Egyptian Firms Sign Final Contracts with Chinese Consortium to Build Chemical Plant
The plant, which has an investment value of $658 million, will have the capacity to produce 250,000 tons of concentrated phosphoric acid in the first phase of the project, Egypt's petroleum ministry said in a statement.
Egyptian participants in the project include leading fertilizer producer, Abu Qir Fertilizers, state-owned Misr Phosphate and others.
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Al Arabiya
5 hours ago
- Al Arabiya
Nigeria needs to recalibrate its budget for lower oil prices, says IMF
Nigeria needs to adapt its 2025 budget to lower oil prices and scale up cash transfers to shield the most vulnerable parts of its population that face hunger and poverty, the International Monetary Fund said on Wednesday. Releasing the results of its routine 'Article IV' assessment of Nigeria's economic policies, the IMF said economic growth had been steady but too low in per capita terms with inflation remaining high. The Fund predicted the country's economy would expand at 3.4 percent this year and 3.2 percent in 2026. As Africa's largest oil producer, Nigeria is under strain from relatively low international crude prices, which traded around $68 a barrel on Wednesday. 'The international economic environment that Nigeria lives in and operates in is marked by the very, very large uncertainty, and in particular, international oil price volatility impacts Nigeria directly through the fiscal and the external balances as well as inflation,' said Axel Schimmelpfennig, the Fund's mission chief for Nigeria. The complex outlook made it especially important for policymakers to build and maintain buffers while being ready to respond to shocks or seize opportunities. 'Turning to our policy messages, the key challenge now is to tackle high poverty and food insecurity,' he said further. Nigeria's government has supported the poorest part of its population through direct cash transfers since 2007 but has struggled to scale them up because of a lack of data on their impact and as large numbers of the population have no bank account. The 2025 budget is squeezed by Nigeria's assumption of oil production of 2 million barrels per day and an oil price of $75 a barrel. International Brent crude futures spiked higher last month in response to tension in the Middle East but are under pressure from a shift in policy by the OPEC+ group, of which Nigeria is a member, to regain market share rather than curtail supply. 'Achieving the government's 2025 budget targets will require additional measures, largely reflecting the drop in oil prices compared to when, when the budget was approved,' Schimmelpfennig said in a briefing to journalists. 'Keeping the fiscal deficit a percent of GDP unchanged, compared to 2024 will be important to support the fight against inflation,' he added. Recouping fuel subsidy savings and making administrative gains could mobilize some domestic revenues, but the central bank needed to maintain a tight stance and a positive real rate to bring down inflation and support stability, the Fund said. It said savings from fuel subsidies would amount to 2 percent of 2024 GDP. Asked about the naira currency and Nigeria's FX markets, Schimmelpfennig said reforms by the government and central bank had been far reaching and fundamental with the result supply and demand was more in balance. 'When we talk to investors, they're happy. They can invest in Nigeria, and when they want, they can bring their proceeds out,' he said. 'You look at the parallel market and the official rate, they're aligned.'
Arab News
7 hours ago
- Arab News
Saudi Arabia, Morocco set to boost economic ties with focus on trade, sustainable development
JEDDAH: Saudi Arabia and Morocco are set to enhance economic ties by expanding trade and cooperation in agriculture, renewable energy, and sustainable development following a Saudi business delegation's visit to Rabat. As part of a business trip that began on June 29 to Mauritania and Morocco, a delegation from the Saudi Federation of Commerce, led by chairman Hassan Moejeb Al-Huwaizi and joined by 30 top investors and company officials, visited Rabat to explore investment opportunities and enhance cooperation between the public and private sectors. The delegation held several meetings with ministers to discuss strategic trade and investment issues, according to the Saudi Press Agency. The visit aligns with the SFC's strategy to enhance economic cooperation and facilitate investment, reflecting the shared vision for the future between the Kingdom and Morocco. Their trade volume reached SR5 billion ($1.33 billion) in 2024, with exports from Saudi Arabia totaling SR4.3 billion and imports amounting to SR640 million. According to the SFC, Morocco ranks as the Kingdom's 57th largest trading partner in terms of exports and 51st in terms of imports. Saudi Arabia's main exports to Morocco include cars and vehicles, insulated wires, chemical fertilizers, and women's clothing. The primary imports from Morocco comprise refined petroleum, cars and vehicles, vehicle accessories, and wheat. 'The delegation began its meetings with the Minister of Industry and Trade, Ryad Mezzour, to discuss ways to enhance commercial cooperation and expand the volume of trade exchanges between the two countries,' SPA reported. It added that the delegation also met with Minister of Agriculture, Maritime Fisheries, Rural Development, Water, and Forests Ahmed El-Bouari, who highlighted the significant potential in the agricultural and maritime sectors, opening new horizons for cooperation in production and export. The meetings included a session with Karim Zaidan, the delegate-minister to the head of government in charge of investment, convergence, and the evaluation of public policies, during which investment opportunities and joint projects contributing to sustainable development were discussed, as per SPA. The report said that the Saudi delegation also met with Minister of Energy Transition and Sustainable Development Leila Benali to explore cooperation in renewable energy, with a focus on exchanging experiences and expertise in this vital sector. Morocco's economy is demonstrating continued resilience and diversification, with the country's foreign trade volume reaching $120 billion in 2024, according to data from the FSC. The nation's gross domestic product for the same year is estimated at $155 billion, underscoring sustained activity across key sectors. The country holds a BB+ credit rating and ranks 60th globally in terms of economic performance. The services sector remains the backbone of the Moroccan economy, accounting for 54.2 percent of the nation's GDP. It is followed by industry at 24.5 percent and agriculture at 11.06 percent, reflecting a balanced contribution from both modern and traditional economic drivers. In terms of trade composition, Morocco's top imported goods include fruits, textiles, and transport equipment. Meanwhile, the country's main exports comprise chemical products, industrial goods, as well as leather and rubber.
Argaam
13 hours ago
- Argaam
ADES says subsidiary's rig capsizes in Egypt, confirms fatalities
ADES Holding Co. confirmed that a marine transport incident occurred on the evening of July 1, involving the 'Admarine 12' rig, owned by one of its subsidiaries and operating within the territorial waters of Egypt. The rig capsized as it was being towed to a new location, ADES said in a statement to Tadawul. At the time, 30 individuals were on board, including 18 employees of the company. ADES said 23 people were rescued and three remain missing. Intensive search operations by the relevant authorities are ongoing. ADES confirmed four fatalities, including three company employees and one contractor working for a third party. The company noted it is committed to supporting the families of those affected and is working closely with local authorities and emergency services. 'The safety and well-being of all personnel remaining the highest priority,' the statement noted, adding that a full and thorough investigation into the incident will be conducted. The rig and all personnel involved are fully covered under the group's insurance program, the statement added. At this stage, ADES does not expect the incident to have a material impact on its financial position or on its previously disclosed financial outlook for 2025.
