Economy

2024-02-24 10:41:03

The exchange rate of the dollar fell on the black market once more once morest the Egyptian pound, today, Saturday, as the price fell in the first minutes of Saturday morning to 52 pounds, and had fallen from 62 to 56 pounds, following the announcement of the Egyptian Prime Minister, Dr. Mostafa Madbouly, pumping new investments by… 35 billion dollars, as part of the Ras Al-Hikma project, which caused great confusion in the parallel market, so that the market received a second blow, during the last hours of yesterday, and the dollar fell in less than 24 hours by regarding more than 10 pounds.

The average price of gold in Egypt also declined today following reaching an unprecedented record level, amid a state of confusion and paralysis in the gold market, coinciding with the collapse of the average exchange rate of the dollar in the parallel market.

ADQ, an investment holding company in the Emirate of Abu Dhabi, revealed plans to invest $35 billion in the Arab Republic of Egypt.

The Holding Company – ADQ – will acquire the rights to develop the Ras El Hekma project for $24 billion, with the aim of developing the region into one of the largest new city development projects through a private consortium.

As part of this investment, ADQ will transfer $11 billion in deposits that will be used to invest in key projects across Egypt to support its economic growth and prosperity.

Ras El Hekma is a coastal area located approximately 350 kilometers northwest of Cairo.

This important investment represents a pivotal step towards consolidating Ras El Hekma’s position as a leading holiday destination of its kind on the shores of the Mediterranean, a financial center and a free zone equipped with world-class infrastructure to enhance the potential for economic and tourism growth in Egypt.

The Egyptian government will retain a 35% stake in the Ras El Hekma development project. The Ras El Hekma area, which extends over an area of ​​more than 170 million square metres, will serve as a next-generation city consisting mainly of tourist facilities, a free zone and an investment zone, in addition to the availability of residential spaces. Commercial and recreational facilities, in addition to easy local and international communication from the region.

The Holding Company – ADQ – aims, by taking advantage of its diverse portfolio of companies and partners, to enhance the attractive features of Ras Al-Hekma as a distinguished international financial and tourism destination that adopts the latest digital and technological smart city solutions.

The Holding Company – ADQ – will also benefit from Egyptian and international partners to support its development and investment plans.

ADQ’s decision to invest in the Ras El Hekma region in the Arab Republic of Egypt comes based on its proven track record in planning for smart growth and investing in similar large-scale infrastructure and development projects in the region, as this long-standing experience is expected to contribute to providing integrated solutions in The infrastructure sector, including energy, water, transportation, and real estate, which will bring abundant benefits and privileges to the Egyptian economy, in addition to attracting investments worth more than $150 billion.

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#dollar #falls #Egyptian #pound #black #market

2024-02-24 11:09:03

In 2023, air passenger rights represented 14% (or 605 cases) of cross-border questions or disputes handled by the European Consumer Center (CEC) Luxembourg. This is the main area among the 4,190 files registered, ahead of the purchase and rental of cars (8%, 358 files), mobile phones and equipment (4%, 151 files), and tourism (restaurants, hotels and timeshares). ) with 3% (126 files).

“This area of ​​air transport finds itself at the top every year,” analyzes Jean-Loup Stradella, lawyer at the CEC. Disputes are therefore quite frequent, with problems of cancellations, flight and baggage delays. Remember that an agreement was signed last year to improve the rights of passengers in the air sector, who are filing more and more complaints.

In 2023, the CEC Luxembourg, whose services are free, claims to have been able to recover, in all areas combined, the sum of 779,500 euros for the benefit of consumers. “This is a new record, which slightly exceeds the year 2021, which was marked by the special circumstances linked to Covid,” notes the Economic Interest Group.

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#Air #transport #rise #crossborder #disputes

2024-02-24 12:02:57

Goldman Sachs expects gold to rise to $2,175 within a year

Goldman Sachs expects gold prices to rise as central banks buy the precious metal, and with strong retail demand in emerging markets, which boosts prices.

The bank said in a recent report that gold prices will rise by approximately 6% in the next 12 months, reaching $2,175 per ounce.

At the end of the week’s trading last Friday, the prices of the precious metal reached $2,026.20 per ounce, heading for slight weekly gains. US futures gained 0.3%, recording $2036.10 per ounce.

The report published by Bloomberg added that strong central bank purchases and high geopolitical tensions are pushing gold to rise in exchange for a lack of clarity regarding interest rates.

Central banks purchased an average of 1,060 tons from 2022 to 2023, compared to 509 tons purchased between 2016 and 2019.

This increase comes at a time when China is shifting its reserves away from the dollar, and countries such as Poland are also increasing their gold reserves.

He expects that “central bank purchases will remain strong once morest the backdrop of diversification of reserves by emerging market countries and increasing geopolitical tensions.”

Geopolitical tensions led to a continued rise in central bank gold holdings, despite the rise in bond yields in the United States.

Bets on lowering US interest rates receded before June, following Federal Reserve Governor Christopher Waller said that he was “in no rush” to lower interest rates.

The minutes of the meeting showed that a large number of policymakers during the last meeting of the Federal Reserve expressed their concerns regarding the risks of lowering interest rates too quickly.

Low interest rates make it more attractive to hold non-yielding bullion.

The high demand for retail sales of gold and jewelry supports this trend, especially in emerging markets.

In this context, the report made particular reference to consumers in India, Turkey and China, where gold in China was one of the best-performing assets in 2023, driven by weak consumer confidence and concerns regarding growth that led to increased demand for “safe haven” status.

About 40% of participants in a Hong Kong bank survey expected that gold would rise above $2,200 an ounce by the end of the year.

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#Goldman #Sachs #expects #gold #rise #year

2024-02-24 13:09:44

Despite the freezing of the Livret A rate at 3%, people wishing to make their investments profitable have every interest in turning to regulated livrets in 2024. Despite a falling net collection at the start of the year, the outlook is improving . Interesting profitability is on the horizon!

Indeed, during the month of January, Livret A recorded a net collection of only 2.27 billion euros, marking a significant drop compared to the same period the previous year, (three and four times less than in January 2022 and 2023, with 6.25 billion euros and 9.27 billion euros respectively).

This decline can be attributed to a variety of factors, but falling inflation appears to be a key factor to consider. Indeed, it must be understood that this rate is indexed according to the level of inflation which is now clearly more stable and lower than the previous year.

According to projections from the Banque de France last December, inflation should fall to 2.5% on average annually for 2024. That said, this reduction is not without consequences. The Livert A rate is frozen at 3% until February 1, 2025 and as a result, it might remunerate savings above the rise in prices.

In 2023, Livret A holders suffered financial losses, because despite an annual rate of 2.9%, the average inflation, amounting to 4.9%, led to a decrease in the real value of their savings. Thus, the 55 million holders saw their return lower than the increase in prices, leading to a loss of purchasing power.

The LEP and the Livret A, bulwarks once morest inflation?

If, in 2023, the Livret A caused its holders to lose money, with an annualized rate of 2.9% once morest an average inflation of 4.9%, the popular savings booklet (LEP) shone in offering an average annual return of 5.9%. This performance made it the best anti-inflation option among guaranteed investments in 2023.

Indeed, despite a reduction in its rate from 6% to 5% since February 1, 2024, the LEP remains the best-paid regulated passbook, a trend which will be maintained for the next six months, although its rate would be , also maintained at 5% until August 2024.

Investors seem to have understood this, as evidenced by the net inflow of 1.92 billion euros recorded in January, equivalent to that of the previous year. This underlines the interest that savers have in placing their investments via this savings product given its ability to maintain its status as the best protection once morest inflation.

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#investments #interesting