The Libyan Investment Authority is considering opportunities to break into the Egyptian banking sector in the coming period by owning a commercial bank, according to sources.

The Libyan sovereign wealth fund, or the Libyan Investment Authority, is looking into the possibility of acquiring an Egyptian bank in full or with a large share, while the sources refused to disclose to the Egyptian newspaper what it is.

The Libyan Foreign Bank, owned by the Central Bank of Libya, owns a 27% stake in Egypt’s Suez Canal Bank.

A fierce race is raging between several parties to acquire the United Bank, which is owned by the Central Bank of Egypt.

The United Bank is part of Egypt’s government’s plan to exit the economy and sell its assets, including listing shares of state-owned companies on the stock exchange or selling stakes to strategic investors, or both.
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The Russian ambassador to Cairo, Georgy Borisenko, affirmed his country’s firm position with the Palestinians in preserving their historical rights.

In press statements, the Russian ambassador stressed that Russia was one of the first countries to recognize the state of Palestine and condemned Israeli operations that resulted in heavy loss of Palestinian lives.

Speaking to reporters, Borisenko called for the need to stop the Israeli war and urged the international community, especially the United States, to reconsider its support for Israel, stressing that the only solution lies in the implementation of UN General Assembly resolutions.

In a related context, the Russian ambassador touched on the developments of the Russian industrial zone to be established in the Suez Canal Economic Zone.

He explained that steps are underway to equip the industrial zone and an additional protocol to the agreement between the two countries is being considered, which will allow Russian companies to start their business there soon.
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Egypt’s Finance Minister Mohamed Maait revealed that the government estimates that Suez Canal revenues will decline by 60% due to ongoing tensions in the Red Sea.

The Egyptian minister’s remarks came during his participation in the economic policy-making conference held in Cairo, as the Red Sea crisis entered its seventh month.

Maait pointed out that the crisis in the Red Sea, in addition to the slowdown in economic activity, the decline in trade and the restrictive policies imposed to deal with the effects of global inflationary crises, negatively affect Egypt’s tax and non-tax revenues.

Egypt’s planning minister, Hala al-Said, announced last month that Suez Canal revenues had fallen by 50 percent as a result of tensions in the Red Sea.

The Suez Canal is one of the most important sea lanes in the world, connecting Europe and Asia and is a major source of hard currency for Egypt.

In the fiscal year 2022-2023, the channel recorded revenues of $ 9.4 billion, the highest annual level recorded, an increase of 35% over the previous year.

The International Monetary Fund  also announced in March that the volume of trade through the Suez Canal fell by 50% during the first two months of 2024 due to attacks in the Red Sea.

International trade has been disrupted in recent months as a result of disruptions in this vital sea lane, through which about 15% of global maritime trade passes.

This led some shipping companies to change routes from the Red Sea and Suez Canal to the Cape of Good Hope, increasing delivery times by 10 days or more.
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#Egypt #Egyptian_Ministry_of_Finance #Egyptian_Ministry_of_Planning #Gaza_War #Houthi_Group #International_Monetary_Fund #Israel #Mohamed_Maait #Red_Sea #Suez_Canal #Yemen

Recent reports from “UBS” Bank stated that Egypt may witness a jump in the inflow of foreign currencies thanks to foreign direct investments, remittances from Egyptians abroad, and improved revenues from the Suez Canal.

The report developed three scenarios, the most optimistic of which indicates a 30% increase in foreign investments and remittances by Egyptians abroad compared to the years 2021 and 2022. These transfers will raise the total foreign currency entering the country to $20 billion in the next sixteen months, which will help the Central Bank of Egypt to strengthen its reserves. Cash until 2025.

The report stated that the less optimistic scenario shows reduced access to markets and a slow recovery in Suez Canal revenues, leading to net external flows ranging between $2 and $3 billion, which puts pressure on cash reserves.
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Israeli media claimed that Egypt intends to wage war against Israel, and that it has built a huge military infrastructure in Sinai in preparation for this war.

Israeli researcher Eli Clotstein from the “Mishgav” Institute for National Security and Zionist Strategy stated, in a report published by the “Makorrishon” website, that the recent developments in Sinai raise concern, even though there is no direct threat from Egypt at the present time.

Clotstein explained that the disengagement process from the Gaza Strip in 2005 was a turning point, as Israel allowed Egypt to deploy security forces in Sinai for the first time since the 1979 peace agreement.
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The new Egyptian government was sworn in before President Abdel Fattah El-Sisi, in light of major economic challenges and raging conflicts in neighboring countries.

The changes coincide with growing popular discontent due to years of economic mismanagement, the coronavirus pandemic, and the repercussions of wars in Europe and the Middle East.

The new government, headed by Mostafa Madbouly, witnessed fundamental changes in the ministerial portfolios related to defense and economy, and some ministers remained in their positions, such as the ministers of police, health, and transportation.

Sherif Fathi replaced Ahmed Issa as Minister of Tourism and Antiquities in the new government. Mahmoud Esmat was appointed as Minister of Electricity to deal with recurring power outages during the summer.
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Somali President Hassan Sheikh Mohamud, with his Egyptian counterpart Abdel Fattah al-Sisi, discussed the situation in the Horn of Africa and the Red Sea region, during a phone call, according to the official Somali News Agency.

The two presidents welcomed the momentum witnessed in cooperation between the two countries in the recent period, stressing their keenness to expand the horizons of cooperation to include various fields in accordance with the fraternal ties between the two peoples.

They stressed the importance of ensuring the security and stability of the Red Sea and Gulf of Aden regions, which will reflect positively on the Horn of Africa and its people.
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#Eritrea #Somalia #Abdel_Fattah_Al_Sisi #Djibouti #Egypt #Ethiopia #Hassan_Sheikh_Mahmoud #Horn_of_Africa #Red_Sea #Somaliland_Region #Suez_Canal

On Saturday, the Egyptian government denied an audio clip talking about its intention to sell the Suez Canal for a trillion dollars.

The Presidency of the Egyptian Council of Ministers said in a statement published on its Facebook page today, “Some social media pages circulated an audio clip claiming that the government intends to sell the Suez Canal for one trillion dollars. The Cabinet Media Center contacted the Suez Canal Authority, which denied this news.”

She added, “There is no truth to the government’s intention to sell the Suez Canal for a trillion dollars, and that the audio clip circulating is fabricated, and the information contained in it is fake and has no connection to reality.
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The Egyptian Olympic Committee announced the suspension of player Shahad Saeed, who qualified for the 2024 Paris Olympics, for a year after she knocked down her teammate Janna Mohamed El-Sayed during the Republic Championship for Women under 23 years of age.

The Egyptian Olympic Committee issued details of the incident that occurred during the individual race held in the city of Suez on April 27, 2024, and indicated that Saeed’s punishment will continue until April 26, 2025.

Reports issued by the Egyptian Cycling Federation and the Committee of Bodies and Clubs showed that Saeed’s actions violated recognized sports rules and ethics.
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