Launching the first ATM machine to sell gold bullion to citizens

The Minister of Supply and Internal Trade, Dr. Ali Al-Masilahi, and the Minister of Industry, Engineer Ahmed Samir, witnessed the third international exhibition of gold and jewelry "Nabiyo", scheduled to continue for three days, the launch of the first "ATM" machine to withdraw gold bars for citizens.

The Minister of Supply said that this step supports the policies of digital transformation and financial inclusion by launching the service of selling gold bullion through an ATM, noting that it will provide a better experience for customers.

Gold exhibition

Al-Maslihi revealed that the number of participants in the gold exhibition has increased to 50 local and foreign companies and representatives of the countries of Germany, the United Arab Emirates, China, Turkey and Italy, and there are foreign buyers from 18 countries, reaching 110 buyers.

He added that the gold exhibition has become a great place among specialized international exhibitions, and there are products with a heritage and historical character that are characterized by the highest quality for the Egyptian industry to return Egypt to its distinguished position among the top manufacturers.

Export map

The Minister of Supply pointed out that there is an effort to put Egypt on the export map for gold to the Gulf countries, Italy and Africa and Egypt will take its international position in this industry, pointing to the great development in the gold and jewelry industry and there is the use of modern technology and gold is available in the markets, and a decision was issued allowing the entry of gold without customs                                                                                                              

For his part, Hany Milad Jed, head of the General Division for Gold, said, and the current edition is held under the generous patronage of the Prime Minister, Dr. Mustafa Madbouly, and Dr. Ali Al-Masilahi, the Minister of Supply and Internal Trade, the Ministry of Commerce and Industry, and the General Union of Chambers of Commerce, the General Division of Gold and Jewelry, and the Union of Chambers of Commerce, the Stamping and Weighing Authority.

Gold trading sector

Milad explained that the display space for Nebiu has doubled over the course of its three cycles, where the display space for the current edition is 8,000 square meters compared to the 3,000 square meter display space in its first cycle. The production processes and the products of the nutritive projects for the gold trade in addition to international exhibitors from countries (the United Arab Emirates - Italy - Germany - Turkey - China).

It includes pavilions for local and international manufacturers as well as a special pavilion to display the works of young Egyptian designers to present Egyptian designs to international and local manufacturers and to support the appearance of those Egyptian creative works in the international markets for free to contribute to the support of designer entrepreneurs.

Trading sector

He pointed out that this year's exhibition is witnessing procedural facilitations for the inclusion and registration of all owners of gold production and trading projects for the General Division to expand the base of the official economy and attempt to end the phenomenon of the parallel economy in the gold trading sector.

He added that Nebio is of special importance to the Egyptian product, as it allows Egyptian gold jewelry products to be presented to major gold merchants and traders in the Arab, African, and international markets to develop exports of Egyptian gold jewelry to global markets.

It also contributes to the presentation of the latest international means and the availability of the latest global production and trading technologies to the Egyptian product to improve the quality of local production to compete in the global markets, in addition to working to transform Egypt into a regional center for the trade of gold and gold artifacts. This coincides with the efforts of the Egyptian state in expanding the base of geological discoveries for gold ore sources and the triangle project. Al-Zahab and Al-Zahab City, and preparing the local markets with the technical and production development necessary to deal with those developments.

The opening ceremony was witnessed by the Minister of Supply, Trade and Industry, the governor of Cairo, the head of the Customs Department, the head of the Stamp and Weights Department, the head of the Anti-Money Laundering Unit, the head of the General Federation of Chambers of Commerce, and members of the Board of Directors of the General Division of Gold.