Michael's Feed
Mar 13, 2015

Gulf Arab allies pledge $12 billion to Egypt at summit

SHARM EL-SHEIKH (Reuters) – Gulf Arab allies pledged a further $12 billion (8 billion pounds) of investments and central bank deposits for Egypt at an international summit on Friday, a big boost to President Abdel Fattah al-Sisi as he tries to reform the economy after years of political upheaval.

Kuwait, Saudi Arabia and the United Arab Emirates each offered $4 billion to Egypt, which is grappling with Islamist insurgents as it tries to improve the investment climate four years after a popular uprising that touched off protracted turmoil.

Mar 13, 2015

Egypt’s Qalaa sees opportunities in energy sector reform

SHARM EL-SHEIKH, Egypt, March 13 (Reuters) – Qalaa Holdings,
one of Egypt’s largest investment companies, said on Friday its
investment strategy would focus on opportunities presented by
reforms in the energy sector.

Speaking at an investment conference in the Red Sea resort
of Sharm El-Sheikh, Qalaa chairman Ahmed Heikal said he was
highly encouraged by the government’s decision last year to cut
fuel subsidies that had drained state coffers.

Mar 13, 2015

Egypt eyes deals worth $15-$20 billion at investment summit

SHARM EL-SHEIKH, March 13 (Reuters) – Egypt expects to sign
agreements worth up to $20 billion at a weekend investment
summit in the Red Sea resort of Sharm el-Sheikh, its investment
minister said on Friday.

Egypt wants the conference to project an image of stability
and deepen investor confidence after four years of political and
economic turmoil triggered by a 2011 uprising that toppled
veteran ruler Hosni Mubarak.

Mar 11, 2015

Egypt pins hope for revival on investment conference

CAIRO (Reuters) – After four years of political turmoil, Egypt is staking its economic revival on an investment summit in Sharm el-Sheikh it hopes will burnish its image and attract billions of dollars.

The gathering, to be attended by global chief executives and officials including the International Monetary Fund’s Christine Lagarde and U.S. Secretary of State John Kerry, is not just about money.

Feb 26, 2015

Egypt army could play role in new Suez industrial hub: chairman

ISMAILIA, Egypt (Reuters) – Egypt’s military could help build an industrial hub around a new Suez Canal, the project’s manager said, the first suggestion that the armed forces may play an important role in the huge investment venture planned alongside the new waterway.

The army began in August digging the new $8 billion canal that President Abdel Fattah al-Sisi, the former military chief, wants completed within a year.

Feb 24, 2015

Egypt’s Sisi issues decree widening scope of security crackdown

CAIRO (Reuters) – Egyptian President Abdel Fattah al-Sisi has signed off on an anti-terrorism law that gives authorities more sweeping powers to ban groups on charges ranging from harming national unity to disrupting public order.

The move, announced in the official Gazette, is likely to increase concern among human rights groups that the government has rolled back on freedoms gained after the 2011 uprising that ended a three-decade autocracy under Hosni Mubarak.

Feb 18, 2015

Islamic State lays claim to North African outpost

ALGIERS/CAIRO (Reuters) – The images match the worst of Islamic State’s atrocities: black-clad fighters and an English-speaking jihadist taunt the West before slaughtering their victims in orange jumpsuits on a Libyan beach.

Their masked leader turns to the Mediterranean and points a bloodied knife towards Europe, declaring, “We will conquer Rome, God willing.”

Feb 18, 2015

Feature: Fierce crackdown on dissent no laughing matter in Egypt

CAIRO (Reuters) – When President Abdel Fattah al-Sisi said people should not moan about Egypt because it was not like war-ravaged Iraq or Syria, his remark gave birth to a joke: New Egyptian passports should read “The Country not like Iraq or Syria.”

Gags like this are in short supply in Egypt.

Humour was one of the only channels for protest under successive Egyptian autocrats accused of mismanagement, repression and corruption. But Sisi’s tightening grip on power is leaving little space for critics, comics or cartoonists.

Feb 18, 2015

Fierce crackdown on dissent no laughing matter in Egypt

CAIRO, Feb 18 (Reuters) – When President Abdel Fattah
al-Sisi said people should not moan about Egypt because it was
not like war-ravaged Iraq or Syria, his remark gave birth to a
joke: New Egyptian passports should read “The Country not like
Iraq or Syria.”

Gags like this are in short supply in Egypt.

Humour was one of the only channels for protest under
successive Egyptian autocrats accused of mismanagement,
repression and corruption. But Sisi’s tightening grip on power
is leaving little space for critics, comics or cartoonists.

Feb 16, 2015

Sisi warns of response after Islamic State kills 21 Egyptians in Libya

CAIRO (Reuters) – Islamic State released a video on Sunday that appeared to show the beheadings of 21 Egyptian Christians in Libya and President Abdel Fattah al-Sisi warned that his country would respond to the deaths as it saw fit.

Speaking on national television hours after the release of the video, Sisi said Cairo would choose the “necessary means and timing to avenge the criminal killings”.