CAIRO – 10 March 2024: Egyptian First Lady Enissar El Sisi extended her Ramadan Greetings. Egypt’s Grand Mufti Shawki Allam announced that Monday, 11 March 2024, is the first day of the holy fasting month of Ramadan of the Hijri year 1445. Dar Al-Iftaa sighted the Ramadan crescent moon, which means that Today, on Sunday, is the last day of Shaaban month, the eighth month of the Islamic calendar. Arab countries, including Saudi Arabia and UAE, also announced Monday the starting date of the holy month. It's noteworthy that Ramadan typically begins approximately 10 to 14 days earlier each Gregorian calendar year compared to the previous year.

Mohamed Maait, the Minister of Finance, welcomed Moody’s global credit rating agency’s decision to upgrade its outlook on the future of the Egyptian economy from negative to positive. He said that this paves the way for enhancing Egypt’s credit rating shortly from this institution, which is one of the most influential globally in this field. Moody’s also expects that transferring part of the UAE deposits in Egypt to foreign direct investment, amounting to $11bn will improve the situation of the banking sector in Egypt. In the meantime, the foreign currency shortage will ease and improve due to the anticipated inflows of foreign currency in the Egyptian economy, whether through remittances, direct investments, or indirect investments in financial portfolios. Moody’s also observed that negative risks have significantly diminished, as large investments in the Ras El Hekma project will bolster Egypt’s foreign exchange reserves to cover the external financing gap until the fiscal year ending in June 2026.

Some banks reacted quickly to CBE’s decision by increasing the interest rates on variable-return certificates and some loan products linked to CBE’s basic interest rates, which automatically adjust after any CBE decision. The banks also revised the interest rates on some of their existing certificates with fixed or variable returns. NBE also increased the interest rate on the “Ahli Daily” current account to 20% as the maximum return. Banque Misr also increased the interest rate on the current account for pensioners with a monthly return of 6% to reach 22%. The minimum amount to buy this certificate is EGP 3,000 and the interest rate is 24.25%.

They said that the total investment for the expected project, which is a mixed-use development, is about $5bn. The winning consortium will invest in the project by joining the capital of Nilus Housing and Hotel Services. The official newspaper reported that Nilus Housing and Hotel Services have obtained the golden license to establish, operate, and manage the project, including building permits. The companies are obliged to execute the project according to the set timeline. Established in the United Arab Emirates in 1989, ASGC Group provides comprehensive general contracting solutions for key sectors, such as residential, commercial, healthcare, industrial, hospitality, entertainment, infrastructure, oil, and gas, according to its website.

Sunday 10 March 2024 12:30 PMMinister of Finance Mohamed Maait stated that the Central Bank’s recent measures, such as raising interest rates and liberalizing the exchange rate, are necessary steps to correct Egypt’s economic path. He said that fiscal and monetary policies are fully coordinated to control and reduce inflation rates to the target levels. The Finance Minister explained that the recent exchange rate adjustment is a shift to a flexible exchange rate system that depends on the supply and demand of foreign currency. He confirmed that the Ministry of Finance aims to reduce public debt to 90% of GDP by 2025. Maait emphasized that the state gives priority to investment in the industrial, agricultural, and telecommunications sectors, as well as increasing exports.

Each year, Ramadan gives us the opportunity to reflect and get closer to God. However, in order to prepare for it, we must change some of our daily habits to ensure staying healthy and to avoid disruptions during Ramadan, we have the guide you need. Try to limit your caffeine intake before Ramadan starts. Drink more waterBelieve us, you don't want to start Ramadan feeling dehydrated all the time. Get enough sleepAlthough we usually feel tired due to the lack of caffeine and food during Ramadan, adjusting your sleep patterns before it starts will help you avoid feeling too exhausted while you are fasting.

The limits for Visa Gold and MasterCard Titanium cards were increased to become the equivalent of LE 3,500 for cash withdrawals instead of LE 2,000, and LE 37,500 instead of LE 15,000 for purchases. The limits for Visa Platinum, MasterCard Platinum, MasterCard UEFA Champions League cards were also raised to LE100,000 on international purchases and LE 7,500 on cash withdrawals. Banque Misr adjusted the international spending limits on both the Golden and Islamic Gold cards to be LE10,000 for purchases instead of LE6,000 and LE3,000 for cash withdrawals. EgyBank updated the limits for purchases and international cash withdrawals to become $200 for purchases and $25 for cash withdrawals for the Classic card. The Titanium card is at $1,500 for purchases and $25 for cash withdrawals, while the Platinum card is $2,000 for purchases, $25 for cash withdrawals, $2,500 for purchases, and $25 for withdrawals for World cards.

Minister of Finance Mohamed Maait stated that the Central Bank’s recent measures, such as raising interest rates and liberalizing the exchange rate, are necessary steps to correct Egypt’s economic path. He said that fiscal and monetary policies are fully coordinated to control and reduce inflation rates to the target levels. The Finance Minister explained that the recent exchange rate adjustment is a shift to a flexible exchange rate system that depends on the supply and demand of foreign currency. He confirmed that the Ministry of Finance aims to reduce public debt to 90% of GDP by 2025. The Finance Minister assured that there will be no price hikes during this period.

Foreign Minister Sameh Shoukry reiterated in a phone call with his US counterpart Antony Blinken Egypt’s warning of threats of any military operation in Rafah city of the Gaza Strip, Ministry of Foreign Affairs Spokesman Ahmed Abou Zeid said. Shoukry also asserted Egypt’s rejection to any attempts to displace Palestinian people out of their territories as well as attempts to liquidate the Palestinian cause. The two ministers discussed joint efforts to enforce a truce as well as exchanging detainees in the Gaza Strip. Blinken hailed Egypt’s efforts to mediate between Israel and Hamas as well as efforts to deliver humanitarian aid to the enclave. They also discussed the latest development in the Red Sea region and its consequences on the international trade traffic in which Shoukry warned that expanding conflict in the region will threaten the stability, safety and interests of a number of states.

Substantial amounts of money were seized after the arrest of the Ministry of Social Solidarity officials - ACACAIRO – 9 March 2024: Egypt’s Public Prosecution has ordered the detention of several officials from the Ministry of Social Solidarity on charges of forgery, bribery, and facilitating the misappropriation of public funds. According to a statement by the Administrative Control Authority (ACA) on Saturday, the accused officials allegedly exploited state exemptions and privileges meant for individuals with disabilities to facilitate the importation of vehicles for ineligible parties. During the arrests, the suspects were found in possession of substantial amounts of money, including foreign currency, as well as forged documents, the ACA stated. The ACA also reported the seizure of a printing machine used for forgery. Two days ago, the prosecution also detained 18 individuals responsible for EgyptAir's treasury on allegations of illegally trading nearly $1 million of the company's funds in the parallel market.

Egyptian Foreign Minister Sameh Shoukry received a phone call from the Secretary of State of the US Anthony Blinken, on Friday evening, as part of follow-up consultations between Cairo and Washington regarding developments in the Gaza Strip. Abu-Zeid said that the US Secretary of State expressed his nation’s full appreciation for Egypt’s efforts to mediate between Israel and Hamas, and its continued work to deliver humanitarian aid to Gaza Strip. He added that Shoukry listened to a briefing from his US counterpart regarding America’s decision to deliver aid to the Gaza Strip via a sea corridor. Shoukry stressed the need to intensify all efforts to reach a comprehensive ceasefire as it is the ultimate goal on which international efforts must be focused to stop the blood of Palestinian civilians. The two ministers agreed to continue coordination and consultation and to keep communication channels open during the coming days to support mediation efforts and facilitate the entry of humanitarian aid into the Gaza Strip.

Palestinians in Gaza Strip carry body of one of martyrs killed by Israeli occupation bombing on the Strip- Photo via Palestinian Journalist from Gaza Hani El ShaerCAIRO – 9 March 2024: Cairo, on Sunday, will host a new round of quartet negotiations to reach a ceasefire in the Gaza Strip and put an end to the Israeli ongoing attacks on the Palestinians in the Gaza Strip. The negotiations also aim at putting an end the Israeli aggression on the Gaza Strip, ensuring return of the displaced Palestinians to their homes, and bringing humanitarian aid into the besieged strip. The mediators are urging for an immediate ceasefire to facilitate increased aid delivery to the war-torn Gaza Strip and enable a prisoner swap deal. Israel has killed 30,878 Palestinian people and injured 72,402 others since October 7, 2023, announced the Palestinian Ministry in the Gaza Strip on Friday. The northern part of the besieged strip is being systematically starved by Israeli forces amid ongoing shelling and sniping of Palestinians.

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During his speech, President Sisi said that thanks to the sacrifices of martyrs, Egypt managed to enjoy peace and security despite unstable regional conditions. Sisi noted that Egypt waged a 10-year war against terrorism and confronted extremist thought that aimed at subverting the state. President Sisi said that his promises to the Egyptians did not change, adding that with work and patience the country can overcome the current circumstances. "Today, I speak to you on the anniversary of “Martyr’s Day”; the day of the heroes, who rose from the soil of this blessed land. President Sisi pointed out to the challenges Egypt witnessed in the past ten years, adding that he was sure that the problem would be solved.

(Reuters) - Replacing manager Pep Guardiola at Manchester City will be a near impossible job compared to getting a new coach at Liverpool at season's end, Juergen Klopp, manager of the latter, said ahead of Sunday's match against title rivals City. "Go (in) at City after Pep Guardiola and you need to be champion ten years in a row to achieve the same." "Maybe it was good for that reason that we didn't become champion with 97 points," Klopp said. "In those years (losing to City) with one point behind everybody knows on one specific moment it could have been different. "The outside world obviously sees it completely differently – you win it or you don't win it."