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Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
Back-to-back interest rate cuts spur investment, exports: Egyptian business leaders
The Central Bank of Egypt's (CBE) second consecutive interest rate cut is fueling optimism among investors, with key figures in the business community hailing the move as a strong catalyst for economic growth, investment, and export expansion. Ahmed El-Zayat, a member of the Egyptian Businessmen's Association and a board member of the General Division of Investors at the Federation of Egyptian Chambers of Commerce, described the decision as a 'positive signal for the private sector,' reinforcing market confidence and economic stability. The CBE's Monetary Policy Committee announced on Thursday that it had lowered key interest rates by 100 basis points for the second time in a row. The overnight deposit rate was reduced to 24%, the overnight lending rate to 25%, and the main operation and discount rates to 24.5%. El-Zayat emphasized that lower borrowing costs will incentivize the private sector to initiate new projects and production lines at more competitive rates, ultimately driving up overall investment and production capacity. He noted that this also opens the door to increased exports, job creation, market stabilization, and lower consumer prices. Industries most likely to benefit from the rate cuts include manufacturing, real estate, hospitality, and public-private partnership (PPP) projects—sectors that depend heavily on bank financing. El-Zayat also highlighted the macroeconomic benefits of the rate cut, pointing out that each 1% reduction could ease the state's budget deficit burden by approximately EGP 80bn. Mohamed Saada, Chairman of the Port Said Chamber of Commerce and Secretary-General of the Federation of Egyptian Chambers of Commerce, echoed this sentiment. He said the decision will lower the cost of financing, enabling small and medium-sized enterprises (SMEs) to expand and generate employment opportunities. Saada added that the rate cut will not only boost the taxable profits of companies but also reduce borrowing costs for consumers, particularly for car and home loans—stimulating broader economic activity. According to Saada, several macroeconomic signals supported the CBE's decision, including the recent appreciation of the Egyptian pound, with the U.S. dollar falling below EGP 50 for the first time since December. Furthermore, the significant gap between the current interest rate and the inflation rate, which stands at 13%, has given the Central Bank room to ease monetary policy. He noted that the move aligns with the state's current economic direction, which prioritizes investment and industrial development, while maintaining a balance between growth and inflation control. Saada also pointed to Egypt's improving external position: the balance of payments recorded a surplus of $489 million in Q2 of the 2024/2025 fiscal year, reversing a deficit of $638 million during the same period in the previous year, and $991 million in Q1 of this fiscal year. The rate cuts are also expected to shift capital from bank deposits to more productive investment channels. While real interest rates remain relatively high, Saada believes the decision will stimulate investor appetite and attract fresh inflows of direct investment. Rasha El-Qady, Chairperson of the Tourism Committee at the Egyptian Junior Business Association and a member of the Entrepreneurship Secretariat at the National Front Party, called the rate cut a strategic step to support entrepreneurship, tourism, and hospitality—particularly in light of the financial pressures faced by young business owners. El-Qady noted that easier access to financing would boost the competitiveness of startups and SMEs both locally and globally, while reducing operational costs and enhancing their ability to scale. She emphasized the importance of complementing this monetary policy shift with broader reforms, including legislative, tax, and customs incentives, as well as improved access to alternative financing tools such as incubators and venture capital. She also called for a comprehensive financing strategy tailored to emerging and small-scale tourism ventures, especially in underdeveloped regions, linking financial support to innovation, digital transformation, and local employment generation. Meanwhile, the rate cut has already impacted commodity markets. According to Gold Bullion's technical analysis, the price of 21-karat gold dropped 0.7% on Thursday, from EGP 4,670 to EGP 4,635 per gram. The firm noted that lower interest rates reduce the attractiveness of bank certificates of deposit, encouraging some capital to flow into gold as an alternative investment. Gold Bullion also warned that reduced demand for government bonds, a likely outcome of rate cuts, could lead to further depreciation of the Egyptian pound. As gold prices are closely tied to the dollar/pound exchange rate, any decline in the local currency may result in a renewed rise in gold prices.
The National
22-05-2025
- Politics
- The National
35 years since unification, Yemen is more divided than ever
It could be argued that Yemen's conflict is merely a symptom of the Middle East's wider geopolitical issues. Others might say it is a cause in itself, or a contributing factor. But one thing can be agreed: 35 years since its unification between the northern and southern halves of the country – the former once controlled by the Ottomans and the latter once controlled by the British – the country remains more fragmented than ever. In 2014, the Houthis – a tribal militia and religious group from northern Yemen's poor, mountainous Saada region that had evolved into a major political and military force – took over Sanaa, the country's capital. In doing so, the militants, with backing from Iran, removed Yemen's internationally recognised government and went on to expand their rule to most of Yemen's north, where more than half of the country's population lives. This remains the situation today, even after a Saudi-led military coalition helped take back swathes of land from the Houthis in a multi-year war and prevented the rebel group from overrunning the entire country. But this is not a simple, good versus evil conflict; Yemen's present-day divisions are multi-layered and multi-faceted. An eight-member Presidential Leadership Council acts as the executive body of Yemen's internationally recognised government. Led by Rashad Al Alimi, the PLC was supposed to unite an otherwise divided anti-Houthi front. But tensions within the council are a poorly kept secret. Earlier this month, prime minister Ahmed bin Mubarak said he was stepping down after a little more than a year in office, blaming challenges he faced in making "necessary reforms" to state institutions. With different council members having strong military representation on the ground, the PLC has become a tool for exerting power rather than governance. This is largely down to the absence of a proper legal framework regulating the PLC's operations and defining its members' relationship to one another. The ambiguity surrounding the group's exact functions and authority on the ground has inevitably resulted in allegations of overreach and corruption against some of the forces under its members' control. The result of this is a fractured government incapable of asserting itself against militarily and politically against the Houthis' formidable forces. This has knock-on effects for the PLC's ability to provide effective governance for the people living in its territories. In Aden, the interim capital, the halls of Yemen's government have remained largely empty as officials fail to hold the meetings needed to move the country forward. Outside, the streets are frequently filled with protesters calling for better services and a higher standard of living. There is a lack of reliable electricity. The city is often without power – a potentially deadly outcome in Yemen's scorching summer heat, in which temperatures can exceed 40°C. Protesters have also focused on what they see as an overall worsening quality of life as well as the decline in the value of the Yemeni riyal. Constitutional reform that clarifies and limits the role of the PLC's members while strengthening the government as a whole would go a long way to resolving these issues. It would help to improve governance on the ground and the ability to provide basic services and provide a better quality of life for people who have escaped Houthi-run areas to government-held territory. In the meantime, the Houthis continue to fire ballistic missiles towards Israel and ships in the Red Sea that they claim are linked to Israeli commercial interests, ostensibly in protest at its unrelenting offensive in Gaza. Yemen's government has long been cut out of attempts to reach a peace deal with the Houthis, whether in 2023 when Saudi Arabia brokered a roadmap for a permanent ceasefire or, more recently, when US President Donald Trump announced a deal to end American air strikes on Houthi-held territory. Yemen's situation is becoming even more complex with a secessionist Southern Transitional Council that not only calls for the south's independence – a return to Yemen's pre-1990 partition – but also holds three out of the PLC's eight seats. A silver lining could be seen if the situation in Yemen were clearer and – even if bad – at least stable. But it's not. Matters have become worse, with US and Israeli forces targeting vital facilities like the port of Hodeidah, a lifeline for millions of Yemenis who rely on the humanitarian assistance that flows through it. Such attacks have put Yemen's already fragile humanitarian response at further risk, worsening people's lives further still, fuelling their anger and deepening rifts between them and those in power. Meanwhile, amid Yemen's enduring poverty and even as conflicts continue to rage in Gaza and Sudan, funding is dwindling for humanitarian relief efforts. In February, the World Health Organisation's Yemen country office appealed for $57.8 million to reach more than 10 million people with emergency health assistance. Yemenis who have lost faith in their respective rulers – whether in Houthi or government-controlled areas – are now looking elsewhere for hope. Talks between the US and Iran about a new nuclear agreement are continuing and experts believe that Iran could make concessions, including pulling its financial and intelligence support to the Houthis in exchange for sanctions relief. The declaration of the Republic of Yemen on May 22, 1990, was a decisive moment for the country. But the optimism that greeted this new start has long since faded. Whether Yemen's conflict is the cause of some of today's problems in the Middle East, or simply a reflection of them is a moot point for ordinary Yemeni civilians who, once again, have fallen victim to decisions made by local and regional powers, when all they really need is food on the table, hospitals to treat them and a nation they can call home.
Jordan Times
19-05-2025
- Politics
- Jordan Times
US strike on Yemen migrant centre may constitute humanitarian 'violation'
By AFP - May 19,2025 - Last updated at May 19,2025 Rights group Amnesty International urged the United States on Monday to investigate possible violations of international law in a deadly strike on a migrant detention facility in rebel-held Yemen (AFP photo) DUBAI — Rights group Amnesty International urged the United States on Monday to investigate possible violations of international law in a deadly strike on a migrant detention facility in rebel-held Yemen. Last month's attack, which prompted international alarm and was part of the US bombardment campaign against the Iran-backed Huthis, killed 68 people held at a centre for irregular migrants in Saada, the rebel authorities said at the time. Agnes Callamard, Amnesty's secretary-general, said that "the US attacked a well-known detention facility where the Huthis have been detaining migrants." The dead were all migrants from African countries, the Huthis had said. To Callamard, "the major loss of civilian life in this attack raises serious concerns about whether the US complied with its obligations under international humanitarian law." "The US must conduct a prompt, independent and transparent investigation into this air strike," she added. A US defence official had told AFP in the aftermath of the strike that the military launched "battle-damage assessment and inquiry" into "claims of civilian casualties related to the US strikes in Yemen". Amnesty cited people who work with migrants and refugees in Yemen and visited two hospitals that treated the victims, saying that they had seen "more than two dozen Ethiopian migrants" with severe injuries including amputations. The morgues at both hospitals had run out of space, the witnesses told Amnesty. In mid-March, the United States began an intense, near-daily military campaign against the Huthis after they had renewed threats to attack vessels in the vital Red Sea and Gulf of Aden shipping lanes. The campaign ended with a US-Huthi ceasefire agreement earlier this month. The Huthis, who control large swathes of Yemen, began firing on Israel and Israeli-linked shipping in November 2023, weeks into the Gaza war triggered by an attack by the Yemeni rebels' Palestinian ally Hamas. Amnesty said it had analysed satellite imagery and footage from the site of last month's strike on Saada, in Yemen's north. The group said it was "unable to conclusively identify a legitimate military target" within the targeted prison compound, citing Huthi restrictions on independent investigations. "Any attack that fails to distinguish between civilians and civilian objects on the one hand, and legitimate military targets on the other, even within the same compound, constitutes an indiscriminate attack and a violation of international humanitarian law," Amnesty said.
Arab News
19-05-2025
- Politics
- Arab News
Amnesty: US strike on Yemen migrant center may constitute humanitarian ‘violation'
DUBAI: Rights group Amnesty International urged the United States on Monday to investigate possible violations of international law in a deadly strike on a migrant detention facility in rebel-held month's attack, which prompted international alarm and was part of the US bombardment campaign against the Iran-backed Houthis, killed 68 people held at a center for irregular migrants in Saada, the rebel authorities said at the Callamard, Amnesty's secretary-general, said that 'the US attacked a well-known detention facility where the Houthis have been detaining migrants.'The dead were all migrants from African countries, the Houthis had Callamard, 'the major loss of civilian life in this attack raises serious concerns about whether the US complied with its obligations under international humanitarian law.''The US must conduct a prompt, independent and transparent investigation into this air strike,' she added.A US defense official had told AFP in the aftermath of the strike that the military launched 'battle-damage assessment and inquiry' into 'claims of civilian casualties related to the US strikes in Yemen.'Amnesty cited people who work with migrants and refugees in Yemen and visited two hospitals that treated the victims, saying that they had seen 'more than two dozen Ethiopian migrants' with severe injuries including morgues at both hospitals had run out of space, the witnesses told mid-March, the United States began an intense, near-daily military campaign against the Houthis after they had renewed threats to attack vessels in the vital Red Sea and Gulf of Aden shipping campaign ended with a US-Houthi ceasefire agreement earlier this Houthis, who control large swathes of Yemen, began firing on Israel and Israeli-linked shipping in November 2023, weeks into the Gaza war triggered by an attack by the Yemeni rebels' Palestinian ally said it had analyzed satellite imagery and footage from the site of last month's strike on Saada, in Yemen's group said it was 'unable to conclusively identify a legitimate military target' within the targeted prison compound, citing Houthi restrictions on independent investigations.'Any attack that fails to distinguish between civilians and civilian objects on the one hand, and legitimate military targets on the other, even within the same compound, constitutes an indiscriminate attack and a violation of international humanitarian law,' Amnesty said.
Yahoo
09-05-2025
- Politics
- Yahoo
Trump promised peace but brings rapid increase in civilian casualties to Yemen
'I am the candidate of peace,' Donald Trump declared on the campaign trail last November. Three months into his presidency, not only is the war in Ukraine continuing and the war in Gaza restarted, but in Yemen, the number of civilian casualties caused by US bombing is rapidly and deliberately escalating. Sixty-eight were killed overnight, the Houthis said, when the US military bombed a detention centre holding African migrants in Saada, north-west Yemen, as part of a campaign against the rebel group. In the words of the US Central Command (Centcom), its purpose is to 'restore freedom of navigation' in the Red Sea and, most significantly, 'American deterrence'. Related: Trump was 'the candidate of peace'. Now he's fanning the flames of war | Mohamad Bazzi A month ago, when US bombing against the Houthis restarted, the peace-promising Trump pledged that 'the Houthi barbarians' would eventually be 'completely annihilated'. It is a highly destructive target, in line perhaps with the commitments made by Israeli leaders to 'eliminate' Hamas after 7 October, and certainly in keeping with statements from Trump's defence secretary, Pete Hegseth, that the US military must focus on 'lethality, lethality, lethality'. Photographs from Almasirah, a Houthi media organisation, showed a shattered building with bodies inside the wreckage. TV footage showed one victim calling out for his mother in Amharic, the official language of Ethiopia. It is not immediately obvious they were material to the Houthi war effort, in which the group has attacked merchant shipping in the Red Sea and tried to strike targets in Israel. That the Houthis have sought to fight on behalf of Palestinians in Gaza is not in dispute but what has changed is that the US military response – joint US and UK airstrikes when Joe Biden was in the White House – has escalated. The data clearly suggests that previous restraints on causing civilian casualties have been relaxed. Approximately 80 Yemeni civilians were estimated killed and 150 injured in a bombing raid on Ras Isa port on 18 April, according to the Yemen Data Project, a conflict monitor. The aim, Centcom said, was to destroy the port's ability to accept fuel, whose receipt it said was controlled by the Houthis, and, the US military added, 'not intended to harm the people of Yemen' – though the country is already devastated by 11 years of civil war. Half its 35 million people face severe food insecurity. So far, the Trump administration bombing campaign, Operation Rough Rider, is estimated to have caused more than 500 civilian casualties, of whom at least 158 were killed. Compare that with the previous campaign, Operation Poseidon Archer, which ran under Biden from January 2024 to January 2025: the Yemen Data Project counted 85 casualties, a smaller number over a longer period. Parties in war are supposed to follow international humanitarian law, following the principle of distinction between military and civilian targets, and respecting the principle of proportionality, where attacks that cause excessive civilian casualties relative to any military advantage gained are, in theory, a war crime. The clear signs from the US campaign in Yemen are that it is following a looser approach, mirroring the unprecedented level of civilian casualties in the Israel-Gaza war. It is hardly surprising, given that Hegseth has already closed the Pentagon's civilian harm mitigation office, which handled policy in the area, and the related Civilian Protection Center of Excellence, responsible for training. That could make it difficult for traditional allies to assist. Whereas the UK participated in Poseidon Archer, British involvement in the latest operation has gone from minimal to nonexistent. No air-to-air refuelling was provided in the most recent attacks, the UK Ministry of Defence said, unlike in March. In justification, Centcom says that after striking 800 targets, Houthi ballistic missile launches are down 69% since 15 March. But one figure it does not cite is that transits of cargo ships in the Red Sea during March remain at half pre-October 2023 levels, according to Lloyd's List. A broader peace in the region may prove more effective in restoring trade than an increase in demonstrative violence.
