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Egypt Independent
31-07-2025
- Business
- Egypt Independent
Egypt invites citizens to invest in its economic revival. What does that mean?
Egypt's Ministry of Finance has announced its intention to issue retail bonds specifically designed for individuals, aiming to provide citizens with new savings instruments. Deputy Minister of Finance Ahmed Kojok, revealed this during his participation in the Financial Regulatory Authority conference, emphasizing that this move seeks to more effectively involve citizens in the management and investment of state financial resources. New Instruments Planned for Current Fiscal Year Earlier, during a meeting with investors in London, Kojok disclosed the government's plan to launch Egypt pound denominated sukuk (Islamic bonds) alongside these individual-focused bonds within the current fiscal year. He explained that these new instruments will enhance liquidity in the local market and offer innovative savings alternatives to citizens, thereby strengthening the state's capacity for domestic financing. What Are Retail Bonds? Retail bonds are a government debt instrument designed to finance the state budget. They are accessible to both individuals and institutions and feature a specific maturity period and a regular return known as a 'coupon.' This makes them a suitable savings and investment tool for various segments of society, especially in light of rising inflation rates. In parallel with the expansion of local debt instruments, Egypt also plans to issue four billion dollars in international bonds in 2025. This is part of a strategy to diversify funding sources and restructure the economy. According to Bloomberg, this step aims to cover an estimated US$11 billion external financing gap for the current fiscal year. A New National Economic Vision Commenting on this move, economic researcher and member of the Egyptian Society for Political Economy and Legislation, Ahmed Abu Ali, stated that the government's approach to issuing retail bonds reflects a qualitative shift in public debt management tools. He explained that this step represents a national drive to maximize the utilization of domestic savings and reduce reliance on external borrowing, especially given the complex global financial conditions. Abu Ali told Al-Masry Al-Youm that the broader offering of domestic debt instruments contributes to reducing exposure to global market fluctuations and exchange rate volatility, solidifying the principle of 'financing from within.' He affirmed citizens will become direct partners in financing development plans, which will foster a greater sense of responsibility and strengthen the relationship between citizens and the state. A Safe Haven Amidst Inflation Abu Ali highlighted the critical timing of issuing these retail bonds, especially with rising inflation rates and the Central Bank's move towards tightening monetary policy. Offering these bonds with competitive returns provides safe alternatives for citizens to preserve the value of their savings, he noted, while diverting liquidity away from unproductive or speculative sectors. He also pointed out that integrating retail bonds into the fintech ecosystem would mark a qualitative leap in participation rates, especially among youth. Abu Ali emphasized the importance of making these bonds accessible through e-wallets and digital banking apps to simplify purchase, inquiry, and trading processes, thus making them more approachable for those unfamiliar with traditional financial instruments. A Message of Trust in the Egyptian Economy Underscoring that the successful issuance of retail bonds sends a reassuring message to both investors and citizens, the economic researcher affirmed that this reflects confidence in the Egyptian economy's ability to mobilize its internal resources. He stressed that these bonds will contribute to expanding the base of local investors and strengthening the secondary market for public debt instruments. Abu Ali concluded by saying that providing a mechanism for resale or early redemption would further increase the bonds' attractiveness, giving investors greater flexibility in managing their savings. He called for a widespread awareness campaign to educate citizens about the benefits of these bonds, subscription procedures, and expected returns. Measures to Address Foreign Currency Shortage The government has taken several significant steps to address the foreign currency shortage crisis. This includes signing a major investment deal worth $35 billion with the UAE, alongside a nearly 40 percent devaluation of the Egyptian pound. These measures have bolstered the country's ability to secure international financing from major institutions, particularly the International Monetary Fund.
L'Orient-Le Jour
26-07-2025
- Entertainment
- L'Orient-Le Jour
Ziad Rahbani in 10 iconic songs
BEIRUT — Ziad Rahbani is gone. Composer, playwright, pianist, provocateur, his voice was a mirror held to Lebanon's contradictions, heartbreaks and absurdities. For decades, his songs spoke where others stayed silent, lacing wit with melancholy, jazz with politics, East with West. Today, as the country mourns, we revisit 10 of his most iconic tracks, songs that captured the pulse of Beirut, the disillusionment of the post-war years, and the impossible hope of something better. While it is hard to narrow down such a prolific body of work, these 10 songs (in no particular order) offer a glimpse into the legacy he leaves behind. Abu Ali Released in 1979, 'Abu Ali' is a 13-minute instrumental track that fuses classical Arabic arrangements with disco influences, recorded at Columbia Studio II in Athens. Bala Wala Shi " Bala Wala Shi" (Without Anything at All) was released in 1985 as part of the album " Houdou' Nisbi" (Relative Calm), which blended jazz, funk and boogie elements. Ya Zaman El Ta'efiyeh " Ya Zaman el Ta'efiyeh" (Time of Sectarianism) was released in 1980 as part of the album " Film Amriki Tawil" (A Long American Film). The song features Joseph Sakr's vocals and is a satirical commentary on Lebanon's sectarian divisions. Ana Moush Kafer " Ana Moush Kafer" was composed by Ziad Rahbani for his 1985 theatrical production of the same name. The play translates to "I am not an infidel." Bema Enno " Bema Enno" (Since) is a track from the 1995 album of the same name, a collaboration between Lebanese artists Joseph Sakr and Ziad Rahbani. Aayesh Wahdah Balak " Aayesh Wahda Balak" (She's Living Alone without You) is from the play " Bennesbeh Labokra... Shou?" (What About Tomorrow?), written by Ziad Rahbani and first staged in 1978. Wallaat ktir " Wallaat Ktir" (You Lit Alot) is a track from Ziad Rahbani's 2001 album " Mono-dose," performed by Salma Mousfi. El Hali Taabani " El Hali Taabani," (The Situation Is Difficult), is a track from Ziad Rahbani's 1974 album"Sahriye" (Evening Gathering) Part 2. Sa'alouni El Nas One of the most famous Arabic songs by Fairouz, it was written by the Rahbani Brothers and composed by Ziad. Prelude theme from "Mais al-Rim" 'Prelude (Theme from Mais al-Rim)' was released in 1979 as part of the Abu Ali EP and was composed by Ziad Rahbani as the opening theme for the 1975 musical play Mais al-Rim featuring Fairuz.
Al-Ahram Weekly
20-07-2025
- Politics
- Al-Ahram Weekly
UNRWA reflects the lasting impact of the Nakba and global commitment to Palestinian refugees: Arab League - Foreign Affairs
The 113th session of the Conference of Supervisors of Palestinian Refugee Affairs in Arab Host Countries kicked off in Cairo on Saturday, with participating Arab states and organisations affirming support for UNRWA amid an escalating financial crisis and renewed threats to Palestinian refugee rights. Official delegations from Jordan, Syria, Palestine, Egypt, and Lebanon participated in the meeting, along with representatives from the Arab League Educational, Cultural and Scientific Organisation (ALECSO) and the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). The opening discussions focused on the worsening financial crisis facing UNRWA and the urgent need to mobilise resources to ensure it continues to operate. The delegates also addressed efforts to renew the agency's mandate for another three years and reviewed the agency's strategic evaluation report. The participating delegations stressed the importance of providing UNRWA with robust financial and political support. They rejected ongoing attempts to undermine or dismantle it. They emphasised the collective responsibility to preserve the rights of Palestinian refugees, including their right of return as stipulated by UN Resolution 194. Ambassador Saeed Abu Ali, Assistant Secretary-General of the League of Arab States, described the situation in Gaza as a "full-fledged war of extermination" that reflects a total collapse of humanitarian principles. He warned that the situation in the West Bank is equally dire, citing more than 1,000 martyrs, over 7,000 wounded, the destruction of 1,500 buildings in refugee camps, and the displacement of around 52,000 Palestinians due to settler violence backed by Israeli occupation forces. Abu Ali stressed that UNRWA remains a living witness to the Nakba, the 1948 mass displacement of Palestinians, and symbolises the international community's enduring commitment to the rights and well-being of Palestinian refugees. He cautioned against attempts to liquidate the agency and erase the refugee issue. Ambassador Mahmoud Omar, Assistant Minister of Foreign Affairs of Egypt and Director of the Palestine Department, described the meeting as coming at a decisive and dangerous moment for the Palestinian cause. He called for an immediate and sustainable ceasefire, urging the international community to fulfil its moral and humanitarian duty by contributing to Gaza's reconstruction through the endorsement of the Egyptian-Arab reconstruction plan and strengthening the Palestinian National Authority. Omar also mentioned Egypt's swift action on three humanitarian fronts since the outbreak of the war: facilitating aid delivery, evacuating the wounded for treatment, and collaborating with partners to develop post-conflict governance arrangements for Gaza. He reiterated Egypt's firm rejection of any proposals to forcibly displace Palestinians, including the establishment of a so-called "humanitarian city," which he described as a flagrant violation of international law and a threat to the two-state solution. Ahmed Abu Holi, member of the PLO Executive Committee and head of the Department of Refugee Affairs, accused the Israeli occupation of seeking to undermine and dismantle UNRWA through incitement campaigns, restrictions, and efforts to replace it with alternative bodies. He condemned the proposed humanitarian city in Rafah as a thinly veiled displacement project designed to eliminate the refugee issue and liquidate the Palestinian cause. Abu Holi stressed that President Mahmoud Abbas's vision, as presented at the extraordinary Arab Summit and the UN General Assembly, offers a clear Palestinian roadmap for ending the aggression, halting forced displacement, rebuilding Gaza, and achieving a just peace based on international resolutions and the Arab Peace Initiative. Sahar Al-Jubouri, Head of the Office of the Representative of UNRWA, confirmed that the agency is facing its most severe financial crisis since its establishment, with a budget deficit exceeding $200 million. She said the situation has forced UNRWA to implement exceptional measures, including deferring payments to suppliers to ensure the payment of staff salaries. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
17-07-2025
- Sport
- Al-Ahram Weekly
Ahly exclude Wissam Abu Ali from Tunisia camp for disciplinary reasons - Egyptian Football
Egyptian champions Ahly have dropped Palestinian striker Wissam Abu Ali from their pre-season training camp in Tunisia due to disciplinary breaches, the club said on Thursday. The decision was made by sporting director Mohamed Youssef in consultation with Portuguese head coach José Ribeiro, ahead of the team's departure to Tunisia on Friday for a camp scheduled from 18 to 26 July. Youssef said Abu Ali failed to attend scheduled fitness assessments, medical scans, and therapy sessions, and had been absent from training without permission. 'Wissam has an offer from a US club that didn't meet Ahly's terms. Until now, he remains under contract, but he missed training and the club has enforced its internal regulations,' Youssef told Ahly TV. The 26-year-old joined Ahly from Sweden's IK Sirius in January 2024 and is contracted until 2029. During his time with the Cairo-based side, he won two Egyptian Premier League titles, the CAF Champions League, the Egyptian Super Cup, and the Intercontinental Challenge Cup. Abu Ali made headlines at the FIFA Club World Cup earlier this year, scoring a hat-trick against Porto in the final group-stage match. Youssef added that the club is evaluating potential reinforcements in the forward line, but said it was too early to discuss specific options. 'No meetings have been held with Mustafa Mohamed or his representatives,' Youssef said, denying reports linking the Nantes striker to a move back to Egypt. (For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.) Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
17-07-2025
- Sport
- Al-Ahram Weekly
Ahly exclude Wessam Abu Ali from Tunisia camp for disciplinary reasons - Egyptian Football
Egyptian champions Ahly have dropped Palestinian striker Wessam Abu Ali from their pre-season training camp in Tunisia due to disciplinary breaches, the club said on Thursday. The decision was made by sporting director Mohamed Youssef in consultation with Portuguese head coach José Ribeiro, ahead of the team's departure to Tunisia on Friday for a camp scheduled from 18 to 26 July. Youssef said Abu Ali failed to attend scheduled fitness assessments, medical scans, and therapy sessions, and had been absent from training without permission. 'Wissam has an offer from a US club that didn't meet Ahly's terms. Until now, he remains under contract, but he missed training and the club has enforced its internal regulations,' Youssef told Ahly TV. The 26-year-old joined Ahly from Sweden's IK Sirius in January 2024 and is contracted until 2029. During his time with the Cairo-based side, he won two Egyptian Premier League titles, the CAF Champions League, the Egyptian Super Cup, and the Intercontinental Challenge Cup. Abu Ali made headlines at the FIFA Club World Cup earlier this year, scoring a hat-trick against Porto in the final group-stage match. Youssef added that the club is evaluating potential reinforcements in the forward line, but said it was too early to discuss specific options. 'No meetings have been held with Mostafa Mohamed or his representatives,' Youssef said, denying reports linking the Nantes striker to a move back to Egypt. (For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.) Follow us on: Facebook Instagram Whatsapp Short link:
