Egypt pardons prisoners on Police Day and January 25 Revolution
CAIRO - 13 January 2024: The Egyptian Official Gazette published Presidential Decree No. 1 of 2024, concerning the pardon of the remainder of the sentence for some convicts on the occasion of Police Day and the January 25 Revolution, which fell on January 25, 2024. It also applies to convicts who have been sentenced to life imprisonment, but who have served at least 20 years of their sentence. The decree is expected to benefit thousands of prisoners in Egypt. It is seen as a gesture of goodwill by the Egyptian government on the occasion of two important national holidays.
Source:Egypt Today
January 13, 2024 17:05 UTC
Israel blocks humanitarian aid to Gaza, violates international law
International and humanitarian laws consider deliberately obstructing the delivery of humanitarian aid a war crime because it collectively punishes civilians. Dozens of trucks and convoys of supplies piled up at the Rafah crossing with no hope of entering the besieged Gaza Strip. However, Prime Minister Benjamin Netanyahu has repeatedly stated, "We will not allow humanitarian aid from food and medicine from our land to enter the Gaza Strip." The Rafah land crossing has two gates, not one as is commonly believed. Therefore, Egypt was negotiating the exit of dual nationals in exchange for the entry of aid to the Gaza Strip.
Source:Egypt Today
January 13, 2024 16:58 UTC
Egypt concerned over air strikes in Yemen, warns against expansion of conflict
CAIRO – 12 January 2024: Egypt is concerned over the escalation of military operations in the Red Sea region and the air strikes that were directed to a number of areas inside Yemen. In a foreign ministry statement, Egypt called for the necessity of uniting regional and international efforts in order to reduce tension and instability in the region, including the security of navigation in the Red Sea. In the statement, the Ministry of Foreign Affairs said Egypt considered the dangerous and accelerating developments taking place in the southern Red Sea region and Yemen as a clear indication of what it had previously and repeatedly warned of, regarding the dangers of expanding the conflict in the region as a result of the continued Israeli attacks in the Gaza Strip. A comprehensive ceasefire and an end to the ongoing war against Palestinian civilians was urged, to spare the region further instability, conflicts and threats to international peace and security, the statement concluded.
Source:Egypt Today
January 13, 2024 05:15 UTC
Egypt denies Israeli allegations at ICJ
Egypt has called on the Israeli side to stop obstructing or delaying the entry of aid under the pretext of inspecting it and to stop preventing the flow of humanitarian aid to the Strip. Egypt has made these announcements numerous times in official statements, beginning with the President, the Foreign Ministry, and all parties concerned, Rashwan said. In the end, the amount of aid entered the Strip was as announced at the time, he added. The Israeli authorities have six crossing points with the Gaza Strip, which they must open right away for trade rather than the entry of aid if they truly want food, fuel, and medical supplies to reach the Gaza Strip. This is especially important given that trade with the Gaza Strip accounted for more than $4.7 billion in 2022, he concluded.
Source:Egypt Today
January 13, 2024 05:05 UTC
Israel has killed 23,812 Palestinians since October 7: Health Ministry
“There is no safe place in Gaza strip as extensive Israeli occupation bombardment persisted throughout the Gaza Strip from air, land, and sea especially in the refugee camps in central Gaza,” the statement read. This surge in population is a consequence of heightened Israeli aggression in Khan Younis and Deir al Balah compounded by evacuation orders issued by the Israeli occupation. As of 30 December, it is estimated that about 65,000 housing units across Gaza Strip have been destroyed or rendered uninhabitable and over 290,000 housing units have been damaged. In the West Bank and Jerusalem, a total of 343 Palestinians, have been martyred by the Israeli Occupation forces since 7 October. Meanwhile, Israeli occupation forces have injured about 4000 Palestinian civilians, including at least 593 children.
Source:Egypt Today
January 12, 2024 16:01 UTC
Saudi Arabia calls for restraint, de-escalation after US-UK airstrikes in Yemen
It also called for restraint and the avoidance of escalation as the US and UK carried out strikes on multiple targets inside Yemen belonging to the Houthi rebel group, Al Ekhbariya news channel reported. "The Kingdom of Saudi Arabia is closely monitoring with great concern the military operations taking place in the Red Sea region and the airstrikes that several locations in the Republic of Yemen have been subjected to," the Foreign Ministry stated in a statement. US President Joe Biden said strikes on Houthi sites in Yemen a direct response to rebels' Red Sea attacks. Australia has supported the US and UK militaries as they launched more than a dozen airstrikes against sites used by Iran-backed Houthis in Yemen, The Guardian reported. “The US and Britain will have to prepare to pay a heavy price” for the strikes, said the Houthis’ deputy foreign minister, Hussein Al-Ezzi.
Source:Egypt Today
January 12, 2024 15:35 UTC
Egypt’s women’s clothing exports reach $2.2bln in 11M 2023
Egypt - The President of the Egyptian Apparel Export Council, Marie Louis Bishara, has announced that the garment sector’s exports amounted to $2.2bn during the period from January to November 2023. She added that Spain was the top European importer of clothing, with a value of $116m in the first 11 months of 2023, compared to $87m in the same period of 2022, an increase of 33%. The sector’s exports to the Netherlands also increased by 5% to record $62m during the period from January to November 2023, compared to $59m during the same period in 2022, while exports to Turkey jumped to $215m from $140m, an increase of 54%. Bishara noted that the sector’s exports to Arab countries also witnessed a noticeable increase, with Saudi Arabia leading the list, recording a 68% increase to reach $89m in the period from January to November 2023, compared to $53m. Additionally, exports to Libya also increased to a record $60m from $33m, an increase of 82%.
Source:Daily News Egypt
January 11, 2024 17:22 UTC
Attack-minded Egypt enter AFCON with renewed confidence
However, Egypt will largely count on flair this time around with current coach Rui Vitoria drastically altering tactics after taking over in 2022. Egypt have won 12 times in 14 games under Vitoria, their only loss against Tunisia in a friendly in September. "I was happy with our displays in the previous (Cup of Nations) but we were unlucky. We will do our best to do even better this time around," Salah told Egyptian President Abdel Fattah al-Sisi last week. Egypt also face Ghana and Cape Verde in Group B in the Ivory Coast.
Source:Egypt Today
January 11, 2024 17:18 UTC
Egyptian President, Rishi Sunak discuss Gaza War in phone call
CAIRO – 11 January 2024: President Abdel Fattah El-Sisi received Thursday a phone call from Prime Minister of the United Kingdom Rishi Sunak as they discussed regional developments, particularly the Gaza War. The two leaders tackled ongoing endeavors to push towards a ceasefire, protect civilians, and achieve an exchange of captives. President El-Sisi stressed the international community's responsibility to ensure the supply of relief aid to Palestinians in Gaza Strip and ending their long humanitarian suffering. The call also touched on the navigation security in the Red Sea region, as well as the importance of intensive work to avoid the expansion of the scope of conflict in the region.
Source:Egypt Today
January 11, 2024 15:51 UTC
How new high-yield CDs affect Egypt’s stock market
The competition for attracting investors’ funds among various investment channels is intensifying, with conflicting opinions on the attractiveness of the stock market. Mahmoud Nagla, the CEO of Money Market and Fixed Income at Al Ahly Financial Investments, believes that the new CDs with a 27% return will affect the appetite of investors in money market and fixed income funds. Nagla emphasizes that the appeal of the 27% certificates might not be universal, as different investors have diverse preferences. He ranks the best investment options as follows: stock market, real estate, gold, and high-yield certificates. In conclusion, the impact of the new certificates on the stock market remains uncertain, and investors’ choices are influenced by various factors, including risk tolerance, financial goals, and market conditions.
Source:Daily News Egypt
January 11, 2024 13:37 UTC
Government reduces its stakes in 61 companies for IPO programme
The Egyptian government decided to include 61 new companies in its IPO programme, from which exiting could be faster than others. It concluded that four main sectors were prioritized in the government proposal programme. The sources also said that the inclusion results identified 61 new government companies, including several banks that the government would offer either for sale to strategic investors or whose stakes it would offer on EGX. The sources confirmed that the new companies listed would be different from the list of 32 companies previously announced by the Prime Minister to be included in the IPO programme. Last February, the government announced an IPO programme that included 32 companies to be offered.
Source:Daily News Egypt
January 11, 2024 09:31 UTC
US and allies warn Houthis of “unlawful attacks” on international shipping
The governments of the United States, Australia, Bahrain, Belgium, Canada, Denmark, Germany, Italy, Japan, the Netherlands, New Zealand and the United Kingdom stated on Wednesday calling on the Houthis to immediately cease what they described as unlawful attacks and to release ships with their crews illegally detained. In the statement, the signatories held the Houthis responsible for the consequences “if they continue to threaten lives, the global economy, and the free flow of trade in the region’s vital waterways.”In response, the spokesperson of the Houthi movement in Yemen, Yahia Sarea said that the naval forces, the missile force, and the drone force of the Yemeni armed forces carried out a joint military operation with a large number of ballistic and naval missiles and drones, targeting an “American ship that was providing support to the Zionist entity.”Sarea said in a tweet in X that the operation was a preliminary response to the malicious attack on the Yemeni naval forces “by American enemy forces” on Sunday. “The Yemeni Armed Forces affirm that they will not hesitate to respond appropriately to all hostile threats within the right of our legitimate defence of our country, people, and nation,” he stated. This is the 26th Houthi attack on commercial shipping lanes in the Red Sea since 19 November. There were no injuries or damage reported
Source:Daily News Egypt
January 11, 2024 09:08 UTC
Egyptian-Jordanian-Palestinian summit stresses full rejection of liquidating Palestinian cause
CAIRO -10 January 2024: Egypt’s President Abdel Fattah El Sisi participated, Wednesday in an Egyptian-Jordanian-Palestinian Summit in the city of Al-ʿAqabah, Jordan. Spokesman for the Presidency, Ahmed Fahmy, said the summit convened at a crucial moment for the Arab region. During the summit, President El-Sisi highlighted Egypt’s tireless efforts to open dialogue with all parties to reach an immediate and urgent ceasefire in Gaza. The three leaders agreed on the unequivocal and categorical rejection of any endeavors, attempts or proposals that aim to liquidate the Palestinian issue or forcibly displace the Palestinian people outside their land. The summit also reaffirmed full and unshakable support for the Palestinian National Authority to enable it to assume its tasks and protect the Palestinian people against the violations they have been enduring across the Palestinian territories.
Source:Egypt Today
January 11, 2024 00:11 UTC
High-level Egyptian delegation meets IMF chief, US Treasury Secretary
A high-level Egyptian delegation, led by Central Bank Governor Hassan Abdalla, Finance Minister Mohamed Maait, and International Cooperation Minister Rania Al-Mashat, held crucial meetings in Washington with International Monetary Fund (IMF) chief Kristalina Georgieva and US Treasury Secretary Janet Yellen. The visit aimed to strengthen bilateral cooperation and progress on expanding Egypt’s $3bn IMF loan program, currently stalled due to currency and asset sale reforms. They expressed eagerness to finalize the IMF program and deepen bilateral economic ties with the United States. Secretary Yellen reaffirmed strong US support for Egypt’s reform program, underscoring the goal of bolstering Egypt’s economy and supporting inclusive, sustainable growth. Disbursements of $700m of the IMF loan were delayed in 2023 due to lack of progress, but IMF talks to expand the loan amid regional risks offer a potential olive branch.
Source:Daily News Egypt
January 10, 2024 17:47 UTC
Egypt unveils 1.1GW wind project in historic $1.5bn deal won by Saudi-led consortium
A consortium led by Saudi Arabia’s ACWA Power signed on Wednesday a monumental usufruct agreement for a 1.1-gigawatt wind energy project with $1.5bn of investment, according to a statement by the Egyptian cabinet. The New and Renewable Energy Authority (NREA) partnered with an alliance led by global leader ACWA Power, joined by Hassan Allam Utilities, to bring this ambitious project to life. Mohamed Al-Khayyat, Chairperson of NREA, inked the agreement alongside Mohamed Hamdouch, ACWA Power’s Vice President for business development. Thomas Brostrom, ACWA Power’s Chief Investment Officer, and Hassan Amin, Director of ACWA Power Egypt, were also present, along with Dalia Wahba, CEO of Hassan Allam Utilities. Furthermore, ACWA Power’s Chief Investment Officer, Thomas Brostrom, revealed the project’s cutting-edge design.
Source:Daily News Egypt
January 10, 2024 17:47 UTC