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Oil Market Dips to One-Month Low Amid Weak Demand and Supply Concerns

by THEFUTURE.TEAM

October 31, 2024

The oil market has hit a one-month low, with concerns about global demand re-emerging and taking precedence over fears of escalating conflict in the Middle East.

Brent crude futures saw a slight rise of 0.65% to reach $71.58 per barrel, while U.S. light crude followed suit with an increase of 0.77%, reaching $67.73 per barrel. However, these gains did not recover the losses from the previous two sessions.

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The primary factor driving these price movements is the potential for a truce between Israel and Hezbollah, the Lebanese group backed by Iran. Such an agreement could ease recent supply chain concerns that have supported the oil market, shifting attention back to weaker global demand.

Market Drivers

OPEC+ has plans to increase production by 180,000 barrels per day in December, which has raised fears of oversupply by year’s end amid already low demand. Meanwhile, U.S. crude oil and fuel inventories saw a decrease last week. The American Petroleum Institute reported that, for the week ending October 25, crude stocks fell by 573,000 barrels.

Investors are also closely monitoring fuel demand in China, where economic challenges continue to persist. The Chinese government is expected to announce further measures to stimulate the economy, which could influence global oil demand.

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.