LONDON: Egypt’s economy has received a major boost since gas from Zohr, the Mediterranean’s largest offshore field, began to be pumped ashore in Port Said city at the end of last year.
Zohr is one of the most positive energy stories to hit the Middle East recently and a boon to Egypt in particular as the development by Italian operator ENI means the country is close to reaching gas self-sufficiency.
Zohr should wipe out the need for Egypt to buy in expensive foreign gas, thereby bolstering its depleted foreign exchange reserves, and could one day make the country a net exporter to countries throughout the region and, perhaps, beyond.
Mohamed Abu Basha, Cairo-based economist at investment bank EFG-Hermes, told Bloomberg: “One of the biggest issues Egypt had over the past years was the big shift in its energy balance from a net exporter to a net importer because of an increase in consumption versus a decline in production.
“With the new gas finds, it’s returning to this balance, if not exporting, then at least there’s no deficit,” he added.
Egyptian Oil Minister Tarek El-Molla has said initial production will be 350 million cubic feet per day, rising to 1 billion cubic feet in June and 2.7 billion by the end of 2019.
Egypt had to give up gas exports in 2014 to meet local demand and because sporadic sabotage on its main pipeline in the Sinai Desert disrupted shipments.
Zohr, with an estimated reserve of about 850 billion cubic meters of natural gas in place, is expected to close the gap between supply and demand, helping to end Egypt’s reliance on imported liquefied natural gas (LNG) next year, Bloomberg reported.
The offshore field is expected to save Egypt some $1 billion annually in gas imports.
Egypt has two LNG plants, which are more or less mothballed, from which to export once production is ramped up.
In a recent statement, BP said: “The development of Zohr in a record time has brought a new critical source of energy to the Egyptian market.”
BP added that two other current major projects in Egypt — Atoll and the second phase of the West Nile Delta project — will bring further new gas resources into production. “Together these projects will play an important role in supporting and reshaping Egypt’s energy sector.”
Russia’s state-owned producer Rosneft PJSC closed a deal in October to acquire 30 percent of the Zohr field. BP has also bought a 10 percent stake.
An International Monetary Fund report on Dec. 20 said Egypt’s reform program was yielding encouraging results.
The IMF said: “The economy is showing welcome signs of stabilization, with GDP growth recovering, inflation moderating, fiscal consolidation remaining on track, and international reserves reaching their highest level since 2011.”
The banking system was said to remain resilient to moderate shocks, but although the outlook was viewed as favorable, the IMF said sustained efforts were still required to “maintain prudent policies and advance structural reforms to support the authorities’ medium-term objective of inclusive growth and job creation.”
Zohr gas field fires up the Egyptian economy
Zohr gas field fires up the Egyptian economy
Fertilizer sector fuels Pakistan stock market rally as benchmark index hits record high
- Fauji and Engro fertilizer stocks contribute nearly 600 points to KSE-100 gain
- Surging investor sentiment, dividend expectations, possible Moody’s upgrade drive momentum
ISLAMABAD: Pakistan’s main stock index surged to a new record on Thursday, closing above the 138,000 mark for the first time, driven by strong institutional inflows and a sharp rally in fertilizer and blue-chip stocks, according to analysts and market data.
The benchmark KSE-100 index closed at 138,665.49 points, gaining 2,285.53 points or 1.68 percent from the previous close of 136,379.96, a bullish move that traders said reflected investor optimism ahead of earnings season and growing expectations of a credit rating upgrade.
Fertilizer companies led the rally, with Fauji Fertilizer Company Limited (FFC) and Engro Fertilizers Limited (EFERT) together adding 563 points to the index. Other top contributors included United Bank Limited (UBL), Systems Limited (SYS), Engro Holdings (ENGROH), and Hub Power Company Limited (HUBC), which added another 763 points collectively, brokerage firm Topline Securities said in its daily report.
“This rally was driven by heavy institutional flows, with local investors stepping in to scoop up value,” Topline said. “With sentiment back in high gear, today’s bullish close sets an upbeat tone heading into the heart of earnings season.”
Investor activity remained high with 778 million shares traded, while the total value of trades stood at Rs39.95 billion ($140.2 million). Pakistan International Bulk Terminal (PIBTL) led volumes, with 82.6 million shares exchanged during the session.
Ahsan Mehanti, CEO of Arif Habib Commodities, said investor confidence was boosted by anticipated strong corporate earnings, attractive dividend expectations and government engagement with Moody’s over a potential rating upgrade.
“Government affirmation over talks with industrials on budgetary measures, and the finance minister’s presentation to Moody’s of compelling evidence for a ratings improvement played a catalytic role in today’s close,” Mehanti said.
Women in Pakistan earn 30 percent less than men, ILO finds in landmark wage gap study
- Women make up just 13.5 percent of wage earners in Pakistan despite rising education levels
- Pay gap widens in informal sectors, remains largely unexplained by skills or experience
ISLAMABAD: Women in wage employment in Pakistan earn nearly 30 percent less per month than men despite often having higher levels of education and working full time, according to a new report by the International Labour Organization (ILO), one of the most comprehensive studies of the country’s gender pay gap to date.
Published in July 2025, the ‘Gender Pay Gap in Pakistan: An Empirical Analysis’ found that on average, women earn 25 percent less per hour and 30 percent less per month than male counterparts, “even when they have similar qualifications and experience, and are employed in comparable roles.”
“The magnitude of the gender pay gap in Pakistan is among the highest when compared to other lower-middle-income countries,” the ILO said.
The study used data from Pakistan’s Labour Force Surveys from 2013 to 2021, examining hourly, monthly and annual earnings across public and private sectors, including both formal and informal employment. The authors concluded that the wage disparity is only partially explained by observable factors such as age, education, occupation and hours worked.
“The majority of the wage gap between men and women in Pakistan remains unexplained, suggesting that discrimination or other unmeasured factors may be at play,” the report said.
The wage gap is also compounded by extremely low female participation in the labor force.
According to the report, women account for just 13.5 percent of wage employees, despite making up nearly half the working-age population.
As of 2021, the female employment rate stood at 23 percent, compared to 79 percent for men.
“The overall employment gap — defined as the difference in employment-to-population ratios between men and women — has hovered at 56 percentage points over the last decade,” the report found, adding that women face “multiple challenges when entering, staying in, and progressing in wage employment.”
In many cases, the ILO noted, women with higher levels of education still earned significantly less than men with similar or even lower qualifications, “indicating entrenched biases in hiring and promotion decisions.”
INFORMAL SECTOR
The study found that the gender pay gap is widest in the informal sector, where women earn over 40 percent less per hour than men. In the formal private sector, the gap is slightly narrower, and lowest in the public sector, where wage structures are regulated and pay scales standardized.
“The informal sector, where a significant proportion of women are employed, exhibits the highest gender pay gap, primarily due to the lack of oversight, low unionization, and absence of formal wage-setting mechanisms,” the report said.
The ILO also cited the impact of occupational segregation. Women are underrepresented in higher-paying roles and overrepresented in sectors such as domestic work, education, and agriculture, which are often undervalued.
To address these gaps, the report outlines a number of recommendations, including expanding formal employment opportunities for women, enforcing minimum wage laws and pay transparency measures and developing gender-responsive social protection systems. It also recommends strengthening labor inspection and legal enforcement, particularly in the informal sector, and investing in sex-disaggregated data collection to better monitor wage trends and disparities.
The ILO also urged Pakistan to ratify and implement international conventions on equal pay and non-discrimination, including ILO Convention No. 100 (Equal Remuneration) and No. 111 (Discrimination in Employment and Occupation).
The report underscores that eliminating gender-based wage disparities is not only a matter of justice, but also critical for boosting economic productivity and household welfare.
“Addressing the gender pay gap is essential to achieving inclusive economic growth and meeting Pakistan’s commitments under the Sustainable Development Goals,” the ILO concluded.
Ukrainian parliament approves new government, lawmaker says
- The new cabinet includes two of Svyrydenko’s former deputies
KYIV: Ukraine’s parliament voted in favor of a new government under prime minister Yulia Svyrydenko on Thursday, according to lawmaker Yaroslav Zheleznyak.
The new cabinet includes two of Svyrydenko’s former deputies — Oleksiy Sobolev as minister of economy, agriculture and environment, and Taras Kachka as a deputy prime minister for European integration — as well as Svitlana Hrynchuk as energy minister.
Jameel Motors to launch GAC electric vehicles in UK
Jameel Motors, a leading provider of mobility solutions and partner of choice to top automotive brands, has signed a joint venture agreement with Chinese automaker GAC to distribute the latter’s electric vehicles in the UK. In April, Jameel Motors announced it had won a distribution agreement for GAC in Poland through a competitive process involving both local and international companies.
This innovative joint venture will be one of the first of its kind in the UK with a Chinese automaker, a market with significant long-term potential and will be established after completion of relevant regulatory and antitrust approvals. With battery electric vehicle registrations up 25.8 percent year-on-year and accounting for 21.8 percent of new car sales, the UK is a strong and expanding hub for EV adoption.
The agreement expands Jameel Motors’ existing portfolio in the UK — where it already distributes the electric commercial vehicle brand Farizon Auto — and will be its first passenger vehicle brand in the market. The partnership will bring new EVs to the UK, driving market growth and offering customers a broader range of choices.
Initially, two all-electric models from GAC AION will be available: the AION V, a C-segment SUV, and the AION UT, a B-segment hatchback. AION showcases GAC’s core strengths of award-winning quality and pioneering technology — ideally suited to meet the rising demand for quality electric vehicles among UK drivers. They will be available through select retail partners across the UK, with first customer deliveries expected at the end of Q1 2026. Additional models will follow to expand the AION lineup.
Jasmmine Wong, chief executive — Jameel Motors, said: “The joint venture with GAC represents a shared vision, and an exciting opportunity to meet the UK’s growing demand for smarter, cleaner passenger vehicles. Led by customer preference and guided by our expertise, we’re committed to staying ahead of trends and delivering first-class solutions that are both innovative and sustainable.”
Wayne Wei, president — GAC International, added: “GAC’s entry into the UK marks a crucial step in its internationalization strategy. As we set foot in this dynamic market, GAC is committed to bringing industry-leading products and first-class services to UK consumers.”
GAC is one of China’s major car manufacturers, ranking No. 181 in the Fortune Global 500 and having gained international recognition for its high-quality vehicles, advanced technological solutions, and commitment to sustainability. GAC’s business spans seven major sectors: R&D, complete vehicles, auto parts, energy and ecosystem, international operations, trade and mobility, as well as investment and finance.
As of today, GAC has a market presence across the Middle East, Southeast Asia, Eastern Europe, Africa and America, in a total of 84 countries and regions worldwide. Driven by a strong commitment to innovation, GAC has reached major milestones in its international expansion, with overseas sales of its self-branded vehicles surpassing 100,000 units for the first time in 2024, a 92.3 percent year-on-year increase.
Jameel Motors represents some of the world’s most recognized commercial and passenger vehicle brands and has operations in more than 10 countries across the Middle East, Africa, Europe, Asia and Australia. This agreement marks another milestone as Jameel Motors continues to expand internationally and harness innovation for the future of mobility.
Paramilitary shelling on camp kills 8 in Sudan’s Darfur: rescuers
- The bombardment hit Abu Shouk camp, which hosts tens of thousands of displaced people
- Thursday’s offensive comes just days after a series of attacks by the RSF targeted another battleground region of Sudan
PORT SUDAN: Paramilitary forces shelled a displacement camp in Sudan’s Darfur region on Thursday, killing eight civilians and injuring others, a local rescue group said.
The bombardment hit Abu Shouk camp, which hosts tens of thousands of displaced people on the outskirts of El Fasher, the besieged capital of North Darfur.
El-Fasher remains the last major stronghold in Sudan’s western Darfur region not under the control of the Rapid Support Forces (RSF), who have been at war with the regular army since April 2023.
“The Abu Shouk camp witnessed heavy artillery bombardment by the RSF... killing eight people,” the camp’s Emergency Response Room said in a statement.
In recent weeks, El-Fasher, which has been under paramilitary siege since last year, has been locked in intense fighting between warring sides in a region also gripped by famine.
Thursday’s offensive comes just days after a series of attacks by the RSF targeted another battleground region of Sudan.
More than 450 people, including 35 children, were killed in several villages of North Kordofan, southwest of the capital Khartoum, according to a statement released this week by the UN’s children agency.
“No child should ever experience such horrors,” said UNICEF Executive Director Catherine Russell. “Violence against children is unconscionable and must end now.”
On Sunday, the RSF claimed to have killed more than 470 army personnel near the town of El-Obeid, also in North Kordofan, in a statement posted to its Telegram channel.
Independent verification of casualties in Sudan remains difficult due to restricted access to its conflict zones.
Now in its third year, the conflict has killed tens of thousands and forced millions to flee, creating what the United Nations describes as the world’s largest displacement crisis.
In December last year, famine was officially declared in three displacement camps near El-Fasher, namely Zamzam, Abu Shouk and Al-Salam, according to the UN.
Since the Sudanese army regained control of the capital Khartoum in March, the RSF has shifted its operations westward, focusing on Darfur and Kordofan in a bid to consolidate territorial gains.
In April, RSF fighters seized the Zamzam displacement camp, located near Abu Shouk.
The assault forced nearly 400,000 people to flee, according to UN figures, effectively emptying one of the country’s largest camps for the displaced.
Sudanese analyst Mohaned el-Nour told AFP the RSF aims to redefine its role in the conflict.
“Their goal is no longer to be seen as a militia, but as an alternative government in western Sudan, undermining the legitimacy of the authorities in Port Sudan.”
He added that the recent surge in violence in North Kordofan was likely intended to divert the army’s attention from El Fasher, where the military is trying “at all costs” to maintain.
