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Oil Prices Begin Week On A Positive Note

by THEFUTURE.TEAM

December 3, 2024

Oil markets opened the week with gains, buoyed by increased industrial activity in China and renewed geopolitical tensions in the Middle East. China’s manufacturing expansion and rising concerns over regional supply disruptions have provided critical support to prices.

Key Developments

Brent crude futures climbed 0.84% to reach $72.44 per barrel.
US West Texas Intermediate (WTI) crude rose 0.88%, trading at $68.57 per barrel.

The rally followed encouraging data from China, the world’s second-largest oil consumer, showing November manufacturing activity expanding at its fastest pace in five months. This uptick reflects the effectiveness of economic stimulus measures implemented by Chinese authorities.

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Simultaneously, the fragile ceasefire in the Middle East was undermined as Israel resumed airstrikes on Lebanon, heightening concerns about potential disruptions to oil supply chains.

While both benchmarks experienced over 3% losses last week as the earlier truce between Israel and Hezbollah eased supply fears, analysts see signs of stability. The improving economic activity in China offers a glimmer of hope for sustained demand in the face of global uncertainty.

The Middle East remains a focal point for market watchers. Israel’s strikes on Lebanon resulted in injuries, according to the Lebanese Ministry of Health, while airstrikes also intensified in Syria, adding another layer of complexity to regional dynamics.

What’s Ahead

Looking to 2025, concerns over a potential oversupply loom, despite expectations that OPEC+ may extend production cuts beyond January. The oil cartel will convene this week to determine its production strategy for the months ahead. Analysts anticipate that extended cuts could help OPEC+ navigate uncertainties surrounding the newly elected Trump administration’s trade policies, which are expected to include tighter tariffs and heightened trade restrictions.

As markets remain cautious, the interplay of Chinese industrial growth, geopolitical tensions, and OPEC+ decisions will likely shape oil price movements in the coming weeks.

Egypt’s Suez Canal Economic Zone Draws $8.1B In Investments Through 255 Projects

by THEFUTURE.TEAM

February 4, 2025

Egypt’s Suez Canal Economic Zone (SCZone) has secured an impressive $8.1 billion in investments across 255 projects in the last 30 months, according to an official announcement on Monday.

Major Investment Boost For SCZone

The General Authority for the SCZone has successfully attracted 251 projects in its industrial zones and ports, accumulating $6.2 billion in capital investments, which has resulted in around 28,000 new jobs, as stated by SCZone Chairman Walid Gamal El-Din.

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Additionally, four new projects have brought in $1.8 billion in investments, boosting the total capital inflows within the zone. These developments were discussed in a meeting with Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries (FEI), and other officials from various chambers of commerce.

Strengthening Industrial Ties And Opportunities

The meeting focused on expanding investment prospects, fostering collaboration, and addressing challenges faced by industrial firms with strong export potential. A key objective was to encourage businesses to scale up their operations within the SCZone, leveraging its prime location, advanced infrastructure, and investor-friendly policies.

El-Din stressed the importance of the SCZone in driving Egypt’s economic growth and industrial transformation, citing the Ain Sokhna Integrated Industrial Zone as a flagship example of development. This zone is a testament to Egypt’s growing presence as a competitive global manufacturing hub.

The continued partnership between the SCZone and the private sector, El-Din noted, plays a pivotal role in building a strong ‘Made in Egypt’ brand, supporting local industrial development, and boosting innovation to improve Egypt’s position in global markets.

Acknowledging Achievements And Future Collaboration

El Sewedy praised the SCZone for its efforts in creating a robust investment climate, offering comprehensive services, incentives, and cutting-edge infrastructure. This meeting marked the beginning of a deeper collaboration between the SCZone and FEI, setting the stage for future joint initiatives.

Egypt’s Economic Outlook

Egypt’s economy is projected to grow by 4% in the year leading up to June, bolstered by supportive measures from the IMF, according to a Reuters poll conducted in January 2025. The poll also forecasts a GDP growth acceleration to 4.7% in 2025-26 and 5% in 2026-27.

However, the country’s GDP growth slowed to 2.4% in 2023-24, down from 3.8% in the previous year, primarily due to the ongoing currency crisis and the geopolitical impact of the war in neighboring Gaza, according to the Central Bank of Egypt.