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  • In Egypt, Pentagon chief seeks to balance human rights and security

    U.S. Defense Secretary Lloyd Austin travelled to Egypt on Wednesday to tell Cairo it wanted to deepen security and other ties but was concerned about human rights in country where activists say government critics are regularly rounded up. Egyptian President Abdel Fattah al-Sisi, who as army chief led the 2013 ouster of Egypt's first democratically elected president, has cracked down on political dissent, including liberal critics and Islamist opponents.

  • Egypt Sees Both Dollar, Pound as Options to Value State Assets

    Egypt will agree with investors on a case-by-case basis whether to value in US dollars or Egyptian pounds the state assets it’s putting up for sale, a top official said. The choice of currency in valuing the stakes is shaping up as a hurdle in Egypt’s bid to quickly secure foreign exchange from its Gulf allies and others to buoy an economy tipped into crisis by Russia’s invasion of Ukraine. Bloomberg last week reported the issue had led to talks stalling with Saudi Arabia over the purchase of Cairo-based United Bank. There’ll be an agreement “first between us as a government and the investor” on the currency for each deal, Hala Elsaid, the chairwoman of Egypt’s sovereign wealth fund, said in an interview Tuesday in Qatar’s capital, Doha.

  • From Twitter spats to island disputes, Egypt and Saudi Arabia have a bone to pick with each other

    At the World Government Summit in Dubai during February 13-15, Egyptian President Abdel Fattah El-Sisi expressed his gratitude to Gulf countries for their support to Egypt. Sisi singled out Emirati President Mohammed bin Zayed, lauding him for his pivotal role in helping Egypt meet its energy needs in the years following the 2011 uprising when the country had faced fuel shortages. Sisi’s friendly overtures to Gulf leaders come at a time of unprecedented economic difficulties for Egypt. They also come amid rising tensions with Gulf states, particularly Saudi Arabia. However, Cairo’s relationship with its Gulf ally has become increasingly fractious in recent weeks after a Saudi official made clear that any future Gulf assistance ”will come with strings attached.”

  • UAE, Egypt, Jordan, and Bahrain sign $2bn worth of industrial agreements

    The meeting kicked off in Amman on Sunday in the presence of Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and the UAE’s special envoy for climate change, HE Ahmed Samir Saleh, Egyptian Minister of Industry and Trade of Egypt, Yousef Al Shamali, Jordanian Minister of Industry, Trade and Supply, and Abdulla Adel Fakhro, Bahraini Minister of Industry and Commerce.

  • Gulf States Play Hardball Over Sending Billions to Rescue Egypt

    Gulf countries are waiting for more certainty on Egypt’s currency and proof it’s making deep economic reforms before unleashing billions of dollars of crucial investment. Energy-rich allies including Saudi Arabia and Qatar have earmarked more than $10 billion for the North African country, which is in need of foreign exchange and has put stakes in a string of state-owned companies up for sale. Yet only a fraction of the funding has so far materialized, as Gulf officials keep a close eye on the pound in the wake of three devaluations in the past year, people familiar with the matter said.

  • Saudi Arabia pauses wealth fund plan to acquire Egyptian bank – sources

    Saudi Arabia has put a plan by its sovereign wealth fund to acquire the United Bank of Egypt on hold because of a disagreement with the Egyptian authorities over its valuation, two sources familiar with the matter told Reuters. The pause is the most recent stumble in vast investment programme promised by Gulf states after Russia's invasion of Ukraine prompted foreign investors to pull more than $20 billion out of Egyptian markets, throwing its economy into crisis.

  • Egypt’s Sisi seeks to tamp down media clash with Saudi Arabia

    The spat developed after two prominent Saudi commentators close to the monarchy, Turki al-Hamad and Khalid al-Dakhil, posted tweets in recent weeks criticising development failures since Egypt's 1952 revolution and the dominant role of the military in the economy. Their posts were subsequently deleted. In an apparent riposte last week, Abdel Razek Tawfiq, editor-in-chief of Egyptian state-owned newspaper Al Gomhuria, wrote an editorial arguing that the "barefooted" and newly-wealthy countries had no right to insult Egypt.

  • Egypt to sell state stakes in 32 firms over next year

    Egypt plans to sell stakes in at least 32 companies by the end of March 2024, Prime Minister Moustafa Madbouly said on Wednesday, dusting off plans that have largely lain dormant for years as the country's financial woes mounted. Among the planned sales are stakes in three prominent banks, Banque du Caire, United Bank of Egypt and Arab African International Bank. Insurance, electricity and energy companies will also be on the block as well as hotels and industrial and agricultural concerns.

  • Saudi MBS offers to build stadiums in Greece, Egypt if they join World Cup bid

    The joint bid between the three friendly countries is in competition with a joint European bid by Spain, Portugal and Ukraine, and a joint South American bid by Argentina, Uruguay, Paraguay and Chile. The window for bids opened in June last year, and the decision on the tournament will be voted on by the 200-member FIFA congress in 2024.

  • Egypt’s Strategic Partnership with China: Opportunities and Implications

    On December 8, 2022, Egyptian President Abdel Fattah el-Sisi met with his Chinese counterpart, President Xi Jinping, on the sidelines of the inaugural China-Arab Summit in Saudi Arabia. During their meeting, both leaders pledged to further bolster bilateral relations and cooperation within the framework of China’s Belt and Road Initiative (BRI). The relationship between Egypt and China has experienced significant growth in recent years, characterized by the rapid development of economic, trade, military, and cultural ties. Egypt occupies a strategic position within the BRI, which has the potential to push bilateral relations to new heights.