Gold prices in the local markets increased during Monday’s trading session due to a rise in the ounce price on the global exchange.
Expectations of interest rate cuts supported this while markets awaited the speech by the US Federal Reserve Chairman, as reported by Sada El Balad.
Saeed Imbaby, the executive director of the “iSagha” platform for gold and jewelry online trading, mentioned that gold prices rose by EGP 5 in the local markets during today’s trading.
The price of a gram of 21-karat gold reached EGP 3250, while an ounce rose to $2418.
He also stated that a gram of 24-karat gold reached EGP 3714, a gram of 18-karat gold was about EGP 2786, a gram of 14-karat gold recorded about EGP 2167, and a pound of gold was around EGP 26000.
At the end of Monday, the Central Bank of Egypt (CBE) announced the average closing exchange rates for the US dollar (USD) to the Egyptian pound (EGP).
As per the information on CBE’s official website, the buying rate was reported at EGP 47.92, while the selling rate stood at EGP 48.02.
Prime Minster Mostafa Madbouly has met with the Minister of Petroleum and Mineral Resources Karim Badawi, emphasizing the need for rapid increase in the petroleum sector production through effective collaboration with foreign partners and the timely payment of their dues, as per the “Egypt Oil & Gas” website.
Madbouly also underscored the importance of bolstering the energy sector with necessary funds and augmenting the national strategic reserves of energy.
For his part, Badawi affirmed that the ministry’s vision for the coming period aims to employ all ideas, expertise, and technological methods to improve work, increase production rates, and make new discoveries, which will contribute to the growth of Egypt’s oil and gas resources and meet the needs.
Additionally, he pointed out the current efforts to communicate with officials of various international companies operating in Egypt to pay parts of their dues, schedule them, and agree on a plan to advance work in various fields with the aim of increasing the volume of petroleum product production.
In addition, the minister explained that he is coordinating with the Ministers of Electricity and Finance, aiming to pay the dues required to provide the petroleum materials needed to operate the power stations. Thus, he is contributing to the implementation of what the government announced regarding stopping the electricity load reduction plan.
Egyptian King Ramses II’s Coffin & 181 other Important Artifacts are Currently on Exhibit in Germany
The coffin of King Ramses II and 181 other important artifacts are presently being showcased in Germany at the interactive exhibition titled ‘Ramses & the Gold of the Pharaohs.’
The exhibition took place at the Odysseum Hall in Cologne from July 13, 2024, to January 6, 2025. This represents its fifth location following its presentation in Houston and San Francisco in the US, as well as in Paris and Sydney.
An official delegation from Egypt’s Ministry of Tourism and Antiquities, accompanied by public and government dignitaries, archaeologists, and tourism experts from Germany, graced the opening ceremony with their presence.
The ministry underscored the pivotal role of the attendees in promoting Egypt’s cultural tourism and showcasing the rich heritage of ancient Egyptian civilization through this exhibition.
According to Egyptian Gazette website the exhibition at Odysseum garnered significant public attention from its opening hours, attracting thousands of visitors from various cities across Germany.
Despite the immense turnout, attendees patiently waited in line for hours to gain entry to the exhibition hall and marvel at the treasures of King Ramses. According to the ministry, all tickets for the first day of the exhibition were completely sold out at the ticket counters, reflecting a total of 35,000 tickets sold thus far.
Germany plays a pivotal role in Egypt’s tourism market and is considered one of the key sources of tourism for the country. An exhibition is currently underway, featuring artifacts from several Egyptian museums. The exhibition aims to underscore the distinctive traits of ancient Egyptian civilization from the Middle Kingdom to the Late Period.
During a meeting with the Deputy for Human Development, Minister of Health Khaled Abdel Ghaffar, and the Egyptian Medicines Authority Chairman Ali Al-Ghamrawi, Egypt’s Prime Minister Mostafa Madbouly issued directives to address the shortage of medicine in the country.
Prime Minister Mostafa Madbouly convened a meeting yesterday to oversee the ongoing efforts to address medication shortages and ensure the availability of essential medicines.
The meeting was attended by Dr. Khaled Abdel Ghaffar, the Deputy Prime Minister for Human Development and the Minister of Health and Population, as well as Dr. Ali Al-Ghamrawi, the Chairman of the Egyptian Medicines Authority.
“According to a statement released by the Cabinet on Sunday, we have received several complaints. It is imperative that we address these issues and collaborate with pharmaceutical companies to increase production. We are fully prepared to assist in any necessary measures.”
During the meeting, the Minister of Health expressed that the current crisis stemmed from a shortage of dollar liquidity. This scarcity has had adverse effects on the operations of pharmaceutical manufacturing companies and subsequently impacted the availability of medicines in the markets. Abdel-Ghaffar affirmed that the crisis is beginning to alleviate with the improved availability of dollar liquidity. He provided reassurance that the issue would be resolved in the coming weeks.
During the presentation, the head of the Drug Authority provided a comprehensive overview of the organization’s initiatives to ensure the availability of essential medications in the market, aligned with specified priorities.
Additionally, he outlined the Authority’s strategy for maintaining a strategic supply of drugs and preparations for various purposes. Moreover, he addressed the mechanisms for monitoring medication inventory, regulating the diverse supply and distribution networks, and the endeavors to bolster pharmaceutical production to meet local demand.
The second Maldives Women Judges Conference concluded successfully, strongly emphasizing enhancing justice for women and children.
The conference, led by the Judicial Service Commission and Department of Judicial Administration with support from the Overseas Prosecutorial Development, Assistance and Training (OPDAT), US Department of Justice, and the United Nations Development Program (UNDP) in the Maldives, provided a vital platform for Maldivian women judges to convene and exchange insights.
Throughout the event, sessions focused on critical issues such as provisions for children and addressing domestic abuse and sexual offenses.
On the first day, discussions centered on examining the justice system’s interface with women, highlighting challenges through case studies, and proposing actionable solutions to combat discrimination and stereotypes.
On the second day, the focus shifted to the justice sector’s interface with children, addressing crucial topics such as custody cases and legal frameworks for children’s rights.
Insights collected from various jurisdictions were summarized, identifying actionable points and proposing solutions incorporating successful strategies.
The conference received a positive response from the Executive Committee of the Judges Association of the Maldives, underscoring its significant contribution to advancing justice and equality for women and children across the Maldives.
Amazon.eg is gearing up to release hundreds of thousands of incredible deals for its longest Prime Day sale event ever in Egypt, running from July 16th (starting at 00:00 am local time) until July 21st and offering exceptional value exclusively to Prime members. For the first time, Prime members will enjoy six full days of Prime Day deals and savings across over 30 product categories, including up to 70% on fashion, up to 50% on electronics, up to 45% on beauty, up to 45% on baby essentials, and up to 40% on groceries.
It’s not too late to join Prime for EGP 29/month and enjoy the full set of year-round benefits included in the membership, such as free and fast delivery, Prime Early Access to deals, Prime Video, and Prime Gaming.
Amazon Egypt’s General Manager Omar Elsahy said: “We are excited to kick-off our longest Prime Day ever exclusively for Prime members in Egypt. Historically a two-day sale event, this year we wanted to ensure members got the most value possible during Prime Day, as according to our consumer research, 82% of shoppers across Egypt said they are waiting for Prime Day 2024 to save on their shopping wish lists.
With six full days of hundreds of thousands of great deals, instant bank discounts, and free and fast delivery options, we are excited to provide our customers with the value and savings they are looking for to accommodate their demands and relieve the burden of the cost of living. With a Prime membership, our customers in Egypt get to enjoy a range of benefits that make their life easier and more fun, delivering savings, convenience, and entertainment.”
Customers can also shop local from amazon.eg/shoplocal, where they can find great deals from local brands across different categories including Jellies, Nileton, Onda, Cottonil, Bless, Avon, Bubbles, Argento, Truffles, and Bobai. Mohamed Mostafa Othman, CEO and founder of Favelin, shares his journey with amazon.eg: “We started selling on amazon.eg from 2022, and since then amazon.eg’s different services and tools helped us focus on expanding our product category, reaching more customers, and not worrying about the logistics and operations.
Sales events such as Prime Day boost our sales, and we are excited to continue offering our customers the best deals on our skin and hair care products to accommodate their needs this summer.”
Prime Day will also offer additional bank discounts and saving options for members. Amazon.eg Prime members who are also Mastercard holders can enjoy 10% discount up to EGP200, and Banque Misr card holders can enjoy 10% discount up to EGP300, along with 6 months installment plans with 0% interest. Amazon. e.g., customers who are also credit card holders of the Commercial International Bank (CIB) can enjoy 6-month installment plans with 0% interest and a 10% discount up to EGP1000 for Valu members. Additionally, all amazon.eg customers get to enjoy a 20% discount coupon up to EGP100 if they are paying using Etisalat Cash.
Get ready for Prime Day
Prime members in Egypt can make their Prime Day shopping experience easier by downloading the Amazon App to browse, shop, and ensure they never miss a deal or by shopping directly on the website on https://www.amazon.eg/primeday. Amazon.eg customers can join Amazon Prime now on amazon.eg/prime for EGP 29/month. We are also running a promotion on the annual membership so that customers can pay EGP119/year instead of EGP249.
The latest consumer research shows that 66% of Egyptians would be willing to pay more than EGP29/month for an all-inclusive membership. One loyal customer, Reham El-Nahhal, who regularly purchases her daily essentials from amazon.eg reported, “Amazon Prime provides me with the ultimate shopping experience, saving me time, money, and hassle with great options and endless offers. Moreover, it gives me access to great entertainment options.”
Prime Day Deliveries
Speed of delivery continues to be one of the most important factors for customers when making an online purchase, with 25% of Egyptian shoppers stating it as a key purchase consideration. Amazon.eg Prime Day orders are made possible thanks to Amazon’s world-class last-mile operations and delivery station technologies.
Amazon’s advanced capacity management systems, enhanced tracking, and global routing solutions will ensure a faster, more reliable, and more convenient customer experience. Today, the Amazon network across Egypt includes 22 delivery stations and several established corporate and customer service offices.
Abu Dhabi Islamic Bank (ADIB) Egypt recently released its first sustainability report titled “Preserving Values on Our Journey to the Future – Unleashing the Potential of Sustainable Finance.”
According to Daily News Egypt, the report highlights the bank’s commitment to integrating environmental, economic, social, and governance (ESG) considerations into its operations and aligning with Global Reporting Initiative (GRI) standards.
The CEO emphasized the bank’s strategic vision for sustainability and its efforts to integrate sustainable finance concepts into its activities. The report also outlines the bank’s achievements and compliance with the Central Bank of Egypt’s directives to strengthen sustainable finance practices.
Yesterday, Egypt’s Minister of Social Solidarity, Dr. Maya Morsy, confirmed during her participation in the meeting of the special committee formed by the House of Representatives to discuss and study the work program of the new government during the period “2024-2026”, that the ministry will work to link the state’s social initiatives such as “Takaful and Karama” with the participation of women in literacy classes, economic initiatives, and savings and loan projects.
Morsy emphasized that this represents an incentive for them to continue receiving the approved grants, taking into account the relevant societal requirements, expanding the national project for family development, encouraging the private sector to establish nurseries for employees, and developing dedicated financing programs to support projects and establish nurseries, whether they are affiliated with the public or private sector.
The Minister added that efforts will be made to encourage women to participate effectively in entrepreneurship programs by ensuring that women breadwinners have access to economic resources and developing their financial capabilities, expanding the application of establishing economic activity cooperatives directed at women and cooperating with the National Council for Women in providing financial services to encourage women to save and lend.
The Ministry of Social Solidarity will work on preparing various training programs for those about to get married and expanding awareness campaigns directed at how a woman chooses her life partner, in addition to broadening awareness campaigns on educational principles for young people to help women raise a generation capable of achieving comprehensive development and reviewing services in hosting centers for women victims of violence and coordinating with the National Council for Women in monitoring and evaluating the provision of services.
Regarding Nasser Social Bank, the Minister of Social Solidarity indicated that it is an economic entity with a prominent social role. Its investments will be redirected to be a model for investments with social returns and support for the most needy groups. Its societal role will also be enhanced, the base of solidarity in the bank will be expanded, and social and family development projects will be supported.
