Wrap-up of Egypt’s top news July 27: Egypt’s stock markets jump on IMF loan talks; Sisi, ministerial economic group discuss Egypt’s dollar crisis
President Abdel Fatah al Sisi met with ministerial economic group on Thursday, July 27, 2016- Photo courtsey of Presidential Office.
By

Politics

Al-Azhar: monopoly, illicit activities that cause $ rise are religiously forbidden  

Egyptian Islamic Sunni institute of Al-Azhar announced in a statement that the monopoly and practices, which could increase the value U.S. dollar against Egyptian pound in the black market, are religiously forbidden.

The statement cited a Quran verse No. 188 of Al-Baqara chapter, translated by Khalifa, “You shall not take each others’ money illicitly, nor shall you bribe the officials to deprive others of some of their rights illicitly, while you know.”

 

Sisi, ministerial economic group discuss Egypt’s dollar crisis

President AbdelFatah al Sisi met with ministerial economic group on Thursday to review latest economic conditions after the Egyptian pound weakened on the parallel market reaching over 13 EGP against the dollar on the black market.

The unprecedented rise comes at a time when the Central Bank of Egypt (CBE) maintained its rate at EGP 8.78 on Wednesday.

The meeting will be attended by CBE Governor Tarek Amer, who earlier this month signaled the possibility of another devaluation.

Chief of Libya’s UN-backed government arrives in Cairo

Libya’s UN-backed prime minister-designate Fayez al-Sarraj arrived in Cairo Wednesday morning in an official visit during which he will meet with Egyptian officials, Youm7 reported.

The visit is Sarraj’s second to Cairo over the past two months. In May, he met with Egyptian President Abdel Fatah al Sisi and discussed political solution for the Libyan crisis.

 

Local:

Man announced dead after arrested by police

A 24 year old man called Mohamed Samir was announced dead after he was arrested over drug possession in Imbaba district, Giza, Youm7 reported.

Preliminary investigations indicated that the young man died after he escaped police custody; the cause of the death was revealed as drowning.

However, Samir’s mother told Youm7 that she was told that her son was not at the police station a day after his arrest; she continued saying that she later received a call from Zeinhom Morguw informing her that her son was shot dead after he drowned in the Nile River.

Relatives of the deceased man gathered outside Imbaba police station, accusing the police of killing their son. Forces reportedly dispersed the gathering by firing shots in the air.

 

 

State-owned big pharmacy has no ‘subsidized infant formula’

“No subsidized Infant Formula,” Al Esaaf Pharmacy, state-owned big pharmacy that sells subsidized infant formula, wrote in a sign on its building, Youm7 reported.

Pharmacies selling subsidized infant formula cans nationwide suffer shortage due to dollar crisis. Egypt is trying to reduce imports due to a dollar crisis.

Some 12 percent of Egyptian newborns need to have their diets supplemented through formula annually, head of the regional sector at the ministry Hala Masekh told Youm7. She added that by mid-2016, more than 350,000 children will be receiving the milk through smart cards; each child will receive 64 tins per year.

Besides the formula shortage, hundreds of medicines are reportedly unavailable at pharmacies due to U.S. dollar shortage in Egypt.

 

Business:

Egypt’s stock markets jump on IMF loan talks

(Reuters) Egyptian stocks surged on Wednesday on news that Cairo was close to agreeing an International Monetary Fund (IMF) lending program, while weak oil prices pulled down most bourses in the Gulf.

The main Egyptian equities index climbed 5.0 percent to 7,915 points, its biggest daily gain since mid-March, in the market’s heaviest trade since mid-April.

Blue chips favored by foreign investors outperformed with Commercial International Bank, the largest listed lender, jumping 5.7 percent and Global Telecom up 6.1 percent.

Financial firm EFG Hermes, which could benefit from handling an inflow of foreign investment if the IMF loan stabilizes Egypt’s struggling balance of payments, rocketed 10.7 percent.

Ibrahim al-Nimr, head of technical analysis at Cairo’s Naeem Holding, predicted the index would break above 8,000 points when the signing of the IMF loan became certain.

“This may in turn prompt some profit-taking at those levels, but even then we expect certain sectors to continue riding the bull wave, especially banks and real estate.”

The government said it was seeking $7 billion annually from the IMF over three years. Prime Minister Sherif Ismail ordered the central bank governor and minister of finance to complete negotiations for the program with an IMF team that would visit Egypt in the next few days.

Investment minister to sign $10 b worth development projects contracts

Investment Minister Dalia Khourshid will sign on Thursday the contracts of 17 new development projects worth 90 billion EGP ($10.1 b) in the north coast, Youm7 reported.

Governor of Mediterranean city of Marsa Matrouh said the signing comes after the government have studied and completed the legal procedures required.

The projects will be held on land allocated by the General Authority for Investments and Free Zones (GAFI.)

 

Egypt Saudi Development Fund delegation to talk project of furniture, leather manufacturing cities

Egyptian Minister of International Cooperation Sahar Nasr said that the ministry will meet with a delegation from Saudi Development Fund to discuss the projects of establishing a city for furniture manufacturing and another city of leather manufacturing, Youm7 reported Wednesday.

The delegation arrived in Cairo Wednesday to discuss certain development projects with $200 million in soft loans.

 

Sport

Egypt’s handball team to face France in Women’s Youth (U18) World Championship 16th round

Egypt’s national women handball teams will meet its French counterpart on Wednesday in the round of 16th of the Women’s Youth (U18) World Championship, hosted by Slovakia.

Egypt has qualified to the round of 16th after losing its first match against Denmark at the group stage on Tuesday before achieving a 5-game winning streak against Argentina, Slovakia, Slovenia and Uzbekistan.

Koffi files FIFA complaint against Zamalek

Zamalek Burkinabe defender Mohamed Koffi has officially lodged a complaint with FIFA against his club Zamalek on Tuesday, requesting to terminate his contract with the Egyptian side, according to Kingfut.

According to local news reports, the 29-year-old defender claims he hasn’t received his wages for three months, which gives him the right to terminate his contract.

 

Social

Archeological district in Alexandria sank in groundwater: tourist guide

A tourist guide, Ahmed Youssef, said that the archeological district of Koum el-Shaqaqa in Alexandria has sunk in groundwater and suffers negligence, Youm7 reported.

Youm7 has published photos showing groundwater flooding the district, which sees flocks of foreign tourist groups.

 

Egyptian photographer wins UNESCO photo contest award

Egyptian photographer Mohamed Abdel Gawad won in “Photo and Story” contest organized by the UNESCO in 2015 as part of a campaign called “United with the heritage.”

Abdel Gawad has participated with his photo about the “Moulid.”

“Moulid,” meaning birthday in Arabic, is an Egyptian celebration of a holy person performed by both Muslims and Copts to honor their saints.

 

Recommend to friends

Leave a comment