Mubarak bin Saeed’s Bagatyan Gold and Jewelry Company, a leading Saudi gold and jewelry firm, is eyeing expansion into the Egyptian market. Dr. Fahad Bagatyan, the company’s CEO and Chairman, revealed this during a recent visit to Egypt as part of a delegation from the Holy Makkah Chamber of Commerce and Industry.
“We are currently studying the Egyptian market’s needs and plan to explore investment opportunities and form partnerships with Egyptian investors,” Bagatyan said. He noted that the company is particularly interested in the 24-karat bullion market, which has seen significant growth in Egypt, especially during the second quarter of 2024.
Egypt’s growing demand for gold and bullion, driven by its citizens’ desire for a safe investment, has positioned the country as the seventh-largest global buyer of gold and bullion in the first quarter of 2024. This trend, combined with the Egyptian government’s efforts to protect the gold market and attract foreign investment, makes the country an attractive destination for gold industry players.
Bagatyan emphasized that his company’s strong presence in the Saudi and Gulf markets, coupled with its 60-year legacy in high-quality 24-karat gold bullion manufacturing, positions it well to compete in the Egyptian market.
The Saudi gold market, under the leadership of Crown Prince Mohammed bin Salman, is also experiencing significant growth. The Kingdom aims to double its gold production to one million ounces by 2030, driven by Vision 2030 and strict regulations ensuring quality and standards.
