Latest news with #AlOula
Zawya
03-08-2025
- Business
- Zawya
FABMISR launches "Al Oula" – A milestone for women's financial empowerment
Fayed: This launch goes beyond banking; it's about building a platform that truly understands and supports women's evolving needs Cairo – First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, has launched Al Oula, a banking segment crafted to champion women's financial empowerment. This initiative delivers tailored financial solutions for women, combining superior savings benefits with curated lifestyle rewards, further redefining how women in Egypt experience financial services. FABMISR is committed to empowering women by offering financial solutions that align with their aspirations and lifestyles. The Al Oula Savings Account has been thoughtfully designed to provide women with accessible and rewarding banking benefits. With a low entry requirement of just EGP 1,000 to open the account and no minimum balance fees, Al Oula makes saving easier and more inclusive. Account holders also benefit from a free Credit Card packed with exclusive features tailored to women's everyday spending habits. These benefits include special discounts at beauty salons, clinics, online platforms, and more. Additionally, the card offers accelerated reward points on grocery shopping, food delivery services, and ride-hailing apps, adding everyday value to every transaction. Mr. Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, commented: 'This launch goes beyond banking, it's about building a platform that truly understands and supports women's evolving needs, an area that remains underdeveloped in Egypt's financial landscape. With a clear gap in targeted financial offerings, Al Oula is positioned as a first mover in women-focused services. By combining seamless digital onboarding with tailored benefits and lifestyle-driven rewards, we're offering a modern banking experience that empowers women throughout their financial journey.' Women's financial inclusion remains a national priority, aligned with the Egyptian government's broader agenda to advance economic empowerment. According to the Central Bank of Egypt, the number of financially included women rose from 20.3 million to 20.5 million between December 2023 and March 2024, out of a total of 32.3 million. Al Oula stands at the forefront of these efforts, further contributing to the inclusion of an additional 12 million women in the financial inclusion system. About FABMISR: FABMISR, a subsidiary of the First Abu Dhabi Bank Group (FAB), is one of the largest foreign banks operating in Egypt. FABMISR's local network operates through 73 branches, where it provides leading banking products and services that cater to all customer segments; along with achieving the highest value for its stakeholders and employees. Moreover, the bank offers a personalized banking experience to meet the various expectations of its customers from large organizations, SMEs and consumers whilst utilizing its global experience to support stakeholders, entrepreneurs and the local economy. FAB is one of the world's largest and safest financial institutions with an international network spanning over five continents. The bank also offers global relationships, extensive experience, and financial strength to support local, regional, and international companies seeking to manage their businesses at home and abroad. FAB is rated Aa3, AA- and AA- by Moody's, Standard & Poor's (S&P, and Fitch, respectively), making it the most robust aggregate rating of banks in the Middle East and North Africa region. FAB is also a regional leader in sustainability and is part of the MSCI ESG Leaders Index and FTSE4Good EM. For more information on FABMISR, please visit
Egypt Independent
27-02-2025
- Business
- Egypt Independent
Drought-hit Morocco asks citizens not to slaughter sheep on Eid al-Adha
Rabat Reuters — King Mohammed VI of King Mohammed VI of Morocco asked Moroccans on Wednesday to abstain from performing the rite of slaughtering sheep on Eid al-Adha this year due to a drop in the country's herd following years of drought. Eid al-Adha, to take place in June, commemorates the willingness of Ibrahim, or Abraham, to sacrifice his son on God's command. Muslims mark the event by slaughtering sheep or goats. The meat is shared among family and donated to the poor. Morocco's cattle and sheep herds have decreased by 38 percent in 2025 since the last census nine years ago due to consecutive droughts, according to official figures. 'Our commitment to enabling you to fulfill this religious rite under the best conditions is accompanied by the duty to consider the climatic and economic challenges facing our country, which have led to a significant decline in livestock numbers,' the King said in a letter read on his behalf by religious affairs minister Ahmed Taoufiq on state TV Al Oula. Performing the rite 'under these difficult circumstances will cause significant harm to large segments of our people, especially those with limited income,' said the King, Morocco's supreme religious leader. Rainfall was 53 percent lower this year than the average of the last 30 years, causing a lack of pasture for livestock to feed on. Meat production has dropped, leading to higher prices in the local market and higher imports of live cattle, sheep and red meat. The country has recently signed a deal to import up to 100,000 sheep from Australia. In its 2025 budget, Morocco suspended import duties and a value-added tax on cattle, sheep, camels and red meat to keep prices stable in the domestic market.
CNN
27-02-2025
- Business
- CNN
Drought-hit Morocco asks citizens not to slaughter sheep on Eid al-Adha
King Mohammed VI of Morocco asked Moroccans on Wednesday to abstain from performing the rite of slaughtering sheep on Eid al-Adha this year due to a drop in the country's herd following years of drought. Eid al-Adha, to take place in June, commemorates the willingness of Ibrahim, or Abraham, to sacrifice his son on God's command. Muslims mark the event by slaughtering sheep or goats. The meat is shared among family and donated to the poor. Morocco's cattle and sheep herds have decreased by 38% in 2025 since the last census nine years ago due to consecutive droughts, according to official figures. 'Our commitment to enabling you to fulfill this religious rite under the best conditions is accompanied by the duty to consider the climatic and economic challenges facing our country, which have led to a significant decline in livestock numbers,' the King said in a letter read on his behalf by religious affairs minister Ahmed Taoufiq on state TV Al Oula. Performing the rite 'under these difficult circumstances will cause significant harm to large segments of our people, especially those with limited income,' said the King, Morocco's supreme religious leader. Rainfall was 53% lower this year than the average of the last 30 years, causing a lack of pasture for livestock to feed on. Meat production has dropped, leading to higher prices in the local market and higher imports of live cattle, sheep and red meat. The country has recently signed a deal to import up to 100,000 sheep from Australia. In its 2025 budget, Morocco suspended import duties and a value-added tax on cattle, sheep, camels and red meat to keep prices stable in the domestic market.
Express Tribune
27-02-2025
- Politics
- Express Tribune
Morocco urges citizens to skip sheep slaughter on Eid due to drought
Listen to article King Mohammed VI of Morocco has urged citizens to refrain from the traditional slaughtering of sheep during Eid al-Adha this year due to a severe drought that has significantly reduced the country's livestock. The request was made in a message read on his behalf by the Minister of Religious Affairs, Ahmed Taoufiq, on state television Al Oula. Eid al-Adha, which takes place in June, commemorates the willingness of Prophet Ibrahim (Abraham) to sacrifice his son at God's command. Muslims traditionally slaughter sheep or goats to mark the occasion, sharing the meat with family members and donating it to the less fortunate. However, Morocco's cattle and sheep populations have dropped by 38% since the last census in 2016, primarily due to the ongoing droughts. This decline has put immense strain on livestock numbers in the country, leading to shortages. The King's statement emphasized the need to consider the country's climatic and economic challenges. "Our commitment to enabling you to fulfill this religious rite under the best conditions is accompanied by the duty to consider the climatic and economic challenges facing our country," King Mohammed VI stated. He further noted that performing the ritual "under these difficult circumstances will cause significant harm to large segments of our people, especially those with limited income." Morocco has experienced a 53% decrease in rainfall this year compared to the average over the last three decades, resulting in reduced pasture availability for livestock and a drop in meat production. As a result, meat prices have risen sharply, and the country has increased imports of live cattle, sheep, and red meat to meet demand. Recently, Morocco signed an agreement to import up to 100,000 sheep from Australia to help address the shortage. In an effort to stabilize domestic meat prices, Morocco's 2025 budget has suspended import duties and value-added taxes (VAT) on cattle, sheep, camels, and red meat. These measures are intended to ease the financial burden on Moroccan families and ensure food security during the ongoing drought.
MTV Lebanon
27-02-2025
- Business
- MTV Lebanon
Drought-hit Morocco asks citizens not to slaughter sheep on Eid al-Adha
King Mohammed VI of Morocco asked Moroccans on Wednesday to abstain from performing the rite of slaughtering sheep on Eid al-Adha this year due to a drop in the country's herd following years of drought. Eid al-Adha, to take place in June, commemorates the willingness of Ibrahim, or Abraham, to sacrifice his son on God's command. Muslims mark the event by slaughtering sheep or goats. The meat is shared among family and donated to the poor. Morocco's cattle and sheep herds have decreased by 38% in 2025 since the last census nine years ago due to consecutive droughts, according to official figures. "Our commitment to enabling you to fulfill this religious rite under the best conditions is accompanied by the duty to consider the climatic and economic challenges facing our country, which have led to a significant decline in livestock numbers," the King said in a letter read on his behalf by religious affairs minister Ahmed Taoufiq on state TV Al Oula. Performing the rite "under these difficult circumstances will cause significant harm to large segments of our people, especially those with limited income," said the King, Morocco's supreme religious leader. Rainfall was 53% lower this year than the average of the last 30 years, causing a lack of pasture for livestock to feed on. Meat production has dropped, leading to higher prices in the local market and higher imports of live cattle, sheep and red meat. The country has recently signed a deal to import up to 100,000 sheep from Australia. In its 2025 budget, Morocco suspended import duties and a value-added tax on cattle, sheep, camels and red meat to keep prices stable in the domestic market.
