Egypt and Oman agree to establish joint investment fund

Egypt and Oman agree to establish joint investment fund
Egyptian President Abdel Fattah El-Sisi and Sultan of Oman Haitham bin Tariq. (Spokesman of the Egyptian Presidency)
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Updated 30 June 2022

Egypt and Oman agree to establish joint investment fund

Egypt and Oman agree to establish joint investment fund
  • Two countries also sign agreements in multiple sectors, including the environment and education
  • Agreement comes during Egyptian President El-Sisi’s official visit to Oman 

CAIRO: Egyptian President Abdel Fattah El-Sisi and Sultan of Oman Haitham bin Tariq have agreed on a study to establish a joint investment fund between their two countries, focused on feasible projects in various vital sectors.

In a joint statement released on Tuesday, the two leaders confirmed, during the official visit of the Egyptian president to Oman, that all relevant authorities would discuss investment opportunities in fields including energy and renewables, industry, healthcare and pharmaceuticals.

During El-Sisi’s visit, Egypt and Oman signed two agreements, six memoranda of understanding, three executive programs and letters of cooperation in promoting competition, combating monopolies, promoting investment, developing exports, establishing and managing industrial zones, and protecting the environment, in addition to the mutual recognition of marine qualification certificates for navigators.

The governments of the two countries also signed a cooperation agreement in maritime transport and ports, and a cooperation agreement between Sultan Qaboos University and the Egyptian National Institute for Astronomical and Geophysical Research.

El-Sisi affirmed “Egypt’s keenness during the coming period to develop economic and commercial cooperation relations with the Omani business community and companies, and develop joint investments, to contribute to supporting economic development … to maximize mutual interests and optimal utilization of available opportunities.”

During his meeting with representatives of the business community and heads of major companies in Oman, with the participation of a number of senior Omani officials and representatives, he stressed that “the qualitative leap that Egypt has witnessed recently in the various development sectors reflects the strong will of the state, with its governmental and popular components to achieve sustainable development, which will have positive repercussions on the strengthening of bilateral relations between Egypt and the Sultanate of Oman by opening doors to maximize existing Omani investments in various sectors.

“The distinguished fraternal relations between the two brotherly countries are the real umbrella for supporting efforts to develop joint cooperation in various economic fields through the availability of the necessary political will,” El-Sisi said.

The Egyptian leader also discussed the various investment opportunities in Egypt, foremost of which is the development axis of the Suez Canal Zone, which includes a number of major industrial and logistical areas, and which provides promising opportunities for Omani companies wishing to benefit from Egypt’s strategic location.

El-Sisi arrived in Oman on Monday and an official reception ceremony was held for him. 

Talks between the two leaders were held at Al-Alam Palace in the Omani capital Muscat and included delegations from both countries.

El-Sisi affirmed Egypt’s “pride in the depth and strength of strategic relations with the Sultanate of Oman,” and its desire to “strengthen and diversify the frameworks of joint bilateral cooperation, and explore mechanisms to push them to broader horizons in various political, security, economic and commercial fields.”

He also praised “the existing level of coordination and unity of visions between the two brotherly countries on issues of common interest,” as well as the “Omani-Egyptian consensus on all regional and international issues.”

Ambassador Bassam Radi, official spokesman for the Presidency of the Republic, said El-Sisi and Sultan Haitham held an expanded session of talks, during which the sultan praised the “close and historical brotherly ties that unite the two countries.”


Egypt appoints 13 new ministers in Cabinet reshuffle

Egypt appoints 13 new ministers in Cabinet reshuffle
Updated 44 min 52 sec ago

Egypt appoints 13 new ministers in Cabinet reshuffle

Egypt appoints 13 new ministers in Cabinet reshuffle
  • Secretary-General of the House of Representatives Ahmed Manaa invited Parliament’s 596 MPs to attend the meeting without disclosing further information

CAIRO: President Abdel Fattah el-Sisi of Egypt announced a Cabinet reshuffle Saturday to improve his administration's performance as it faces towering economic challenges stemming largely from Russia’s war in Ukraine.
The Cabinet shake-up, which was approved by parliament in an emergency session, affected 13 portfolios, including health, education, culture, local development and irrigation ministries.
Also included in the reshuffle was the tourism portfolio, a key job at a time when Egypt is struggling to revive the lucrative sector decimated by years of turmoil, the pandemic and most recently the war in Europe.
The changes, however, didn’t affect key ministries including foreign, finance, defense and the interior, which is responsible for the police force.
El-Sisi said the shake-up came in consultation with Prime Minister Mustafa Madbouly. He said in a Facebook post that the changes aimed at “developing the governmental performance in some important files ... which contribute to protecting the state’s interests and capabilities.”
The new ministers are expected to be sworn in before el-Sissi later Saturday or early Sunday.
Egypt’s economy has been hard hit by the coronavirus pandemic and the ongoing war in Ukraine, which rattled global markets and hiked oil and food prices across the world.


Vehicle accident in southern Egypt kills 9, injures 18

Vehicle accident in southern Egypt kills 9, injures 18
Updated 13 August 2022

Vehicle accident in southern Egypt kills 9, injures 18

Vehicle accident in southern Egypt kills 9, injures 18

CAIRO: A vehicle accident involving an overturned microbus in southern Egypt killed at least nine people and injured eight, authorities said Saturday.
The crash took place Friday when the passenger vehicle overturned following a tire blowout on a highway in Minya province 273 kilometers (170 miles) south of the capital Cairo, provincial authorities said in a statement.
The microbus, a sort of mass transit minivan, was transporting people from Sohag province to Cairo, the statement said.
Ambulances rushed to the site and moved the injured to hospitals in Minya, the statement added.
Deadly traffic accidents claim thousands of lives every year in Egypt, which has a poor transportation safety record. The crashes and collisions are mostly caused by speeding, bad roads or poor enforcement of traffic laws.
Earlier this month, a microbus collided with a truck in Sohag, killing at least 17 people and injuring four others. In July, a passenger bus slammed into a parked trailer truck in Minya, leaving 23 dead and a least 30 wounded.


UAE FM, Ukrainian counterpart discuss relations

UAE FM, Ukrainian counterpart discuss relations
Updated 13 August 2022

UAE FM, Ukrainian counterpart discuss relations

UAE FM, Ukrainian counterpart discuss relations

DUBAI: The UAE’s Minister of Foreign Affairs and International Cooperation, Sheikh Abdullah bin Zayed al-Nahyan, discussed on Friday with the Ukrainian Foreign Minister, Dmytro Kuleba, bilateral relations between their countries, the prospects for cooperation and ways to enhance them.

Both officials also reviewed the latest developments in the Ukraine, in addition to a number of regional and international issues of common interest, UAE state news agency WAM reported. 

During the phone call, Sheikh Abdullah praised the United Nations-backed agreement recently signed in Istanbul between Ukraine, Russia and Turkey, which provides for the safe export of grain through the Black Sea to global markets.

He reiterated the UAE's commitment to support all efforts to find a peaceful solution to the conflict in Ukraine and reach a political settlement of the crisis.


Adviser to Iran’s nuclear negotiating team ‘won’t shed tears’ over Salman Rushdie attack 

Adviser to Iran’s nuclear negotiating team ‘won’t shed tears’ over Salman Rushdie attack 
Updated 13 August 2022

Adviser to Iran’s nuclear negotiating team ‘won’t shed tears’ over Salman Rushdie attack 

Adviser to Iran’s nuclear negotiating team ‘won’t shed tears’ over Salman Rushdie attack 
  • Mohammad Marandi: ‘I wont be shedding tears for a writer who spouts endless hatred and contempt for Muslims and Islam’

Iran’s advisor to the nuclear negotiating team, Mohammad Marandi, said he will not be “shedding tears” over Salman Rushdie who was fatally stabbed on Friday at a literary event in New York state. 

“I wont be shedding tears for a writer who spouts endless hatred and contempt for Muslims and Islam,” Marandi said in a tweet following the incident. 

Salman Rushdie, who spent years in hiding after an Iranian fatwa ordered his killing, was on a ventilator and could lose an eye following the attack. The British author of “The Satanic Verses,” which sparked fury among some Muslims, had to be airlifted to hospital for emergency surgery following the attack.

Marandi also expressed his surprise at the timing of the attack on Rushdie, which followed Washington’s thwarting of an assassination attempt targeting the former National Security Adviser, John Bolton, calling it “odd.”

The Department of Justice charged an Iranian military operative on Wednesday with plotting to assassinate Bolton.


Tunisian government, unions agree to talks on IMF reform program

Tunisian government, unions agree to talks on IMF reform program
Updated 12 August 2022

Tunisian government, unions agree to talks on IMF reform program

Tunisian government, unions agree to talks on IMF reform program
  • Prime Minister Najla Bouden, UGTT labour union chief Noureddine Taboubi and UTICA commerce union chief Samir Majoul had agreed a "social contract" to tackle national challenges
  • The UGTT reposted the statement on its Facebook page

TUNIS: Tunisia’s government and both its main labor and commerce unions agreed on Friday to start talks on Monday over economic reforms required by the International Monetary Fund (IMF) for a rescue program.
State news agency TAP reported that Prime Minister Najla Bouden, UGTT labor union chief Noureddine Taboubi and UTICA commerce union chief Samir Majoul had agreed a “social contract” to tackle national challenges, citing a government statement.
The UGTT reposted the statement on its Facebook page.
The labor union, which represents a vast syndicate of workers, has been a staunch critic of IMF economic reforms proposed by the government, including subsidy cuts, a public sector wage freeze and the restructuring of state-owned companies.
It previously said, such reforms would increase the suffering of Tunisians and lead to an imminent social implosion.
Tunisia is seeking $4 billion in IMF support amid the economic fallout from the coronavirus pandemic and the war in Ukraine, though diplomat sources told Reuters any IMF program approved would be unlikely to reach that level.
The IMF wants the UGTT, a powerful union that has a million members and has previously paralyzed parts of the economy in protest, to formally agree to government reforms.
Efforts to secure the IMF bailout have been complicated by Tunisia’s political upheavals since President Kais Saied seized most powers a year ago, shutting down parliament and moving to rule by decree.
Last month, he pushed through a new constitution formalising many of the expanded powers he has assumed in a referendum. Official figures showed that 31 percent of Tunisians took part, but opposition groups have rejected the figure, calling it inflated.