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“Many women are enthusiastic about learning to drive, or to teach other” women how to drive, she said, as many Saudi women have obtained abroad the driving licences they are denied in their homeland.
By Farah Halime It was bound to happen sooner or later. Egypt has returned to Qatar the $2bn the Gulf state deposited in Egypt’s central bank after negotiations to convert the money into three-year bonds failed. Though this represents only a quarter of the total funds Qatar has lent or given to Egypt, the decision …
Interim president Adly Mansour expected to visit Kuwait soon
In an address to Interim President Adly Mansour, Shereen Al-Gizawy calls for president’s immediate intervention ahead of his trip to Saudi Arabia
You have to admit that despite all the heartaches that we have come to encounter in Egypt, the place is becoming quite the rollercoaster ride. It is interesting to watch how roles are being exchanged at dizzying velocity. A once villain is now considered prince charming, a once prince charming is now seen as a …
By James M. Dorsey Saudi Arabia’s secretive ruling family is mulling over allowing women to attend football matches. No Saudi official has suggested that the controversial issue is under discussion but if past experience is any indication, a series of statements and denials suggests that a debate is underway. The debate would be a revival …
By Farah Halime, Rebel Economy We may not like it, but Egypt desperately needs Gulf money. So why not change the way the Gulf lends money to Egypt to make it count. It won’t be just about wasting away cash to address a symptom without resolving the underlying problem. Indeed, without Gulf aid, the government would have …
FM Nabil Fahmy to meet with US Secretary of State John Kerry and French FM Laurent Fabius to discuss Palestine, Syria and Egypt
Luxor’s main square has received a new name
Foreign minister discusses closer cooperation with neighbouring countries
Egypt’s government has suffered from a $3.2bn monthly budget deficit since last January.
Egypt PM meets with Saudi Ambassador; Saudi cabinet meeting rejects “interference in Egypt’s internal affairs”
Video by former Guantanamo detainee slams Saudi support of ‘Tamarod government’
The current foreign reserves, necessary to import staples, primarily wheat, registered $14.9bn this June compared to $16.04bn in May.
The kingdom has reduced entry visas during Ramadan, despite boasting of high numbers of Egyptian pilgrims
An Egyptian delegation from the Ministry of Petroleum and Mineral Resources presented to an Emirati delegation that visited Egypt earlier this month a list of requests, set to include fuel products worth $500mn.
Central Bank Governor Hisham Ramez said that $2bn of Saudi Arabia’s $5bn in aid is expected to arrive shortly in the form of an interest-free deposit at the bank.
Sawiris further said in a statement made to Reuters that Morsi sought to reign in and contain a number of Egypt’s leading businessmen and companies through the imposition of stringent new tax laws due to their position as members of the country’s opposition.
Russell Haworth, managing director, Middle East & North Africa at Thomson Reuters, said: “The value of announced M&A [mergers and acquisition] transactions with Middle Eastern targets reached $14.7bn during the first half of 2013, 30% up [year on year] from $11.3bn, and marking the best first half since 2008
IMF officials reinforced the need to encourage the growth of a strong new Egyptian economy rooted in the private sector, and build on competition instead of favouritism.
Sherif Sami, a member of the General Authority of Investments, stated that competition between gulf countries, in terms of regional influence and international investments, is always present.
Meanwhile, former finance minister Momtaz El Saeed said that a conversion is unlikely to yield any positive outcome if it is not allocated towards national projects.
The analysts stated that the recent downgrade would not have a large affect on Egypt’s banking sector, adding that the value of stock for some banks may decrease as a result, but only for one or two trading sessions at the most.
Aide to the Minister of Planning: Financial aid received from Arab countries will begin to be converted next week
By Farah Halime, Rebel Economy That’s a question I put to around a dozen Egyptian businessmen over the weekend, all of whom responded with a resounding “Yes”. Here are some snippets of conversations I had with a few of Egypt’s business community over the weekend (some appeared in this story for The National newspaper): Nassef Sawiris, billionaire …
Saudi-Egyptian business council tells Al-Eqtisadiah newspaper Saudi investments in Egypt will be negatively affected by declining pound
Darrag told Reuters that, “the loan will come as part of a Saudi finance package provided to Egypt, lent at 3% interest, and set to be paid back over a period of 8 years, after a 2-year initial grace period.”
The Saudi government cited ongoing infrastructural projects in the holy city of Mecca as the primary cause for the cut.
The doctor was put on trial for botched circumcisions on seven baby boys
By Farah Halime, Rebel Economy Egypt’s state oil company, the Egyptian General Petroleum Corporation, is in big trouble. It has racked up billions of dollars of debt in the last decade with some estimating its dues to banks and oil companies is as high as $20 billion. The magnitude of EGPC’s debts is such …