CAIRO: Egypt lowered fuel prices on Friday, the oil ministry said, following several rounds of price hikes as part of an austerity program that have triggered discontent.
The move comes a week after rare protests broke out in Cairo and other cities across Egypt calling for the removal of President Abdel Fattah El-Sisi.
The country’s pricing committee “decided to lower the prices of the three types of gasoline products on the domestic market by 25 piastres (0.015 US cents) a liter,” the ministry said in a statement Thursday.
The price of 80-octane gas was cut to 6.5 Egyptian pounds, 92-octane to 7.75 pounds and 95-octane was lowered to 8.75 pounds.
The decision comes “in light of the decline in the price of Brent crude oil in the international market between July and September ... and the depreciation of the dollar against the (Egyptian) pound,” it said.
Egypt has raised fuel prices several times as part of subsidy cuts under ambitious but tough economic reforms since general-turned-president El-Sisi took office in 2014.
The austerity policies, including subsidy cuts on essentials such as fuel as well as the devaluation of the local currency, are tied to a $12-billion bailout from the International Monetary Fund.
Egypt received the final tranche of the three-year IMF loan in August.
Since Egypt’s agreement with the IMF in 2016, living costs have soared, hitting poor and middle-class Egyptians.
El-Sisi regularly calls on Egyptians to endure the economic hardship promising future prosperity.
Last month’s protests broke out in defiance of a ban on demonstrations after an exiled Egyptian businessman accused El-Sisi and the military of rampant corruption.
Egypt lowers fuel prices after protests
Egypt lowers fuel prices after protests
- The price of 80-octane gas was cut to 6.5 Egyptian pounds, 92-octane to 7.75 pounds and 95-octane was lowered to 8.75 pounds
- Egypt has raised fuel prices several times as part of subsidy cuts under ambitious but tough economic reforms since general-turned-president El-Sisi took office in 2014
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
