Dr. Fahd Baghtian, CEO and Chairman of the Board of Directors of Mubarak Bin Saeed Baghtian Gold and Jewelry Company – the leading company in the field of gold and jewelry in the Kingdom of Saudi Arabia – revealed the company’s expansion plans in the Egyptian market, which he described as promising, Zawya reported.
Baghtian said in statements on the sidelines of his visit to the Arab Republic of Egypt as part of the delegation of the Chamber of Commerce and Industry in Makkah Al-Mukarramah: We are currently studying the needs of the Egyptian market and we will focus in the next stage on researching investment opportunities and concluding partnerships with Egyptian investors to be present in the Egyptian gold market, especially the 24-carat bullion market, which It is witnessing great demand at the current stage, as purchases of bullion, gold pounds, and gold coins increased during the second quarter. 2024 in Egypt to record 7.6 tons, driven by citizens’ desire to invest in the yellow metal for the purpose of saving. Egypt also occupied seventh place in the list of countries with the highest demand for buying gold and bullion during the first quarter of the current year, with a share of about 2% of the global total, according to the World Gold Council, He added: “The bullion market is the most important opportunity to invest in the gold sector, as the Egyptian market needs more investments in this important sector.”
Dr. Fahd Baghtian explained: The company is strongly present on the map of the Saudi market and the Gulf markets and has been able to become an icon in the world of the gold and jewelry industry in the Kingdom of Saudi Arabia and has a shining name in this field based on experience extending for more than 60 years, especially in the field of manufacturing pure gold bullion. 24 with high quality according to international standards, which qualifies it to compete strongly in the Egyptian market.
Baghtian stressed that the effective steps taken by the Egyptian government to protect the gold market and attract investment opportunities to this market encouraged foreign capital to invest in this vital sector, which is considered one of the most important preferred options for investors and the safest haven in times of economic instability.
He explained that the Saudi gold market, praise be to God, is a promising market, especially with the directives of Prince Mohammed bin Salman, Crown Prince and Prime Minister, to support this vital sector, as the Kingdom of Saudi Arabia plans to double its gold production to one million ounces by 2030, from about half a million currently. To achieve the goals of the ambitious vision, he stressed that the Saudi gold market enjoys strict regulation and guarantees of standards and quality, which gives confidence to buyers and investors in obtaining high-quality gold products.
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