
Saudi, Spanish FMs Discuss Gaza Crisis, Bilateral Relations in Madrid
Saudi Foreign Minister (FM) Prince Faisal bin Farhan met on Sunday with Spain's Foreign Minister José Manuel Albares to discuss regional and international developments, with a particular focus on the ongoing situation in the Gaza Strip and the West Bank, as well as efforts to address the crisis.
According to the Saudi Press Agency (SPA), the meeting took place on the sidelines of the expanded meeting in Madrid between the ministerial committee assigned by the Extraordinary Joint Arab-Islamic Summit on developments in Gaza, the Madrid Group, and several European countries.
The two ministers also reviewed bilateral relations between their friendly countries and explored areas of mutual cooperation.
read more
Gold prices rise, 21 Karat at EGP 3685
NATO's Role in Israeli-Palestinian Conflict
US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria
Shoukry Meets Director-General of FAO
Lavrov: confrontation bet. nuclear powers must be avoided
News
Iran Summons French Ambassador over Foreign Minister Remarks
News
Aboul Gheit Condemns Israeli Escalation in West Bank
News
Greek PM: Athens Plays Key Role in Improving Energy Security in Region
News
One Person Injured in Explosion at Ukrainian Embassy in Madrid
News
Egypt confirms denial of airspace access to US B-52 bombers
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CairoScene
an hour ago
- CairoScene
Saudi Arabia Caps Foreign Ownership in Listed Companies at 49%
The Capital Market Authority's new rule restricts foreign ownership in any Saudi-listed company to 49%, with immediate effect for all current and future investors. Aug 18, 2025 Saudi Arabia's Capital Market Authority (CMA) has announced a new regulation that prohibits foreign investors from owning more than 49% of shares in any company listed on the Saudi stock exchange. The decision, which takes immediate effect, applies to all foreign investors, including both individuals and institutions, and covers all companies currently listed or to be listed in the future. The CMA's move is part of ongoing efforts to regulate foreign participation in the Saudi capital market and ensure compliance with national policies. The new rule sets a clear ceiling for foreign ownership, regardless of the investor's country of origin or the sector in which the company operates. According to the CMA, the 49% cap applies to the total shares of any single entity, and not just to a specific class of shares. The regulation is binding for all foreign investors, whether they hold shares directly or through investment funds, derivatives, or other financial instruments. The authority has also clarified that any existing foreign ownership above the new threshold must be brought into compliance, though the mechanism for this adjustment has not been detailed in the announcement. The CMA stated that the new rule is designed to align with broader economic and regulatory objectives, and to provide clarity for both local and international market participants. The authority will continue to monitor compliance and may take further action if necessary. The regulation does not affect the rights of Saudi nationals or entities to own shares in listed companies, nor does it impact existing rules for strategic investors or government-related entities. The CMA has called on all market participants to review their current holdings and ensure adherence to the new ownership limits.


Middle East
2 hours ago
- Middle East
OPEN// FM stresses urgent need to mobilize int'l support for Gaza reconstruction plan
CAIRO, Aug 17 (MENA) – Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty stressed on Sunday the urgent need to sustain international support for implementing the Arab plan for Gaza's reconstruction, which outlines requirements for early recovery, infrastructure rebuilding, and restoring basic services as a prelude to the enclave's long-term development. Abdelatty made the remarks during his meeting in New Alamein city with Palestinian Prime Minister Mohammed Mustafa, in the presence of Social Solidarity Minister Maya Morsy and Higher Education and Scientific Research Minister Mohamed Ayman Ashour. Abdelatty reviewed preparations for the upcoming Cairo Conference on Gaza Early Recovery and Reconstruction to be convened once a ceasefire is reached, with both sides discussing detailed arrangements for the event. The minister reaffirmed Egypt's unwavering support for the Palestinian people in obtaining their legitimate rights and establishing their independent state, while also updating on Egypt's mediation efforts to secure a ceasefire. He stressed Egypt's categorical rejection of any displacement of Palestinians, denouncing Israel's policy of starvation and blockade in Gaza, as well as its systematic settlement expansion and violations in the occupied territories. The minister underlined Egypt's commitment to supporting the Palestinian Authority (PA) to enable it to assume its responsibilities in both Gaza and the West Bank, highlighting the need to activate a temporary Gaza management committee until the PA fully resumes its role in the Strip. He also voiced Egypt's readiness to help restore order by training Palestinian police forces to fill the security vacuum in Gaza. For her part, Minister Maya Morsy outlined Egypt's humanitarian efforts in Gaza, noting that the Egyptian Red Crescent has facilitated the entry of tens of thousands of aid trucks through the Rafah border crossing carrying hundreds of thousands of tons of relief supplies, alongside dozens of ambulances. Egypt has also treated thousands of injured and ill Palestinians at its hospitals, she added. Meanwhile, Minister Ashour reviewed the executive framework and program documents for the reconstruction plan, emphasizing the importance of ensuring effectiveness and sustainability across infrastructure, services, social protection, economic development, and local governance. He confirmed ongoing coordination with Palestinian counterparts to finalize the plan in its complete form. The Palestinian premier hailed Egypt's leading role in supporting the Palestinian cause and substantial humanitarian efforts in delivering aid to Gaza, praising Cairo's initiative in drafting the Arab plan for Gaza reconstruction and its work on early recovery. (MENA) M S H/R E E


Daily News Egypt
2 hours ago
- Daily News Egypt
MSMEDA teams up with Franchise International to drive Arab franchising growth
The Micro, Small and Medium Enterprises Development Agency (MSMEDA) has partnered with Franchise International—one of Saudi Arabia's leading national franchising institutions—to support and empower Egyptian and Saudi brands, accelerate franchise operations, and prepare local businesses for expansion into regional and international markets. The move comes in line with directives from Egypt's political leadership to strengthen the SME sector, enhance its access to foreign markets, and boost its contribution to the national economy. Basil Rahmy, CEO of MSMEDA, said the cooperation is part of preparations for the Egyptian-Saudi International Franchise Exhibition, scheduled for early 2026. Billed as the largest event of its kind in the Arab world, the exhibition is expected to feature over 300 brands from Egypt, Saudi Arabia, and global markets, with strong participation from government bodies and investment authorities from both countries. Rahmy explained that the initiative aims to launch practical programmes to accelerate franchise operations in Egypt and upgrade local brands to international competitiveness standards. The event will also host the latest edition of the Arab Franchise Award, recognising innovation and excellence across the region's franchising sector. He emphasised the importance of partnering with Franchise International, noting that the initiative aligns with the directives of Prime Minister Mostafa Madbouly—who chairs MSMEDA's board of directors—to support Egyptian brands, particularly those driven by entrepreneurs, and help them sustain growth and expand internationally. Rahmy added that the exhibition would provide extensive support to the development of franchising in Egypt and Saudi Arabia, creating opportunities for entrepreneurs and boosting entrepreneurship. Abeer Abdullah Julaikh, Chairperson of Franchise International and organiser of the exhibition, welcomed the cooperation with MSMEDA, describing the agency as one of the most influential Arab institutions dedicated to SME development. She said the partnership marks 'a new and qualitative phase' in advancing the Arab franchising sector and strengthening the presence of Saudi and Egyptian brands in both markets, leveraging her institution's long-standing expertise in organising international specialised forums. Both parties underlined that the exhibition will serve as a strategic platform to enhance Arab cooperation in franchising, build strong economic bridges between Arab entrepreneurs, and create investment opportunities in regional and global markets, contributing to sustainable development. Raafat Abbas, General Supervisor of Development Sectors at MSMEDA, highlighted that expanding Egypt's franchise sector is one of the agency's current strategic priorities. This includes improving the business environment, developing the regulatory and legislative framework, and supporting both franchisors and franchisees. He stressed the importance of promoting the export of Egyptian brands by raising the quality and competitiveness of their products and services, capitalising on the growing strength of national brands capable of expansion at home and abroad. Abbas revealed that MSMEDA has already begun implementing a cooperation plan with around 70 brands across various food and service sectors as part of this strategy.