B.Laban to hold urgent talks to ensure full safety compliance
Major food service chains in Egypt B.Laban Group announced that it will hold an urgent meeting with the relevant authorities to ensure full compliance with safety regulations and operational standards across the Egyptian market.
This came after the company received swift response from Egyptian President Abdel Fattah El-Sisi regarding recent concerns.
B.Laban reaffirmed its full cooperation with all regulatory bodies and its readiness to address any remarks or shortcomings transparently.
The company previously stated that its 110 branches, as well as facilities, in Egypt were shutdown.
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Al Arabiya
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- Al Arabiya
Chinese fighter jets roar over Egypt in first joint exercises
The sound of Chinese fighter jets roared over the Egyptian pyramids and could echo across the Middle East, as Beijing wrapped up military drills with Cairo aimed at chipping away at US strategic influence in the volatile region. China's military on Monday released videos of its fast jets, helicopters and transport planes flying high above the Sahara and hailing inaugural joint air force exercises with Egypt as 'a signal of deepening military ties and shifting alliances.' The joint exercises with one of the United States' biggest security partners come as Washington increasingly turns inward under President Donald Trump, allowing China to deepen ties across North Africa and invest billions in security projects. 'As Egypt looks beyond its traditional US partnership, a new era of cooperation is taking flight over Cairo's skies,' said a video released by the international division of state broadcaster CCTV, as a jet plane takes off into the night. Global Times, a tabloid owned by the newspaper of the ruling Communist Party, People's Daily, said the 'Eagles of Civilization 2025' drills had established a foundation for various potential cooperation between the two countries' militaries at a time when Egypt is trying to upgrade its combat equipment, citing experts. Analysts say the 18-day drills also help Egypt assert itself as a major regional power amid growing turbulence in the region. 'It's great public diplomacy for (China), particularly in the Middle East,' said Eric Orlander, co-founder of the China-Global South Project. 'It's what brings people in the door for them to sell drones, SAMs, light arms, transports, et cetera.' 'A major regional power needs an Air Force, right?' he added. Orlander cautioned that switching jet fighter systems is very expensive, and Washington could choose to withhold financial military support from Cairo if it upped its purchases of Chinese technologies. But the United States - the primary security partner to Egypt, neighboring Israel, and Jordan since the late seventies - has made large foreign cuts under Trump that have been keenly felt across the region. And with the Gaza crisis unfolding to its north-east, ethnic violence in Sudan to the south, and political instability in Libya to its west, Egypt finds itself squeezed on three fronts. China has since pledged billions in fresh investment for projects such as satellite manufacturing facilities in Egypt capable of producing military-grade surveillance equipment. Beijing's air force said the drills represented 'a new starting point and a significant milestone in military cooperation between the two countries,' in a statement marking their conclusion.
Asharq Al-Awsat
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- Asharq Al-Awsat
Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum
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Asharq Al-Awsat
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- Asharq Al-Awsat
Egypt's Net Foreign Assets Jump in March after IMF Review Approval
Egypt's net foreign assets jumped by $4.9 billion in March, central bank data showed, apparently boosted by the approval of the fourth review of the country's IMF program. Net foreign assets climbed to the equivalent of $15.08 billion from $10.18 billion at the end of February, according to Reuters calculations based on official central bank currency exchange rates. The International Monetary Fund in early March approved the disbursement to Egypt of $1.2 billion after completing its review of the country's $8 billion economic reform program. It also approved a request for a $1.3 billion arrangement under the IMF's resilience and sustainability facility. Foreign investors were significant purchasers of Egyptian pound treasury bills after the approval and as one-year bills acquired after the March 2024 IMF agreement matured, two bankers said. Egypt had been using foreign assets, which include assets held by both the central bank and commercial banks, to help prop up its currency since as long ago as September 2021. Net foreign assets turned negative in February 2022 and only returned to positive territory in May last year. Foreign assets increased in February at both the central bank and commercial banks, while foreign liabilities rose at the central bank but declined at commercial banks.
