LONDON: Egypt is looking to hire a chief executive for its new sovereign wealth fund as it seeks to attract more foreign investment.
The government said in July it planned to create a fund with capital of 200 billion Egyptian pounds ($11 billion) to help maximize the value of state assets and boost investment from overseas.
The government this week placed adverts in the international press seeking a CEO to lead a “sophisticated, state of the art, institution that will work with the Government of Egypt to promote investment.”
Egypt’s financial position has improved following the introduction of structural reforms while at the same time benefitting from increased revenues generated by recently discovered gas reserves.
“The substantial progress made by the government in implementing reforms agreed with the IMF has imparted a degree of financial stability not present earlier in the decade,” Moodys said in a note last month.
“Primary deficits have shrunk and the debt burden has begun to fall. Foreign exchange buffers have been rebuilt. The government is in the midst of an ambitious structural economic reform program. And a degree of political stability has been achieved and seems likely to be sustained, increasing the likelihood that the general policy direction will be maintained.”
Vast gas discoveries in the vast offshore field known as Zohr has had a dramatic impact on government finances with some $10 billion in energy sector investment commitments annually over the next four years.
Egypt seeks sovereign wealth fund boss
Egypt seeks sovereign wealth fund boss
- Government announced formation of fund earlier this year
- Gas proceeds from Zohr field boosts government coffers
China warns countries against striking trade deals with US at its expense
BEIJING: China on Monday accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the US at its expense, ratcheting up its rhetoric in a spiralling trade war between the world’s two biggest economies.
Beijing will firmly oppose any party striking a deal at China’s expense and “will take countermeasures in a resolute and reciprocal manner,” its Commerce Ministry said.
The ministry was responding to a Bloomberg report, citing sources familiar with the matter, that the Trump administration is preparing to pressure nations seeking tariff reductions or exemptions from the US to curb trade with China, including imposing monetary sanctions.
President Donald Trump paused the sweeping tariffs he announced on dozens of countries on April 2, except those on China, singling out the world’s second-largest economy for the biggest levies.
In a series of moves, Washington has raised tariffs on Chinese imports to 145 percent, prompting Beijing to slap retaliatory duties of 125 percent on US goods, effectively erecting trade embargoes against each other. Last week, China signalled that its own across-the-board rates would not rise further.
“The United States has abused tariffs on all trading partners under the banner of so-called ‘equivalence’, while also forcing all parties to start so-called ‘reciprocal tariffs’ negotiations with them,” the ministry spokesperson said.
China is determined and capable of safeguarding its own rights and interests, and is willing to strengthen solidarity with all parties, the ministry said.
“The fact is, nobody wants to pick a side,” said Bo Zhengyuan, partner at China-based policy consultancy Plenum.
“If countries have high reliance on China in terms of investment, industrial infrastructure, technology know-how and consumption, I don’t think they’ll be buying into US demands. Many Southeast Asian countries belong to this category.”
Pursuing a hardline stance, Beijing will this week convene an informal UN Security Council meeting to accuse Washington of bullying and “casting a shadow over the global efforts for peace and development” by weaponizing tariffs.
Earlier this month, US Trade Representative Jamieson Greer said nearly 50 countries have approached him to discuss the steep additional tariffs imposed by Trump.
Several bilateral talks on tariffs have taken place since, with Japan considering raising soybean and rice imports as part of its talks with the US while Indonesia is planning to increase US food and commodities imports and reduce orders from other nations.
CAUGHT IN CROSSFIRE
Trump’s tariff policies have rattled financial markets as investors fear a severe disruption in world trade could tip the global economy into recession.
On Monday, Chinese stocks inched higher, showing little reaction to the commerce ministry comments, though investors have generally remained cautious on Chinese assets due to the rising growth risks.
The Trump administration also has been trying to curb Beijing’s progress in developing advanced semiconductor chips which it says could be used for military purposes, and last week imposed port fees on China-built vessels to limit China’s dominance in shipbuilding.
AI chip giant Nvidia said last week it would take $5.5 billion in charges due to the administration’s curbs on AI chip exports.
China’s President Xi Jinping visited three Southeast Asian countries last week in a move to bolster regional ties, calling on trade partners to oppose unilateral bullying.
Beijing has said it is “tearing down walls” and expanding its circle of trading partners amid the trade row.
The stakes are high for Southeast Asian nations caught in the crossfire of the Sino-US tariff war, particularly given the regional ASEAN bloc’s huge two-way trade with both China and the US.
Economic ministers from Thailand and Indonesia are currently in the US, with Malaysia set to join later this week, all seeking trade negotiations.
Six countries in Southeast Asia were hit with tariffs ranging from 32 percent to 49 percent, threatening trade-reliant economies that have benefited from investment from levies imposed on Beijing by Trump in his first term.
ASEAN is China’s largest trading partner, with total trade value reaching $234 billion in the first quarter of 2025, China’s customs agency said last week.
Trade between ASEAN and the US totalled around $476.8 billion in 2024, according to US figures, making Washington the regional bloc’s fourth-largest trading partner.
“There are no winners in trade wars and tariff wars,” Xi said in an article published in Vietnamese media, without mentioning the US.
Closing Bell: Saudi benchmark index edges up to close at 11,626
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 73.62 points, or 0.64 percent, to close at 11,626.60.
The total trading turnover of the benchmark index was SR3.57 billion ($953 million), as 199 of the stocks advanced and 37 retreated.
Similarly, the Kingdom’s parallel market, Nomu, gained 264.47 points, or 0.92 percent, to close at 28,978.19. This comes as 46 of the listed stocks advanced while 34 retreated.
The MSCI Tadawul Index gained 5.14 points, or 0.35 percent, to close at 1,474.53.
The best-performing stock of the day was Alistithmar AREIC Diversified REIT Fund, whose share price surged 10.00 percent to SR7.26.
Other top performers included Saudi Cable Co., whose share price rose 9.90 percent to SR135.40 as well as Saudi Printing and Packaging Co., whose share price increased 9.89 percent to SR11.56.
Riyadh Cement Co. led the declines, dropping 3.15 percent to SR33.80.
Leejam Sports Co. slipped 2.03 percent to SR135.20, while Almoosa Health Co. edged down 1.21 percent to SR163.20.
On the announcement front, Almarai Co. reported a first-quarter net profit of SR731.19 million for 2025, up 5.62 percent year on year, driven by a 6 percent rise in revenue, according to a Tadawul filing.
The company noted that higher energy costs partially offset the earnings growth. Almarai shares closed 1.90 percent higher at SR53.30.
Jarir Marketing Co. posted a net profit of SR217.3 million in the first quarter of 2025, down 0.91 percent from the same period a year earlier, according to a Tadawul filing.
The marginal decline came despite a 2.7 percent increase in both sales and gross profit, as well as a rise in other income, with higher selling and marketing expenses weighing on earnings.
Its shares closed flat at SR12.82.
Altharwah Albashariyyah Co. signed a binding agreement to acquire 100 percent of Amjad Watan through a mix of cash and share issuance, pending regulatory and shareholder approvals, the company said in a Tadawul filing.
The deal includes SR7 million in cash, 95,804 shares worth SR5 million, and 536,501 conditional shares valued at SR28 million, to be transferred upon meeting performance targets.
Shares of Altharwah Albashariyyah closed 3.57 percent lower at SR46.05.
Gulf, China exchanges sign deal to boost commodity ties
JEDDAH: Relations between the Middle East and China’s derivatives markets are set to deepen following a new cooperation agreement signed between the Gulf Mercantile Exchange and the Shanghai Futures Exchange.
Under the agreement, GME — the Middle East’s leading international energy and commodities futures exchange — and SHFE — one of China’s primary commodity trading platforms — will collaborate on a range of strategic initiatives.
These include joint product development, market research, the exchange of insights on market trends, and investor education efforts, according to a joint statement released by both exchanges.
“This partnership is a key step toward strengthening alignment between China and the Gulf in commodities trading,” said Raid Al-Salami, managing director of GME.
“We value our cooperation with SHFE and look forward to the opportunities this agreement will unlock for both sides.”
The agreement comes on the heels of a strong performance year for GME. In January, the exchange reported a 12 percent increase in total trading volume for 2024, reaching 1.32 million contracts — up from 1.18 million the previous year. Front-month contract volumes surged 20 percent to a record 959,565 contracts, while total physical exposure rose by 11 percent, reflecting GME’s commitment to enhancing market accessibility and supporting sustainable growth.
Formerly known as the Dubai Mercantile Exchange, GME has a long-standing reputation as a key player in the region’s commodities sector. Established with the vision of creating internationally accessible derivatives markets for Middle East commodities, the exchange has continued to evolve in scope and ambition.
A major milestone came in 2024 when the Saudi Tadawul Group acquired a third strategic stake in the exchange. This acquisition led to a rebranding from DME to GME, signaling a renewed focus on building out commodity markets in Saudi Arabia and across the wider GCC as part of a long-term strategic roadmap.
With this new partnership, GME and SHFE are poised to play a central role in shaping the future of commodity trading between two of the world’s most dynamic economic regions.
Saudi Arabia advances in 2025 Global Intellectual Property Index
RIYADH: Saudi Arabia has made notable progress in the 2025 Global Intellectual Property Index, with its score rising by 17.5 percent, placing it among the fastest-improving economies out of the 55 countries evaluated.
According to the 13th edition of the index, published by the US Chamber of Commerce, the Kingdom now ranks 40th globally—a reflection of the substantial reforms driven by its Vision 2030 strategy. These reforms aim to enhance intellectual property protection, foster innovation, and support the growth of a knowledge-based economy.
Since 2019, Saudi Arabia’s overall score has increased from 36.6 percent to 53.7 percent in 2025, marking a cumulative improvement of over 40 percent in just six years.
This progress stems from a comprehensive transformation of the nation’s IP ecosystem, including the strengthening of legal frameworks and enforcement mechanisms.
Key milestones noted in the report include the extension of design protection from 10 to 15 years, the establishment of a specialized prosecution office for IP-related cases, and the launch of advanced online enforcement tools for copyrights and trademarks.
These developments highlight Saudi Arabia’s growing institutional capacity and ongoing regulatory modernization, led by the Saudi Authority for Intellectual Property.
The report also highlighted significant advancements in public awareness initiatives, inter-agency collaboration, and Saudi Arabia’s accession to key international intellectual property treaties. These developments have helped align the Kingdom’s IP framework more closely with global standards.
Notably, Saudi Arabia achieved higher scores in enforcement, international treaty participation, and the efficiency of its copyright enforcement system. These improvements reinforce the Kingdom’s ambition to become a regional and global center for innovation and creativity.
By fostering a more transparent and dependable intellectual property environment, Saudi Arabia is attracting increased foreign investment while also empowering local entrepreneurs to develop innovative ideas, products, and technologies.
The US Chamber of Commerce commended the Kingdom’s efforts to institutionalize intellectual property rights as a core component of its economic diversification strategy, positioning Saudi Arabia as a model among emerging markets.
Meanwhile, the UAE also performed strongly in the 2025 index, ranking 26th globally with an overall score of 60.66 percent. The UAE was praised for its robust patent and trademark protections, consistent judicial enforcement, and strong commitment to digital transformation.
Oman property market cools in February as deals drop 8.3%
RIYADH: Oman’s property market saw a dip in activity in February, with total real estate transactions falling 8.3 percent year on year to 362.3 million Omani rials ($940.7 million), official data showed.
According to figures from the National Centre for Statistics and Information, this compares to 394.9 million rials recorded during the same period in 2024, Oman News Agency reported.
The moderation in activity comes amid tighter global financial conditions, shifting investor sentiment, and a gradual normalization of real estate markets across the Gulf following the post-pandemic surge in demand and pricing.
Despite the broader slowdown in Oman’s real estate market, revenue from legal transaction fees rose 5.9 percent to 12.3 million rials, up from 11.6 million rials a year earlier.
The value of sale contracts dropped 18.3 percent to 160.3 million rials, while the number of contracts declined 3.2 percent to 11,177, down from 11,543 in February 2024.
Meanwhile, mortgage transactions edged up 1.8 percent to 200.1 million rials across 3,416 contracts, compared to 196.5 million rials across 2,989 contracts a year earlier.
Exchange contracts dropped to 266, valued at 1.9 million rials, down from 299 contracts worth 2.2 million rials in the same period last year.
In Oman’s real estate market, swap contracts—also known as real estate exchange agreements—are arrangements that enable two parties to trade property ownership with engaging in cash transaction.
The number of property titles issued rose slightly by 0.8 percent to 39,704, while those issued to Gulf Cooperation Council citizens increased by 7.1 percent to 227, compared to 212 in February 2024.
The cooling follows a strong 2024, when Oman’s real estate sector surged 29.5 percent, with total transactions reaching 3.3 billion rials, driven by foreign investment and government-led reforms.
During the first nine months of that year, the sector contributed 820.7 million rials to gross domestic product, according to the Ministry of Housing and Urban Planning, as reported by Oman News Agency in February.
The sector’s performance reflects broader regional momentum as Gulf countries press ahead with economic diversification strategies.
In Saudi Arabia, real estate prices rose 3.6 percent year-on-year in the fourth quarter of 2024. Dubai saw a 30 percent jump in residential sales to $32.4 billion during the same period, while Qatar recorded 3,548 real estate transactions in 2024 totaling $3.97 billion.
To support the sector, Oman has eased foreign ownership rules and introduced tax incentives aimed at attracting investment and boosting development across the sultanate.
