
Egypt Assumes Vice Presidency of the International Gas Union, Paving the Way for 2028 Presidency
For the first time ever, Egypt has officially assumed the position of Vice President of the International Gas Union (IGU) through the Egyptian Gas & Energy Association. This step paves the way for Egypt's upcoming presidency of the next triennium (2028-2031). This role reflects increasing international confidence in Egypt's capabilities to effectively contribute to shaping the future of global energy, marking it as the first country from Africa and the Middle East to hold this prestigious position.
Eng. Khaled AbuBakr, Chairman of the Egyptian Gas & Energy Association (EGEA), has taken up the role of IGU Vice President. In this capacity, he participates in all meetings and activities of the IGU and the Executive Committee. He also represents the IGU in the ongoing gas debates, such as the G7, G20, and UN Climate Change Conferences, in addition to the major international conferences, to advance its strategic vision and enhance its global influence.
Eng. Mohamed Fouad, Secretary General of EGEA, serves as the Egyptian Presidency Team Director for the IGU, in addition to his role as Chair of the National Organization Committee for the 2031 World Gas Conference (WGC), which is to be held in Egypt. Meanwhile, Eng. Karim Shaaban, Head of the Strategy and Planning Committee of EGEA, holds the position of Vice Chair of the Coordination Committee and a member of the Executive Committee of the IGU. His responsibilities include overseeing the work of the IGU's committees and contributing to the preparation and submission of the Triennial Work Programme (TWP) to the Executive Committee.
In this context, Eng. Khaled AbuBakr, Vice President of the IGU and Chairman of EGEA, stated: 'From Egypt and Africa, we embark to power the whole world with secure and clean energy. This leadership role represents a significant step through which we intend to enhance energy security by developing gas policies and infrastructure, improving the Gas industry's resilience to price volatility, providing necessary investments, and accelerating the transition towards more sustainable energy sources.
We are fully committed to coordinating with the Italian Presidency of the IGU to ensure the Union's objectives are achieved during this phase.'
Abubakr added: 'Through this position, we aim to transform the Egyptian experience into an international model to be emulated. This role enables Egypt to strengthen international cooperation and attract investment, supporting its pursuit of sustainable development and solidifying its role as a regional energy hub. We deeply appreciate the Egyptian government's support in securing this nomination.'
Eng. Mohamed Fouad, Secretary General of the Egyptian Gas & Energy Association (EGEA), also outlined the Association's expanded strategy, which extends beyond natural gas to include low-carbon technologies and renewable energy. This expansion stems from the EGEA's strong belief in the importance of a balanced and inclusive energy transition.
Fouad added, "The Association has launched its new Advisory Board, comprising a distinguished group of senior leaders from both the public and private sectors, as well as international partners operating in Egypt's energy and gas sector. The private sector will provide deep insights into market trends and investment opportunities, while the public sector will ensure initiatives align with regulatory policies."
For his part, Eng. Karim Shaaban, Vice Chair of the Coordination Committee and member of the Executive Committee of the IGU, and Head of the Strategy and Planning Committee of EGEA, stated: "Through this committee, we aim to enhance internal integration among the IGU's committees and working groups, ensuring its initiatives align with member states' priorities. We also contribute to preparing the program for the 2028 World Gas Conference and collaborate with the leadership of the R&D and Innovation Committee to formulate sessions for the International Gas Research Conference (IGRC). These efforts contribute to elevating the Union's standing in the global gas industry."
As a result of winning the presidency of the International Gas Union (IGU) for the 2028-2031 term, Egypt is set to host the 31st edition of the World Gas Conference (WGC) in 2031, marking the IGU's centenary anniversary. This event stands as the global gas and energy industry's most significant gathering, convening top experts and decision-makers to delve into the sector's primary challenges and opportunities. Hosting the WGC will underscore Egypt's leadership in energy transition and technological innovation, along with its initiatives to establish a regional green energy hub, ultimately bolstering its standing as a prime destination for investment and tourism .
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


See - Sada Elbalad
38 minutes ago
- See - Sada Elbalad
Gold Declines Amid Trade Optimism and Geopolitical Easing
Waleed Farouk Gold prices recorded a notable decline in the local Egyptian market on Saturday, coinciding with the weekend closure of global exchanges. This came after the international ounce dropped by 2.8% at the end of the trading week, weighed down by easing geopolitical tensions and improved global trade prospects. According to the latest market data, gold prices in Egypt fell by EGP 25 per gram during Saturday's trading compared to the previous day. The price of 21-karat gold settled at EGP 4,600 per gram, while the global ounce dropped by $95, closing the week at $3,274. The 24-karat gram was priced at EGP 5,257, 18-karat at EGP 3,943, and 14-karat at EGP 3,067. The price of the gold pound stood at EGP 36,800. On Friday, gold prices in the local market had already fallen by EGP 70 per gram, as 21-karat gold opened at EGP 4,695 and closed at EGP 4,625. Simultaneously, the international ounce slid by $60, from $3,334 to $3,274. Risk Appetite Weighs on Gold The decline occurred despite traditionally supportive factors for gold, such as a weaker US dollar and expectations of interest rate cuts. However, growing investor appetite for risk shifted capital toward high-yield assets, placing additional selling pressure on bullion. The signing of a formal trade agreement between the United States and China, along with statements from US officials suggesting more deals may follow before July 9, helped boost market confidence. Notably, China announced its readiness to expedite shipments of rare earth minerals to Washington, reinforcing optimism around global trade relations. Geopolitical Shifts Ease Safe-Haven Demand On the geopolitical front, Iran signaled openness to diplomacy with the United States, while Al Arabiya reported that the Israel-Gaza conflict could end within two weeks — developments that reduced geopolitical risk premiums and weakened gold's safe-haven appeal. Despite a 1.32% drop in the US Dollar Index this week and stable US Treasury yields, gold failed to capitalize on these supportive signals. Analysts interpreted this as a sign of shifting market dynamics and waning traditional demand for safe-haven assets. Equities Surge, Gold Falters Saeed Embabi, Executive Director of the online gold and jewelry trading platform iSagha, noted that strong performances in global equity markets — particularly the Nasdaq Composite and S&P 500, both reaching all-time highs — reflect investor preference for growth assets over gold amid improved economic outlooks. These developments are seen as part of a transitional phase, during which investors reassess asset roles amid ongoing monetary easing and receding geopolitical fears. US Economic Data and Policy Outlook US inflation data showed the core Personal Consumption Expenditures (PCE) index rose 2.7% year-over-year in May, exceeding expectations and complicating the Federal Reserve's policy path. Minneapolis Fed President Neel Kashkari reaffirmed his forecast for two rate cuts in 2025, noting that the economic impact of trade conflicts might be less severe or more delayed than previously anticipated. Meanwhile, in Washington, the Biden administration is facing growing challenges to pass a proposed tax cut and spending bill before the self-imposed July 4 deadline. The plan is estimated to add approximately $2.4 trillion to the national debt over the next decade. Treasury Department data revealed that the federal deficit reached $316 billion in May alone, with interest payments on debt soaring to $92 billion — second only to Medicare and Social Security — raising fears of an impending debt crisis. Political Pressure on the Fed Market anxiety was further fueled by comments from former President Donald Trump, who criticized Fed Chair Jerome Powell as 'terrible' and hinted at replacing him before his term ends in 2026. These remarks sparked renewed concerns about the Federal Reserve's independence, adding downward pressure on the dollar. Despite short-term weakness in gold, analysts believe that renewed geopolitical tensions or inflationary setbacks could restore the metal's safe-haven appeal. For now, the market remains in a state of cautious anticipation, awaiting clearer direction on global growth and monetary policy trends. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean


See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Egypt's PM Inaugurates Jumia's Largest E-Commerce Logistics Hub
H-Tayea Prime Minister Mostafa Madbouly inaugurated Jumia Egypt's largest e-commerce logistics warehouse, designed with cutting-edge technologies, in a move that underscores the growing strength of Egypt's digital economy and investment climate. Following the launch of the BSH Group's first home appliance factory in Egypt earlier the same day, Madbouly visited the new Jumia facility, accompanied by Minister of Communications and Information Technology Amr Talaat, Cairo Governor Ibrahim Saber, and Jumia Egypt CEO Abdel Latif Olama. Expressing his satisfaction, Madbouly praised Jumia's successful expansion in Egypt and highlighted the company's growing confidence in the Egyptian market. He emphasized that this investment reflects the broader trust global companies place in Egypt's improving investment environment. The Prime Minister reaffirmed the government's commitment to supporting digital transformation, logistics infrastructure development, and job creation, particularly within the digital economy and e-commerce sectors. For his part, Jumia Egypt CEO Abdel Latif Olama stressed the company's belief in digital economy growth as a key driver of Egypt's future. He affirmed that cooperation with the government bolsters national efforts in digital transformation and enables small and medium-sized enterprises (SMEs) to scale both domestically and internationally. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean


See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Egypt's PM: June 30 Revolution a Defining Moment in Nation's History
H-Tayea Egyptian Prime Minister Mostafa Madbouly marked the anniversary of the June 30 Revolution with a message of national pride and reflection, calling the historic uprising 'the beginning of Egypt's course correction.' Speaking during a press conference at the opening of the new Bosch home appliance factory in the 10th of Ramadan City, Madbouly extended his congratulations to President Abdel Fattah El-Sisi and the Egyptian people, emphasizing the day's importance. 'This is a deeply cherished occasion for all of us. June 30 marked the beginning of a new path for the Egyptian state,' the Prime Minister said. He also praised the launch of the new industrial project, calling it a 'world-class landmark' for Egypt, and highlighting the government's commitment to economic development and foreign investment. The event was attended by several ministers, the Governor of Sharqia, and the Chairman of the General Authority for Investment. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean