Egypt arrests over 200 in major crackdown on illegal gold mining near Sudan border

Egypt launches security campaign against artisanal mining

Egypt cracks down on illegal gold mining near southern borders: Egyptian authorities detained more than 200 people near the southern border with Sudan for illegal gold mining and smuggling. The Armed Forces said it arrested 87 Egyptians and 136 foreigners and confiscated a spate of artisanal mining equipment and weapons, with foreigners who entered irregularly being deported.

You can read the crackdown as a security signal for foreign mining investors, whom Egypt hopes to court as it pushes for expanding investments in the mining sector. Egypt’s southern region neighboring Sudan is known to have proven, high-quality gold reserves, with vast potential still untapped. The area is home to the Sukari mine, one of the world’s largest 20 gold mines in terms of production that churned out some 500k ounces last year.

The foreign-ownership map is here

Saudi Arabia puts a map behind its foreign property ownership law: The Saudi Cabinet approved the executive regulations of the Law of Real Estate Ownership by Non-Saudis and published the zones where non-Saudis can now buy. The law went live in January, but had been operating as a framework without a defined geography.

What’s on the menu: Riyadh’s list includes Qiddiya, New Murabba, Diriyah Gate, King Salman Park, KAFD, Sedra, the Sports Boulevard and arts district, and King Salman International Airport. Jeddah opens its central district plus 55 development areas across the governorate, while Makkah and Madinah each get a named list of their own, led by Jabal Omar, Masar, Knowledge Economic City, and Rua Al Madinah. Ownership in the two holy cities stays confined to Muslim buyers.

The Saudi Properties platform is now open for applications through three routes. Residents apply directly with their Iqama and are screened automatically, and non-residents must first obtain a digital ID through a Saudi embassy or consulate. Foreign companies without a local presence have to register with the Investment Ministry via Invest Saudi before filing online.

Another one for Hassan Allam

Hassan Allam keeps stacking Diriyah work. A joint venture of Hassan Allam Construction Saudi and UCC Saudi, the local unit of Qatar’s UCC Holding, was awarded the main construction contract for the Waldorf Astoria Hotel, residences, and a mixed-use super block on Diriyah’s Boulevard. The 241k sqm block will house a 200-key Waldorf Astoria, 47 branded residences, offices, retail units, and a shared super-basement. Neither Diriyah Company nor Hassan Allam have disclosed a value, but Meed puts it at SAR 2.7 bn (USD 727 mn).

The JV is familiar with Diriyah: The company took a SAR 1.84 bn contract to build the Saudi Museum of Contemporary Art with AlBawani in April, on top of four luxury hotels and an equestrian club already delivered in Wadi Safar.

The Hormuz blues are still here despite peace progress

Port closures and rising construction materials costs are pushing back Emaar Properties’ Dubai Creek Tower project, with the tendering process for the landmark delayed by three to four months, Emarat Al Youm reports, citing comments by Emaar founder Mohamed Alabbar. The real estate developer was expected to spend over AED 14 bn on its Creek Tower and Creek Mall developments, with the tender process for the tower originally set to be issued around this time, Zawya previously reported.

REMEMBER- The war triggered a major slowdown in project awards in the UAE, which dropped to 16 in March, down from 52 in February. Contract values saw a similar dip, falling 26% m-o-m to USD 9.7 bn. In tandem, the UAE saw a surge in construction costs, with building materials prices rising by as much as 14% amid shipping construction and strained contractor capacity.