Latest news with #Egypt
Zawya
3 hours ago
- Business
- Zawya
EGX Chairman expects to launch a Treasury Bills Index this year
The Egyptian Exchange (EGX) is expected to launch a Treasury Bills Index this year, Ahmed El Sheikh, the chairman of the bourse told Zawya in an interview. El Sheikh's statement came on the sidelines of the annual conference of the Arab Federation of Capital Markets that was held in Tunisia in the middle of this month, in which several African and Arab stock exchanges participated. "Within a short period, we hope to issue a Treasury Bills Index... this year, God willing," El Sheikh said. El Sheikh had announced in a previous interview with Zawya last February the Exchange's intention to develop three indices, the Treasury Bills Index, a Low Volatility Stocks Index, and an index that combines sustainability and Shariah-compliant standards. In his interview with Zawya in Tunisia, El Sheikh said that work is underway on the other two indices and that they might be launched this year as well after the Treasury Bills one. Behind the headline While the EGX is seeking to attract government offerings to support private sector initial public offerings (IPOs), it is also working with the Financial Regulatory Authority (FRA) to curb the delisting of companies from the market. "We saw two companies delisting from the Exchange as a result of an investor acquiring them through the (offering) program... in coordination with FRA and relevant entities in Egypt, we are trying to ensure that whoever buys a (listed) company or acquires a public share (in it), should buy up to 90% and leave a minimum percentage of free float on the stock exchange," El Sheikh said. According to the listing rules on the EGX, free float shares must not be below 10% for both the main market and the small- and medium-sized enterprises market. In 2023, a government entity sold a majority stake in the Paints and Chemical Industries Company (Pachin) to the UAE-based National Paints company as part of the government's IPO program. Pachin was subsequently delisted from the stock exchange. In the same year, government institutions, including Banque Misr, the country's second-largest state-owned bank, divested from Al Ezz Dekheila Steel Co. - Alexandria, a subsidiary of Ezz Steel Group. Al Ezz Dekheila Steel Co. delisted from the stock exchange after that. Click here for the Arabic article.
The Sun
10 hours ago
- Business
- The Sun
How was Al Fayed able to get away with sick abuse for so long? Those who covered up for monster must be punished
FACT or fiction, it used to be the first thing you ever heard about Harrods: it's the luxury shop where you can get ANYTHING. Turns out that also included being raped, forced into abortion, subjected to medical examinations, bullied, humiliated and ordered to crawl around the floor on all fours and bray like a donkey. 5 As we reveal today, Mohamed Fayed, the gruesome goblin who presided over this vulgar hypermarket for the super-rich, terrorised his staff for decades. Brave victims tell of how he used his power as self-appointed Shopkeeper-in-Chief to defile everyone from the girls on the perfume counter to one of his own PAs. Like Belinda, who bravely reveals today how she was forced to abort a baby fathered by Fayed after he raped her. And the poor assistant forced into that humiliating donkey routine for wearing the wrong shoes, then laughed at by a maniacal Fayed, drunk on his own sadism. No woman, it appears, was immune to Fayed's predatory perversions and warped views, with which he polluted both his Harrod's store and his Ritz hotel in Paris. And tomorrow, in the second part of our serialisation of Alison Kervin's bombshell book, we will hear more of his criminal acts and how young victims who did not even work for him got caught up in his web of depravity. The more the world learns about this evil Egyptian, who raped, abused and degraded hundreds of women, the more pressing the question: how the hell did he get away with it? How was this larger-than-life character, so desperate to be British (his bid to be a citizen was denied twice after he failed the 'good character' test), able to carry out his despicable deeds? Fayed and his reign of terror is a facsimile of that other monster hiding in plain sight, Jimmy Savile. He too lived his entire life without facing justice — or even any police charges — for his appalling actions. Both men were known to be predatory but were protected by a conspiracy of silence and cover-ups that sought to save the abuser at all cost. Indeed, Fayed's crimes were enabled by many, possibly hundreds. His reputation was airbrushed at every opportunity — not least by his old spokesman Michael Cole, who rushed to the airwaves to praise his former boss after his death aged 94 in 2023. 'Fayed did more good in the world than all his critics rolled together,' he declared. Some good! Cole insists he never saw or knew of any crimes committed by his wonderful, benevolent boss. But whatever he thought, there are many others — possibly hundreds — who could not make the same assertion. 5 All the lawyers, managers, security staff, doctors, spin doctors on the phoney pharaoh's payroll. Who forced the women to sign the NDAs? Who sat by when Fayed bullied and humiliated staff yet said nothing? And what of the CPS, which TWICE decided not to prosecute him despite evidence from police including that he raped a 15-year-old in the Harrods boardroom. Numerous lawyers have now filed civil claims against Harrods. No heads have rolled The Justice For Harrods Survivors group is working with at least 260 women. Harrods, now owned by the Qatar Investment Authority, has revealed it is in the process of settling more than 250 claims with payouts up to £385,000 if stringent — some say too stringent — tests are satisfied (such as agreeing to be seen by a consultant psychologist). So cash and apologies are on the table. Good. But still no heads have rolled. Few other perpetrators have been singled out, despite Harrods conducting an undertaking review into who enabled Fayed. That investigation rumbles on in private with no end in sight — and no guarantee that any of the survivors will actually get to see the outcome. The secrecy has only exacerbated their pain and frustration. 5 Meanwhile the Met Police are still investigating at least five people who may have assisted Fayed's offences. Ex-Harrods shelf stacker Shanta Sundarason, who was attacked by Fayed in his office, this week wrote on behalf of the victims to Sir Keir Starmer demanding a public inquiry. 'We need people called up under oath . . . so we can understand how people were allowed to facilitate, to enable,' she said. 'We need to ensure this never happens again.' Starmer should grant one, just as Harrods must reveal the findings of its own investigation. Because until the enablers are uncovered there will remain one thing you absolutely cannot get from Harrods: justice. SIMON'S JET TO JOLLIES TUNED in to Simon Reeve's latest BBC2 travelogue on Scandinavia and thought I'd accidentally stumbled upon a party political broadcast from the Green Party. Globe-trotting Simon filled a good chunk of his licence fee-funded show blasting Norway for daring to use its fossil fuel resources to create one of the world's happiest countries. Norway does drill a huge amount of oil and gas, it's true, but exports the vast majority of it to places like, er, Britain. It is then used for powering things such as jet engines, which propel people like eco-warrior Simon Reeve around the globe. So far he has been to more than 130 different countries and I think it's fair to assume he didn't walk to many of them. Wizard Arabella already battling trolls 5 I SEE the low IQ mob were out in force this week having a pop at the new girl who will play Hermione in the Harry Potter reboot. Poor old Arabella Stanton faced an onslaught in the usual social media swamps for having the temerity to not be porcelain white like the 'original' star Emma Watson. I actually have no idea what this evidently talented youngster's ethnic mix is because frankly it's irrelevant. Harry Potter is a fantasy world where the colour of anyone's skin matters not one bit. And to those who think it does, I urge them to get hold of a dictionary and look up the word 'racist'. UNITED IN GRIEF AS a proper Man United fan – ie one who lives in North London – it's been a tough week. I had managed to avoid any Spurs fans and their street parade near my home until Friday. Having popped into a pub for a last one of the night, I bumped into a supporter of the Premier League's 17th-placed club, freshly returned from Bilbao. A lack of sobriety meant I squawked out my club affiliation, expecting a barrage of banter at my expense. But it never came. Instead my new pal simply shrugged and said: 'Sorry, mate, but we needed it more than you.' He was, of course, correct. And suddenly my exasperation evaporated – replaced by a warm feeling that humility can exist among supporters of the beautiful game. QUITE A HAUL, HOYLE 5 THE increasingly grand Commons Speaker Lindsay Hoyle is evidently getting used to the high life on his five-star taxpayer-funded jaunts around the world. He's now spent a further £55,000 of our cash doing up the four bathrooms and kitchen in his grace and favour flat in MARBLE. No doubt the pompous MP for Chorley is looking to ensure his bathing quarters are of a high enough standard to house all the fancy toiletries he's been pocketing as part of the 300 gifts he has bagged over the past four years. With all these state-funded furnishings and freebies, I'm starting to wonder if this servant of the people needs the £170,000 we pay him every year.
News24
11 hours ago
- Business
- News24
Al Ahly unveil former Pirates mentor Jose Riveiro as their new coach
Al Ahly have confirmed Jose Riveiro as their new coach. Riveiro left Orlando Pirates before the end of the domestic season in South Africa. The Egyptian giants took to social media to announce their new appointment. For more soccer news, visit our dedicated section. Al Ahly has confirmed that former Orlando Pirates mentor Jose Riveiro will be their new head coach. The Egyptian giants broke the news on social media on Thursday evening, after Pirates shocked the South African football fraternity when they announced that Riveiro would be leaving the club before his contract expired at the end of June. 𝑨 𝒏𝒆𝒘 𝒄𝒉𝒂𝒑𝒕𝒆𝒓 𝒃𝒆𝒈𝒊𝒏𝒔 😍 — Al Ahly SC 🇬🇧 (@AlAhlyEnglish) May 29, 2025 'Jose approached us a few weeks ago with a request to be released from his contract ahead of schedule, having signed with a new club,' Pirates' chairman Irvin Khoza said after granting Riveiro his wish. 'Given the timing, amidst a series of crucial fixtures, we believed it was best to delay this announcement until after the Nedbank Cup final. His contribution since joining the club has been immense. We learned a lot from him, and he learned a lot from us. 'While we would have preferred to formally honour him with a proper send-off, we fully respect his decision to depart before the end of his tenure.' Riveiro was grateful to Pirates for granting his wish. 'I want to express my sincere appreciation to Orlando Pirates for allowing me the opportunity to leave before the end of my contract. As someone who has never found goodbyes easy, this moment is particularly emotional for me,' Riveiro said following his departure from the club. 'I am deeply grateful to everyone at the club - from management and technical staff to the players and the many individuals behind the scenes who work tirelessly to support the team. 'To the players, thank you for believing in the journey we shared and for giving everything on the pitch. And to the supporters.'
Asharq Al-Awsat
13 hours ago
- General
- Asharq Al-Awsat
Swift Intervention Restores Sight of Egyptian Hajj Pilgrim in Makkah
Rapid and precise intervention by a medical team at the Eye Health Center of King Abdullah Medical City, a member of the Makkah Health Cluster, saved the sight of an Egyptian pilgrim after she experienced sudden vision loss. According to the cluster, thorough examinations revealed that the patient was suffering from retinal detachment accompanied by cataracts, an emergency eye condition that can result in permanent vision loss if not treated promptly. The patient underwent a delicate, one-day surgery and was discharged in stable condition. She is now receiving close medical follow-up to ensure retinal stability and gradual improvement in her vision, the health cluster said. The swift response and precise execution of the procedure played a critical role in restoring her sight, enabling the pilgrim to complete her Hajj rituals safely and with comfort.
Trade Arabia
14 hours ago
- Business
- Trade Arabia
Majid Al Futtaim, Ennismore announce plans for Egypt's first 25hours Hotel
Majid Al Futtaim, a leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Asia, has announced a new strategic partnership with Ennismore, the fastest-growing lifestyle hospitality company. The collaboration will launch Egypt's first 25hours Hotel at Junction, Majid Al Futtaim's upcoming business and lifestyle destination in West Cairo. The new addition marks the debut of the 25hours brand in the Egyptian market, reinforcing Junction's position as a dynamic hub for hospitality, business, and culture. Bringing a playful, design-led approach to hospitality, 25hours will inject fresh creative energy into West Cairo. Known for its eclectic interiors, strong sense of place, and immersive storytelling, the brand's arrival signals a bold reimagining of how hotels contribute to urban culture. Gaurav Bhushan, Chief Executive Officer for Ennismore, said: 'Ennismore is honoured to be partnering with Majid Al Futtaim to bring 25hours to Egypt for the first time, especially within a lifestyle destination like Junction. Each 25hours Hotel is inspired by the rich culture and history of its location, and we look forward to creating a strong sense of storytelling through design and community spaces through our restaurants and bars for our guests.' 'At Majid Al Futtaim, we believe in creating destinations that truly reflect the needs and aspirations of today's customers. The arrival of 25hours at Junction marks an exciting moment in our refounding journey and continues our longstanding legacy of introducing bold, innovative concepts to the communities we serve.' said Ahmed El Shamy, Chief Executive Officer, Majid Al Futtaim Properties. 'This partnership also marks a significant step in our vision to create destinations that are both commercially vibrant and culturally meaningful, while further reinforcing our long-term commitment to building integrated, future-ready environments that drive economic growth and foster innovation.' Situated in the heart of Junction, the hotel will feature approximately 250 keys, comprising both hotel rooms and 25hours Heimat branded residences. Designed to reflect the 25hours ethos, the property will offer guests a more immersive connection to the brand's distinctive lifestyle experience. Guests and residents will have access to three distinctive dining venues, coworking areas, spa and wellness facilities, and flexible spaces for meetings and events. Innovatively transcending conventional residential norms, 25hours Heimat offers an unparalleled living experience, complete with a range of unconventional amenities accessed through an on-site concierge and Accor's Ownership Benefits Programme. Founded in Germany and now part of Ennismore, a global collective of lifestyle brands, 25hours continues to grow and expand, boasting a reputation for creative, experience-driven stays that are rooted in the identity of each location. Bringing together premium business and lifestyle offerings, Junction spans more than 129,000 sq m across two interconnected plots. The development includes 13 cutting-edge office buildings, curated retail and F&B experiences, and sustainable infrastructure designed to meet LEED Gold certification standards. With 97,000 sqm of flexible, state-of-the-art workspace, Junction is purpose-built for modern business and future-ready enterprises. First introduced in April 2025, Junction is a key part of Majid Al Futtaim's development strategy in Egypt. The destination is designed to foster productivity, creativity, and community through its modern infrastructure, walkable layout, and curated public spaces.
