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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


News - Egypt News

Amwal Al Ghad English - 2014-09-14 10:40:49
The Saudi-Egyptian Electricity Grid project is close to being finalized, Governor of Saudi Arabia’s Electricity and Co-Generation Regulatory Authority (ECRA) Dr. Abdullah Al-Shehri said. Shehri affirmed that ECRA is seeking to boost its activities by introducing international experts to help monitor some of its local operations. “There are plans to separate distribution from the Saudi Electricity Company (SEC) in the form of various companies, and to invite the private sector to promote competitiveness which improves quality,” Shehri told Asharq Al-Awsat. He added that ECRA would also welcome foreign investment if approved by the Saudi Arabian General Investment Authority. Shehri said ECRA has made great progress in the domestic electricity linkage sector, adding that this is the authority’s main concern. An electricity grid between Riyadh and Jeddah is currently under construction and will be complete in 2017. This will be a high-voltage line, the first of its kind in Saudi Arabia, able to bear a load of 3,000 Megawatts. More»
Amwal Al Ghad English - 2014-09-14 09:53:07
Chairman of the Suez Canal Authority (SCA)and head of the executive council of the Suez Canal Corridor Project Mohab Mamish announced the formation of new committee specialized in attracting investors to Suez Canal Development Axis project and connecting with businessmen so as to invest in the project. Mamish added in American Chamber of Commerce Conference in the Morning of today that SCA has formed committee for the project. The project needs new investment regulations and laws to allure local and foreign investments, He pointed out. Furthermore, it's necessary to launch one firm gathering 6 ports in East Port Said, Arish, Ain Sukhna and El Tur. More»
Amwal Al Ghad English - 2014-09-14 08:02:36
Ethiopian Prime Minister Hailemariam Desalegn said that Ethiopia is seeking a "win-win" relation with Egypt, saying that his country was seeking good relations with Cairo. In an exclusive interview with Anadolu Agency, Desalegn said that Egypt's President Abdel-Fattah al-Sisi is committed to relations between Egypt and Ethiopia. The Prime Minister also praised "excellent" relations between Ethiopia and Turkey, saying that relations between the two countries have been gathering momentum. The Ethiopian Premier also addressed several issues during the interview, including the activities of the Somali militant group Al-Shabaab and South Sudan's peace talks. Anadolu Agency: Your Excellency Prime Minister Hailemariam Desalegn, what does the elimination of Al-Shabaab leader Ahmed Abdi Godane mean to Somalia and the region? Prime Minister: I feel that, you know, terrorism is a global problem. And therefore, the death of the leader of Al-Shabaab, Ahmed Abdi Godane, means a lot to Somalia, to the neighboring countries as well. It is simply because this man was instrumental in destabilizing and terrorizing the Somali people as well as the neighboring countries. So now there is a chance for the Somali people to get peace and tranquility in Somalia and establish a strong Somali state, which can co-exist with its neighbors in a peaceful, friendly and neighborly manner, so that we can cooperate together having a very strong Somalia as a country. So this is very important for the Somali people at first and then to the region also – and to the continent and to the global community. So we see it as a strong achievement. AA: Can this be taken as the beginning of the end of Al-Shabaab in Somalia? How confident are you that Somalia constitutes a functioning state? PM: First of all, this shows the beginning of the end of Al-Shabaab. Al-Shabaab becomes the weakest organization. And, besides, the Somali people will get a chance to liberate from the yoke of Al-Shabaab. Al-Shabaab has forced the Somali people to stay under the yoke. This is a chance for the people of Somalia to be free from Al-Shabaab. The Somali people will institute a functioning state from now onwards. You know there is a plan in 2016 that the Somali people have to elect their own leaders. In order for this election to take place, the weakening or elimination of Al-Shabaab is important so that the people of Somalia will get a chance to elect their own leaders. We will support strengthening of institutions of the government of Somalia. So I think this is the beginning of the end of Al-Shabaab influence in Somalia. AA: Regarding South Sudan, the country's warring parties are currently in negotiations that have proven to be very slow. What is the fundamental issue that is slowing them down? PM: First of all, the process of the negotiations is slow. But the region, IGAD and member states have tried their best to bring this negotiation to an end as quickly as possible so that there will be peace and tranquility in South Sudan. But we still have hope that the leaders will have commitment, strong commitment. What is lacking now is strong commitment from the leaders' side, and especially from the leader of the opposition party. We see that there is a lack of commitment. So I think that is an important issue to be addressed, because the people of South Sudan need peace and tranquility and they need stability. They need a good livelihood; they have been suffering for the last many, many years, and now the war has to stop. And with that belief, we still urge the parties to the negotiation to complete the negotiation as quickly as possible. AA: Do you see light at the end of the tunnel? I mean, could this problem in South Sudan be resolved any time soon? PM:I think there is hope that this problem will be resolved as quickly as possible. But that needs strong commitment from both leaders – specifically, the rebels, because they are the ones who have not signed the recent protocol agreement. AA: Ethiopia and Egypt are enjoying diplomatic rapprochement, which climaxed with the Malabo meeting in Equatorial Guinea between you and Egyptian President Abdel-Fattah al-Sisi. How are relations now? PM: First of all, the relationship between Ethiopia and Egypt is a longstanding relation. We want to continue building on our good relations. There has been, you know, misbehaving practices in previous regimes, like the Mubarak regime, the Morsi regime. They were, you know, trying to destabilize Ethiopia using rebel groups that are supported and nurtured by Eritrea. And I think that was a failure. These leaders were wrong, because that harms the good relationship between Ethiopia and Egypt. But they failed. They could not succeed in their will to destabilize Ethiopia through various means. Any government who tries to destabilize Ethiopia in a proxy, from a distance, they will fail – like Mubarak and Morsi failed. Currently, in my discussion with al-Sisi, he is committed to relations between Ethiopia and Egypt. I myself am very much committed to having good relations. We have ….to have win win-win from the common resource, the Blue Nile River. That common resource is common to all of us. Ethiopia has to benefit, and Egypt also has to benefit. I think we have no reason to harm Egypt and Egypt has no reason to deny our right to development. AA: You accuse Eritrea of being the regional black sheep, although Egypt maintains good relations with Eritrea; the Eritrean president recently visited Cairo. What do you say to this? PM: As far as the relationship between Egypt and Eritrea is concerned, they are two independent countries and they can have a relationship. The only thing we would not allow and feel that should not happen is if Egypt nurtured rebel groups in Eritrea to destabilize the region. That kind of approach would be futile. As far as countries' relations are concerned, it is up to countries to have relations. For instance… Sudan is a friend to Eritrea and also to Ethiopia. We do not panic when countries have relations with each other. The thing we do not help useful is supporting to destabilize. This is our principle and we will stick to this principle. Any country that wants to destabilize another country will be by itself a process or an action which is unlawful. We do not support this kind of action and Ethiopia is always ready to have a strong Egypt, even a strong Eritrea, which lives with its neighbors in a peaceful manner… Because people live, but regimes might go. So our focus is to have friendly, neighborly relations between Eritrea and Ethiopia. The thing is, now the regime led by President Isaias Afwerki is a regime which is destabilizing the region. Look what is happening now with Djibouti. They are still continuing to destabilize Djibouti. And Djibouti has appealed to regional organizations, the Arab League and many other international bodies. You can see how destabilizing Eritrea has been to the region. So they are continuing to wreak havoc. Egypt should understand that this [Eritrean] regime is a destabilizing regime. AA: Eritrea says Ethiopia has been plotting a change of government in Asmara and that your government is collaborating with Djibouti and the U.S. to this end. PM: This is baseless. As you know, Eritrea has always been supporting terrorist and extremist elements in the region with the aim of destabilizing the region. It is true that Djibouti is a strategic partner and ally of Ethiopia. AA: Eritrea and Ethiopia are in a no-war, no-peace situation, while Eritrea is also engaged in destabilizing and harassing Djibouti, which is of course a strategic neighbor of Ethiopia. PM: First of all, we in the region as IGAD [the Intergovernmental Authority for Development, an East African regional bloc] countries, we have appealed to the international community that Eritrea is destabilizing the region, destabilizing Ethiopia, destabilizing Djibouti, working with Al-Shabaab to destabilize Ethiopia through Somalia and destabilizing Somalia by supporting Al-Shabaab… We have the right to go to the international community, the UNSC, and the UNSC has passed a strong resolution on sanctioning Eritrea. I think the international community has to understand this regime has not changed its policy of destabilizing the region. This is what we have done and we will push it forward. Similarly, we, as close friends to Djibouti, Ethiopia is ready to support Djibouti in any way that helps the stabilization of the region. So I think we are very close to Djibouti, and our relations – economic, political and people-to-people – is strong… we see that we are supporting each other and continue to support. That is very clear. AA: Ethio-Turkish bilateral relations are at their highest level. What contributed to these excellent relations? Former Turkish foreign minister Ahmet Davutoglu has become prime minister. Do you think his leadership will contribute to enhancing Turkish, Africa and Ethio-Turkish relations? PM: First of all, these are the leaders who have been working very hard to strengthen and foster the relationship between Africa and Turkey, and specifically Ethiopia and turkey... These are the leaders who made the relationship to be strong. I have been working with all my capacity… Earlier as foreign minister and deputy prime minister… Ahmet Davutoglu, now he is the prime minister and we work very closely to nurture the already excellent relations between Turkey and Ethiopia. Similarly, the former prime minister who now becomes the president was the one who spearheaded the work of consolidating the relations between our two countries. And that is why our president was there to attend the [Turkish] inauguration ceremony… to deepen our relations. We know that Turkey wants to make us the headquarters of its relations with Africa… So we will be supporting this initiative. Your existence, the regional [Anadolu Agency] bureau, is also testimony to the fact that relations between Ethiopia and Turkey have been gathering momentum. AA: What kind of progress has been made in terms of construction of the Great Ethiopian Renaissance Dam? PM: The Grand Ethiopian Renaissance Dam is a dam of great economic significance… It is so not only for Ethiopia, but also for other countries – Sudan, Egypt and other African countries as well. The power to be produced is a renewable power; it is a green energy, and you know Ethiopia is working very hard to have climate resilient green growth strategy… Therefore, we feel this dam is very useful to all of us. And the construction of the dam has reached something like 40 percent, and we will continue as per plan. And early [electricity] generation will begin sometime soon. And Ethiopia is to get some power from the dam. I think this is one of the plans we are working on… We do not face major challenges as far as we are concerned. But the process of engaging downstream riparian countries, Sudan and Egypt, has already been started. We will continue working with them because we feel that this dam is common and beneficial to all of us. With that spirit, I think we can settle the issue of the downstream impact of the dam when it is completed, so I think I do not see major challenge at this time. AA: Some say the dam could halt the flow of the river. PM: For that matter, this is a natural flow. A natural flow of river cannot be stopped. I think this is baseless, unscientific fear... This is a river which always flows. You cannot stop it at all… We will have some time for filling the dam without stopping the water. We will see how we can scientifically fill the dam. Once the dam gets full, how can you stop the river flowing? The water goes through the turbine and back to its course. It is not possible to stop the natural course of the river. Therefore, it is baseless fear on the side of the Egyptian people because the politicians and their media were giving them the wrong message. Therefore, we should avoid this by telling them the facts on the ground. Leaders of both countries are working to achieve the best interest of the people of their respective countries. Ethiopia's position is a win-win strategy for all. It works to ensure the benefits of all parties. AA: Do you think relations between Ethiopia and Egypt will have an impact on Ethiopia-Sudan relations? PM: The relation between Ethiopia and Egypt will never impact our relations with Sudan, which is Ethiopia's real partner. Sudan is playing a positive role, not only between Ethiopia and Egypt, but also among the three countries. Ethiopia has strategic relations with Sudan. We have bilateral relations and cooperation agreements with Sudan. Ethiopia is striving towards a balanced relation with Sudan and Egypt as well. AA: A lot is being said concerning your meeting with Egyptian President Abdel Fattah al-Sisi. What is expected from your next meeting with the president? PM: We will meet in the near future. Both of us have given directives to our respective pertinent bodies so that they work together. AA: Ethiopians are about to take part in national elections. What preparations are being made to ensure the integrity of the polls? What's your general assessment of multi-party democracy in Ethiopia? PM: We want to send a message to the international community and to all parties who are involved with us in this process that democracy for Ethiopia is not just a choice. Democracy for Ethiopia is an existential matter. Without democracy in Ethiopia, we cannot have a peaceful and strong Ethiopia. So we need democracy as an existential matter. First, we are multi-ethnic, and in order to accommodate the interests of all, we need a democratic process. Without it, it will be chaos. Number two: we are multi-religious. The major religions of the world – Christianity and Islam – have been coexisting in Ethiopia. They will continue to co-exist if we are democratic. Our constitution gives the right for all religions to be equal, and in that sense I think we should have a democratic country and a democratic system. Thirdly, this is a country with a young population – 80 percent of the people are below 30 years of age. Young people, you know, are dynamic. If you lead them in a democratic way, they are assets for development. If there is no democracy, then, they become threats. You know there are a number of revolutions taking place in the world by young people because those systems are not democratic… Our neighborhood is very fragile. If our neighborhood is fragile, we should have a democratic system at home to resist the fragility. Fifth, it is a global process – you cannot have an undemocratic system to co-exist with the global community... That shows you that we have ample reason to become a democratic country; without democracy, you cannot sustain life as well as the system in the country. So for that reason, we need to have a democratic system. Therefore, elections are one of the manifestations of democracy… One of the pillars of democracy is elections, so we should have fair, free and just elections and also democratic elections. We have to abide by this and abide by the law of the land, which is the constitution. You know elections are something you do it at home and we have opposition parties at home. And you need to be registered to become an opposition party member. We have more than 90 opposition parties registered legally and they are eligible to take part in the elections. But those rebel groups that take up arms, they do not need elections because they choose to get what they want through armed means. The way you treat legally registered parties, so those that opt for illegal means to change government, so the government will have a right to defend itself militarily, not democratically. We do not know an opposition party member who has been registered in the country and residing abroad. If anyone wishes for any kind of democratic process, they should come back home, register legally, get the license to become a legally registered party and they can proceed to contest [elections]. AA: And concerning political prisoners? PM: We do not have political prisoners. We have rebels who have been arrested. They cannot be regarded as activists when they rise up in arms. They choose to take what they want through armed means. They are terrorists. More»
Amwal Al Ghad English - 2014-09-14 07:25:44
Egypt has a key role to play in countering Islamic State militants in Iraq and Syria, US Secretary of State John Kerry said on a visit to Cairo. He said Egypt could "publicly renounce" IS ideology, reaffirming US support for Egypt's battle against Sinai militants. Foreign fighters crossing Sinai en route for Syria are advising local militants there, US officials say. Mr Kerry is on the last leg of his Middle East tour as he tries to form a broad coalition to tackle IS militants. He has already enlisted the support of 10 Arab states so far but he has ruled out Iran joining the US-led coalition. John Kerry: "It is increasingly clear that Islamic State's message of hate is rejected by the overwhelming majority of Muslims around the world" IS controls large parts of both countries and its fighters have become notorious for their brutality, but in recent weeks they have been targeted by US air strikes. The CIA says the group has as many as 30,000 fighters in Syria and Iraq. On Wednesday, President Barack Obama unveiled plans for an expansion of the US campaign against IS. The 10 Arab countries to have signed up to the coalition are: Egypt, Iraq, Jordan, Lebanon, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. France is hosting an international conference on Iraqi security on Monday as part of efforts to broaden the alliance. Sinai jihadists Egypt is "on the frontline of the fight against terrorism, particularly when it comes to fighting extremist groups in Sinai," Kerry said, after talks with Arab League chief Nabil al-Arabi and President Abdul Fattah al-Sisi. He acknowledged Egypt's reputation as "an intellectual and cultural capital of the Muslim world," saying it had a "critical role to play in publicly renouncing the ideology that IS disseminates". Egyptian Foreign Minister Sameh Shukri, speaking at the same news conference, said that ties existed between IS and other militant groups operating in the region, which must also be dealt with. Analysis - Barbara Plett-Usher, BBC News, Cairo John Kerry said Egypt was on the front lines of the fight against extremism especially in the Sinai where it's battling Islamist militants, efforts Kerry said the Americans would continue to support. The Egyptian foreign minister, Sameh Shukri, said Cairo would take honest and credible steps in the collective fight against terrorism. Earlier he told Egyptian media that the campaign against Islamic State should be broadened to include the Sinai militants. But US officials say they need to keep the focus on Islamic State as the biggest danger because it crosses borders and would expand if not stopped. Kerry also emphasised the need for Egypt to use its soft power in the Muslim world, employing the considerable weight of its religious institutions to counter extremist ideologies. Kerry says military and intelligence experts will spend the coming days working out how each state will contribute. But speaking in Turkey on Friday, he said it would be "inappropriate" for Iran to join the group because of its "engagement in Syria and elsewhere". Iran has backed the government of President Bashar al-Assad in Syria, while the US and several European and Gulf countries have supported the rebel factions fighting to overthrow him. Kerry held talks with Turkish President Recep Tayyip Erdogan and Prime Minister Ahmet Davutoglu on Friday in an effort to secure more co-operation from the Turkish government in the fight against IS. Turkey has refused to allow the use of its air bases to launch attacks on the jihadist group. The BBC's Jim Muir in Irbil says one reason is that Turkey fears for the lives of nearly 50 Turkish hostages held by the militants, including staff from the consulate in Mosul. Separately on Saturday, Iraqi Prime Minister Haider al-Abadi said he had ordered the Iraqi air force to stop air strikes on civilian areas under IS control in order to protect civilians. In recent months IS has expanded from its stronghold in eastern Syria and seized control of more towns, cities, army bases and weaponry in Iraq. The US has already carried out more than 150 air strikes in northern Iraq. It has also sent hundreds of military advisers to assist Iraqi government and Kurdish forces, but has ruled out sending ground troops. More»
Amwal Al Ghad English - 2014-09-14 07:22:25
Egypt will ask the IMF for a long-delayed economic assessment in the hope of improving the country's image before a February investment conference, the finance ministry said in a statement. The government said it wants the results published before the Egypt Economic Summit in Sharm el-Sheikh, a conference to boost investment in an economy battered by years of political turmoil and a lack of investor confidence. "We hope that the (IMF) report comes in favour of Egypt and contributes to the return of foreign flows, either directly as investments in the real economy or indirectly by improving the stock market," the finance ministry statement said. Egypt has not held Article IV consultations, where IMF experts assess a country's financial and economic state of affairs, since March 2010, according to the IMF. The consultations scheduled for a year later were postponed after President Hosni Mubarak was overthrown in February 2011. Mubarak's ouster and the political turmoil that followed it triggered a sharp decline in foreign investment and tourism revenues, hammering the country's economy. The unemployment rate is 13.4 percent, up from 9 percent in 2010, and 60 percent of youth are unemployed, the government said last week. Officials forecast economic growth at just 3.2 percent in the fiscal year that began July 1, well below levels needed to create enough jobs for a rapidly growing population and ease widespread poverty. A successful investment conference might help the government push through reforms needed to reach agreement on a loan package with the International Monetary Fund. An IMF deal could then improve confidence among investors, who have been unnerved both by years of turmoil and by a host of other problems, ranging from costly energy subsidies to lack of transparency in economic management. Gulf states, which have been planning the conference since April, have taken a keen interest in seeing Egypt, the largest Arab state, get back on its feet. The UAE, Saudi Arabia and Kuwait have provided more than $12 billion in cash and petroleum products to prop up Egypt's economy since the ouster of Islamist President Mohammed Morsi last year. They see Egypt as the front line in the battle against the Muslim Brotherhood, and want to see the current government of President Abdel Fattah al-Sisi succeed after he toppled Morsi. The Brotherhood's populist platform helped it triumph in post-Mubarak elections, but its political Islam puts the group directly at odds with the Gulf monarchies' dynastic rule. Gulf countries also want to ensure aid and investment are spent efficiently in a country where past leaders with military backgrounds have often mismanaged the economy. Cash transfers from the Gulf have helped shore up Egypt's foreign currency reserves in recent months, which reached $16.836 billion in August. But reserves are still less than half the $36 billion held before the 2011 uprising against Mubarak. More»
Amwal Al Ghad English - 2014-09-14 06:32:10
A Cairo court sentenced eight students from Al-Azhar University in Cairo to five years prison and a fine of LE50,000 on Saturday. The eight defendants were arrested during clashes between security forces and students at Al-Azhar University on 14 May. They were charged with thuggery, rioting, illegal assembly, resisting authorities, destruction of public property and joining an armed group. Egyptian campuses witnessed violent clashes between security forces and student protesters who support ousted president Mohamed Morsi over the last academic year. Al-Azhar University in Cairo was a particular hotspot for demonstrations by Morsi loyalist students, who held almost daily protests. A total of 14 students were killed on Egyptian campuses nationwide in the last year academic year. More»
Amwal Al Ghad English - 2014-09-14 06:22:59
Cairo's Abdeen Misdemeanour Court sentenced Saturday 13 mosque workers to two years in prison each for illegal protesting in front of the headquarters of the Ministry of Endowments. Security forces arrested in April mosque workers from Kafr El-Sheikh who travelled from their governorate to Cairo to demonstrate, demanding they get registered under the endowments ministry after a presidential decree banned unlicensed mosque preachers. The decree, issued by former Interim President Adly Mansour, aimed to curb Islamists' influence on mosque preachers, and threatened prison and fines to freelance imams who practiced public preaching in mosques. The defendants were also given a two-year probation period after they serve their prison sentences. A protest law passed in November 2013 prohibits protesting without notifying the interior ministry at least three days ahead of any protest. Islamists as well as liberal and leftist opposition activists have been slammed with prison sentences for violating the law. A recent campaign was launched in solidarity with political detainees, calling for mass hunger strikes inside and outside prisons until the protest law is revoked and all charges brought under the law dropped. A member of Egypt’s National Human Rights Council said the protest law is currently undergoing an amendment phase, and that the council has been asked to participate in the amendments. Egyptian officials are yet to comment on the possibility of amending the controversial law. More»
Amwal Al Ghad English - 2014-09-14 06:17:16
Egypt’s prosecutor-general called on Interpol on Saturday to arrest members of the Muslim Brotherhood who are either wanted in criminal cases or already have verdicts issued against them in absentia. Prosecutor Hisham Barakat has also requested the renewal of the Interpol red notices against the Brotherhood members, especially those fleeing in Qatar and Turkey, Al-Ahram’s Arabic website reported. Barakat’s decision comes in the wake of reports that Qatar, a strong supporter of the Brotherhood, has asked fleeing Brotherhood members to leave the Gulf state. The Masr Al-Arabiya news website, which is close to the Brotherhood, quoted Brotherhood sources confirming that Islamic preacher Wagdi Ghoneim, in addition to Amr Darrag, Gamal Abdel-Sattar, Essam Teleima, Ashraf Badr El-Din, Mahmoud Hussein and Hamza Zawbaa — all either members of the Brotherhood or its now defunct political arm, the Freedom and Justice Party (FJP) — were asked to leave the country. Turkish state news agency Anadolu also reported the same information. Former FJP figure Darrag released a statement, published by the Brotherhood’s official website website Ikhwanweb, commenting: "In order to avoid causing any embarrassment for the state of Qatar, which we found to be a very welcoming and supportive host, some symbols of the Muslim Brotherhood and its political wing — the Freedom and Justice Party — who were asked by authorities to move their residence outside the State of Qatar, have now honoured that request." Interpol previously collaborated with Egypt to arrest Brotherhood figures on the run, including Akram El-Shaer and Mohamed El-Qabouty, arrested in Saudi Arabia and Kuwait respectively in March. Egypt's prosecutor-general had previously asked for international arrests of fugitives accused of orchestrating violence in Egypt following the ouster of Mohamed Morsi in July 2013. In December the Egyptian interim government declared the Brotherhood a terrorist organisation, a decision that was upheld by a court order in February. More»
Amwal Al Ghad English - 2014-09-14 06:15:48
The results of a British probe into the Muslim Brotherhood are being carefully considered, to assess the possible implications for UK policies, the British government has said. On 17 April, UK Prime Minister David Cameron asked different British security, intelligence and diplomatic services to conduct a review of the Islamic movement. The purpose of the review was to “produce an internal report for the prime minister to inform government policy towards the Muslim Brotherhood.” Although the review was completed at the end of July, the government has not yet announced the results, with some reports suggesting differences of opinion among government departments. The UK Foreign and Commonwealth Office (FCO) rejected speculation that the results have been delayed. “It is only right that it be carefully considered by the government,” an FCO spokesperson told Ahram Online. The spokesperson refused to set a date for any official announcement of the results, adding that the government has never set a date. More»
Amwal Al Ghad English - 2014-09-14 06:00:05
Detained members of a hardcore Zamalek football club fan group started a hunger strike on Saturday, their official Facebook page reported. At least 36 members of Ultras White Knights are detained pending investigations for violating the protest law, which activists deem too restrictive and have launched a wide hunger-strike campaign against it. "White Knights detainees begin a hunger strike in the prisons of darkness," the announcement said on the Facebook page without giving further details. The 36 members were arrested after reportedly being involved in clashes with security forces in Cairo's Shubra neighbourhood. The fans were protesting against the detention of some of their colleagues who are accused of trying to assassinate club chairman Mortada Mansour last August. Following the alleged attempt, Zamalek club management decided to distance itself from the group. Several other members of Ultras White Knights were arrested in subsequent demonstrations. The Ultras White Knights detainees are joining 66 other prisoners that have already started a hunger-strike in Egyptians jails. Many others, including families, journalists and political parties joined a hunger strike in solidarity with them. They demand the release of all detainees in what they described as cases of freedom of opinion. They also call for amending the protest law that bans demonstrations without prior authorisation and gives security the right to bar any gathering of more than ten people. Hundreds have been arrested under this law. More»