“Bagatyan Gold and Jewelry” reveals its expansion plans to invest in the Egyptian market.
Dr. Fahad Bagatyan, CEO and Chairman of the Board of Directors of Mubarak bin Saeed Bagatyan Gold and Jewelry Company – the leading company in the field of gold and jewelry in the Kingdom of Saudi Arabia – revealed the company’s plans to expand in the Egyptian market.
In statements on the sidelines of his visit to Egypt as part of the delegation of the Chamber of Commerce and Industry in Holy Makkah, Bagatyan said: “We are currently studying the needs of the Egyptian market, and in the next phase, we will focus on exploring investment opportunities and forming partnerships with Egyptian investors to be present in the gold market. Especially the 24-karat bullion market, which is witnessing great demand at the present stage, as purchases of bullion, gold pounds and gold coins increased during the second quarter of 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 ranked seventh in the list of countries with the highest demand for buying gold and bullion during the first quarter of this year, with a share of about 2% of the global total, according to the World Gold Council”, adding: “The bullion market is the most important opportunity for Egyptian investment in the gold sector.”
Dr. Fahad Bagatyan explained that the company has a strong presence in the Saudi market and Gulf markets and has been able to become an icon in the world of gold and jewelry manufacturing in the Kingdom of Saudi Arabia. It has a brilliant name in this field based on experience spanning more than 60 years, especially in the field of manufacturing high quality pure 24-karat gold bullion according to international standards, which qualifies it to compete strongly in the Egyptian market.
Bagatyan stressed that the effective steps taken by the Egyptian government to protect the gold market and attract investment opportunities to it encouraged foreign capital to invest in this vital sector, which is one of the most important preferred options for investors and the safest haven in times of economic instability.
Dr. Fahad also Stressed that the Saudi gold market 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. This is to achieve the ambitious goals of Vision 2030, as 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.
