ranging from 30.85 to 31.00 pounds per dollar, reflecting ongoing market fluctuations. These rates are crucial for businesses and individuals involved in international transactions.

August 7, 2025 0 comments

Business

The price of the dollar against the Egyptian pound is declining to less than 49 pounds, in the middle of Sunday’s transactions

by Priya Shah – Business Editor July 27, 2025

written by Priya Shah – Business Editor

Dollar Weakens Against Egyptian Pound Amidst Key Trading

Currency Sees Slight Dip in Major Banks

Cairo – The U.S. dollar’s value against the Egyptian pound experienced a noticeable decrease in several banks today. Trading mid-session saw the dollar fall below the 49 EGP mark, continuing a downward trend observed since Wednesday, just before the anniversary of the July 23 revolution.

Bank-Specific Declines

Major financial institutions recorded the dollar’s depreciation. The National Bank of Egypt and Banque Misr both reported a 19 piasters drop for both purchase and sale, setting rates at 48.85 EGP for buying and 48.95 EGP for selling. The Commercial International Bank and Al Baraka Bank saw slightly larger declines of 21 piasters, with rates at 48.83 EGP for purchase and 48.93 EGP for sale.

The Suez Canal Bank also reported a 19 piasters decrease, aligning with the National Bank of Egypt and Banque Misr’s figures for dollar transactions.

Economic Context and Outlook

This fluctuation occurs as Egypt continues its economic reform program. According to the International Monetary Fund (IMF) data from May 2024, Egypt’s foreign exchange reserves stood at approximately $40.3 billion, reflecting a stable, albeit fluctuating, economic environment. Officials have indicated ongoing efforts to manage currency stability through various policy measures.

Further economic insights and news regarding Egyptian banks can be followed on various platforms, including their official Telegram and YouTube channels. Information regarding investment in the Egyptian Stock Exchange is also available.

July 27, 2025 0 comments

Business

UAE Stocks Plunge: Market Loses 14 Billion Dirhams

by Priya Shah – Business Editor July 22, 2025

written by Priya Shah – Business Editor

UAE Stock markets Suffer Significant Decline in Third Week of Ramadan

The financial markets in the United Arab Emirates experienced a substantial downturn during the third week of Ramadan, wiht a reported loss of 13.3 billion dirhams in market capitalization.

In contrast, a seperate report indicates a positive trend for the Emirati financial markets, with indicators closing in the green following transactions in January 2025.

July 22, 2025 0 comments

World

Neom Project: Saudi Arabia Reassesses $500 Billion City

by Priya Shah – Business Editor July 22, 2025

written by Priya Shah – Business Editor

Saudi Arabia’s ambitious Neom megaproject, including its flagship “The Line” advancement, is reportedly facing a significant reassessment and potential scaling back due to mounting cost pressures and a shift in the kingdom’s economic landscape.

The Line, envisioned as a futuristic linear city designed to house nine million peopel, is a cornerstone of Neom, Crown prince Mohammed bin Salman‘s transformative vision for Saudi Arabia. This sprawling initiative aims to diversify the nation’s economy away from oil dependence,foster new industries,and create employment opportunities for its young population,all as part of the broader Vision 2030 plan.

The overall cost of Neom has been estimated at a staggering $1.5 trillion. However, after a period of seemingly unbridled investment, 2024 has marked a turning point. The Saudi budget deficit has widened, coinciding with a drop in oil prices to levels below what is required for the kingdom to balance its finances.

“It’s clear that if oil prices, as you were saying earlier, are around $70 a barrel, that’s a vrey different habitat than if they are $100 a barrel, where they were on average in 2022,” noted Callen from the Arab Gulf States Institute. International benchmark Brent crude was trading at $70.15 per barrel on Friday afternoon.

This economic reality suggests that many of Neom’s ambitious projects will likely undergo reevaluation and reprioritization. While Neom is expected to proceed in some capacity,its scale and timeline may be adjusted. “Does that mean Neon is not going to happen? No, I think Neom will definitely continue in some form. But whether it’s on a smaller scale and over a longer duration than originally envisaged, is quite likely, I think,” Callen added.

Adding to the challenges is criticism regarding a perceived “yes-man” culture within Neom. Consultants and advisors have reportedly presented overly optimistic projections and financial forecasts to maintain favor with their employers.

Tarik Solomon, chairman emeritus at the American Chamber of Commerce in Saudi Arabia, commented, “I don’t think expectations were managed well from a leadership perspective at the project level.” He emphasized the need for such a large-scale project to align with market realities and build trust.

While acknowledging Neom and The Line as “one of the boldest ideas I’ve seen that has actually gone into execution,” Solomon also highlighted the crucial role of architectural and consulting firms, suggesting they should exhibit greater ownership and responsibility.

In conjunction with the planned review of The Line, job cuts are reportedly being implemented across Neom. A consultant involved with the project, who requested anonymity, stated, “they’re finally starting to make financially sound decisions.”

Neom has not yet responded to a request for comment from CNBC.

July 22, 2025 0 comments

Business

Dow Jones, S&P 500, and Nasdaq Reach Record Levels Amid Market Volatility

by Priya Shah – Business Editor July 22, 2025

written by Priya Shah – Business Editor

A U.S. Representative has referred Federal Reserve Chair Jerome Powell to teh Justice Department, a move occurring amidst pressure from former President Donald trump concerning interest rate policies.

The referral, initiated by Representative Marjorie Taylor Greene, targets Powell for alleged “crimes and misdemeanors.” While the specific details of the allegations are not fully elaborated in the initial report, the action is directly linked to TrumpS ongoing public criticism of the Federal Reserve’s interest rate decisions. Trump has repeatedly advocated for lower interest rates, arguing that they would stimulate the U.S. economy and benefit his political agenda.

This growth highlights the contentious relationship between the executive branch, particularly under Trump’s influence, and the self-reliant Federal reserve. The Fed’s mandate includes maintaining price stability and maximizing employment, objectives that can sometimes lead to interest rate adjustments that are unpopular with political figures seeking immediate economic growth.

The referral to the justice Department, if pursued, would place Powell under scrutiny for his actions as head of the central bank. However, the practical implications and likelihood of any formal charges or investigations stemming from this referral remain uncertain. The Federal Reserve operates with a degree of autonomy designed to shield monetary policy decisions from short-term political pressures.

July 22, 2025 0 comments

Business

Oil prices decrease upon settlement amid Trump’s comments supporting a greater landing

by Priya Shah – Business Editor July 16, 2025

written by Priya Shah – Business Editor

Oil Prices Dip as Trump Signals Desire for Further Decline

Global oil markets saw a downturn today, with key benchmarks like Brent crude and WTI futures experiencing modest drops. This movement occurs as U.S. President Donald Trump voiced his satisfaction with current oil prices while advocating for even lower rates.

Market Movement

Brent crude futures registered a decline of 0.3%, settling at $68.52 per barrel after a 19-cent decrease. Concurrently, American “NIMX” crude futures slipped by 0.2%, translating to a 14-cent reduction, with prices reaching $66.52 a barrel.

Presidential Outlook

President Trump shared his perspective on the energy market, stating that a price of $64 per barrel represents a “great price.” He further expressed optimism regarding potential future price reductions, indicating a desire for continued downward momentum in oil costs.

Economic Context

The fluctuations in oil prices are closely watched indicators of global economic health. For instance, the U.S. Energy Information Administration reported that gasoline prices at the pump averaged $3.58 per gallon in the week of October 23, 2023, demonstrating the impact of crude oil costs on consumer prices.

Readers seeking real-time financial updates can utilize dedicated applications for immediate news delivery. Additionally, information regarding the Egyptian Stock Exchange and specific banking sectors in Egypt and Saudi Arabia is available through provided links, catering to diverse investment interests.

Further insights into economic leadership are available, with one report highlighting Kevin Haysit as a potential successor to the Federal Reserve chairmanship, reportedly with President Trump’s endorsement. This suggests broader considerations within the U.S. administration regarding economic policy and key appointments.

July 16, 2025 0 comments

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