This Week in Egypt: Week 5-2023 ( Jan 30- Feb 5)

Top Headlines

  • Egyptian pound slides past EGP 30 against USD 
  • Egypt’s central bank leaves key interest rates unchanged
  • US Blinken says U.S. will keep pressing Egypt on human rights
  • Egyptian FM holds talks with Lavrov in Russia, a day after meeting Blinken
  • Egypt is poised to announce detailed plan for state stake sales
  • In a first, Egypt’s Orthodox Church holds mass for Christians in Saudi Arabia

Main Headlines

Monday

Tuesday

  • Egyptian FM holds talks with Lavrov in Russia, a day after meeting Blinken
  • Collective decline in Egypt’s stock market indexes at closing on Tuesday
  • In a first, Egypt’s Orthodox Church holds mass for Christians in Saudi Arabia

Wednesday

Thursday

  • Egyptian pound slips further against US dollar to 30.3 on Thursday
  • Suez Canal achieves highest monthly revenue in its history in January at $802 million

Friday

  • Egypt’s central bank leaves key interest rates unchanged
  • Egypt hosts new edition of Arab world’s largest book fair amid economic crisis
  • Air Arabia Egypt launches new route between Cairo and Jazan in Saudi Arabia

Saturday

Sunday

Reports

  • Blinken seeks detainee progress, but releases are Egypt’s ‘prerogative’. Elizabeth Hagedorn
  • Saudi writers’ criticism of Sisi’s economic model prompts Egyptian backlash. Middle East Eye 
  • LGBT people are hunted by gangs and police in Egypt. BBC 

From Twitter

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This Week in Egypt: Week 4-2023 ( Jan 23-29)

Top Headlines

  • US Secretary of State Antony Blinken arrived in Egypt at the start of a Middle East trip 
  • CIA director visited Egypt, met with President Sisi
  • Egypt expresses its strong rejection and condemnation of East Jerusalem attack, warns of risks of escalation
  • Egypt’s Sisi, India’s Modi oversee Indian Republic Day parade featuring Egypt’s Armed Forces
  • Egypt’s oldest mummy found ‘covered in layers of gold’ following year-long excavation

Sec Blinken in Cairo– photo vis US State Dept

Main Headlines

Monday

Tuesday

Wednesday

Thursday

Friday

  • Complete Roman city is uncovered in Egypt’s Luxor
  • Egypt receives 63,000 tons of Russian wheat at Safaga port
  • Indian firms express ‘huge interest’ in investing in Egypt clean energy & infrastructure projects
  • Egypt expresses ‘full solidarity’ with Azerbaijan after attack on its embassy in Tehran

Saturday

Sunday

  • US Secretary of State Antony Blinken arrived in Egypt at the start of a Middle East trip 
  • US stands with Egypt, its people in their pursuit of prosperous future: State department
  • President Sisi underscores special Egypt-Armenia ties in historic first visit to the country
  • Egypt, Azerbaijan leaders discuss boosting bilateral relations in Baku

Report/ Read

From Twitter

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This Week in Egypt: Week 3-2023 ( Jan 16-22)

Top Headlines

  • Egypt vows to cut military’s outsized role in economy under IMF bailout
  • Egyptian banks’ regulatory capital ratios can withstand further Egyptian pound depreciation, Fitch Ratings says
  • Businessman Safwan Thabet, who faced accusations of funding “terrorist entities”, was released from prison 
  • UAE hosted Gulf leaders including Qatar’s along with Egypt and Jordan
  • Leaders of Egypt, Jordan and the Palestinians deliver a warning to Israel
  • Egypt’s Sisi instructs building large inclusive mosques across Egypt to spread ‘true religion’

Safwan Thabet, right, is the founder of Juhayna Food Industries. His son Seif el-Din Thabet, left, is the company’s chief executive © Image supplied by friends of the family via FT

My weekly Egypt’s podcast

Main Headlines

Monday

  • Foreign investors pour $925 million into Egypt since last week’s devaluation 
  • Leaders of Egypt, Jordan and the Palestinians deliver a warning to Israel

Tuesday

Wednesday

Thursday

Friday

  • Emerging-market investors are preparing to creep back into Egypt’s local debt market, enticed by a cheaper pound and record yields when compared with peers
  • Egyptian lawyers strike to protest the imprisonment of six colleagues
  • Egypt court reduces sentences against businessman, former MP for antiquity trafficking

Saturday

  • Founder of Egypt’s Juhayna Food Industries and his son, who faced accusations of financing terrorist entities , are released from prison
  • Egypt’s Sisi instructs building large inclusive mosques across Egypt to spread ‘true religion’

Sunday

Reports/ Read

From Twitter

Nervana Mahmoud 

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This week in Egypt: Week 2-2023 ( Jan 9-15)

Top Headlines

  • Eni, Chevron announce new gas discovery in Egyptian East Med field
  • Egyptian pound hits new low against US dollar 
  • IMF: Egypt aims to bridge financing gap by selling state-owned assets
  • Negev Forum convenes in UAE with Jordan absent from Arab-Israeli meeting
  • Egypt says ancient royal tomb unearthed in Luxor
  • Rounding off Africa tour, China’s top diplomat visits Egypt 
Podcast summery

Main Headlines

Monday

Tuesday

  • Egypt to receive the second tranche of IMF’s $3 bln loan by end of March, says Mission head
  • Inflation in Egypt continues to skyrocket, leaving citizens struggling to buy basics 

Wednesday

  • Egyptian pound‘s losses against USD reach 100% since March
  • Three men try to steal 10-ton ancient statue of Ramesses II in Egypt with crane
  • Egypt released $1.5 billion worth of stranded imports since 1 Jan

Thursday

Friday

Saturday

  • Egypt invites Elon Musk to visit after tweet 
  • Royal tomb from Thutmosid period discovered on Luxor’s West Bank
  • Egypt’s exports rise by 23% year-on-year in first 10 months of 2022: CAPMAS

Sunday

Reports

  • Egypt’s currency drop barely closes gap with black market rate. Netty Idayu Ismail 
  • Factbox: All you need to know about Egypt’s commitments, targets under new IMF programme. Doaa Moneim
  • IMF’s press release and staff report on Egypt 
  • Egypt, facing economic crunch, restricts non-essential travel for government. Al-Monitor 
  • In Egypt, massive funding for new mosques is questioned amid economic crisis. Al-Monitor 
  • How Britons can swap miserable weather for a month-long sunshine holiday in Egypt for (almost) the same cost as living at home Daily Mail

Read

From Twitter

Nervana Mahmoud

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This Week in Egypt: Week 1-2023 ( Jan 2-8)

Top Headlines

  • Egyptian pound sinks to new low in biggest fall since October devaluation
  • Egypt’s Sisi wished Egyptians merry Christmas, attended Christmas mass 
  • Israel ties with Egypt is strained by recent Israeli moves, hindering prisoner swap talks
  • Egypt presented a new platform for dialogue between parties in Sudan
  • A looted ancient Egyptian sarcophagus, Green Coffin,  that was on display at a US museum has been returned to Egypt
  • Egypt buys 12 Chinook helos from Boeing

Main Headlines

Monday

Tuesday

Wednesday

  • Egyptian pound crashes to record low against US dollar
  • Egyptian business reduce output and cut jobs as they grapple with the impact of a dramatic currency devaluation that helped authorities secure an IMF deal
  • Egyptian stock market sees record trading despite 25% bank certificates
  • Attracting foreign investment is Egypt’s top priority, says PM

Thursday

Friday

Saturday

  • Egypt ‘s Sisi attended Christmas mass at the Cathedral of the Nativity of Christ in the New Administrative Capital
  • Egypt welcomes outcomes of Libyan leaders’ Cairo meeting as important step toward elections
  • Egypt arrests a man who urged couples to wed soon to avoid marriage fees
  • Egypt-EU cooperation on migration worth 111 million euros: Berger

Sunday

  • Egypt and Greece mull naming international consultant for joint power linkage project  
  • Report says Netanyahu promised Egypt’s Sisi he’d stop Ben Gvir’s Temple Mount visit, then reneged
  • Record-high number of doctors resign from Egypt’s public health sector in 2022: Syndicate

Reports

From Twitter

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This Week in Egypt: Week 52-2022 ( Dec 26- Jan 1- 2023)

Top Headlines

  • At least three people have been killed in an attack on a police checkpoint in the Suez Canal city of Ismailia
  • The Egyptian branch of ISIS claimed responsibility for the attack
  • Egypt’s Sisi calls to congratulate Netanyahu, cautions against inflammatory measures
  • Egypt launches new bid round for Mediterranean, Nile Delta oil and gas exploration

Main Headlines

Monday

Tuesday

Wednesday

Thursday

  • Egypt’s currency crisis is creating a massive port backlog
  • Egypt achieves 53 oil & gas discoveries in 2022
  • Egypt raises debt-to-income ratios for home-buyers mortgage finance to 50%

Friday

Saturday

Sunday

  • ISIS claims responsibility for attack in Egypt that killed three policemen
  • Egypt’s Sisi calls to congratulate Netanyahu, cautions against inflammatory measures

Reports

Read

  • Muslim Brotherhood at the crossroads: Where now for Egypt’s once-powerful group following leader’s death in exile, repression at home? Ioana Emy Matesan 

From Twitter

Happy New Year 2023 

Nervana Mahmoud 

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This Week in Egypt: Week 51-2022 ( Dec 19-25)

Top Headlines

  • Egypt’s Central Bank hikes interest rates to limit inflation
  • Egypt is reportedly holding up the transfer of a pair of Red Sea islands to Saudi Arabia
  • The chairman of Egypt’s Suez Canal affirmed the waterway is “not for sale”, in a bid to allay fears over a draft law
  • Libyan Parliament rejects Egypt’s demarcation of maritime borders
  • Al-Azhar grand imam calls on Taliban to reconsider university ban for Afghan women
  • Egypt participates in Tanzania’s Julius Nyerere dam inauguration

Main Headlines

Monday

Tuesday

  • Egypt’s Sisi meets with French president Macron on sidelines of Baghdad Conference hosted by Jordan
  • Egypt, Jordan, and Iraq agree to intensify coordination amid current regional challenges
  • Hundreds flock to Egypt’s Luxor to witness annual Karnak Temple solar alignment

Wednesday

Thursday

Friday

  • Egypt is reportedly holding up the transfer of a pair of Red Sea islands to Saudi Arabia
  • Egypt’s central bank raises key interest rates by 300 base points
  • Libyan Parliament rejects Egypt’s demarcation of maritime borders
  • Al-Azhar grand imam calls on Taliban to reconsider university ban for Afghan women

Saturday

Sunday

Reports

Read

  • Preventive Measure: Egypt’s unilateral demarcation of maritime border with Libya.  Ahmed Eleiba 
  • Sidelining the GERD. Doaa El-Bey
  • The austere beauty of Egypt’s long-distance hiking trails. The New York Times

From Twitter

Merry Christmas and Happy Hannukah

Nervana Mahmoud  

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This Week in Egypt: Week 49-2022 (Dec 12-18)

Top headlines

  • IMF executive board approves $3 billion Egypt extended arrangement
  • Egypt’s Sisi visits Washington to participate in the US-Africa summit 
  • Egypt’s Sisi met with US President  Biden and US Secretary of State Blinken 
  • Egypt’s Sisi met with US defense chief Lloyd Austin as Cairo assumes naval role in the Red Sea
  • Egypt issued a presidential decree unilaterally determines the maritime borders between Egypt and Libya
  • Libyan GNU government refuses Egypt’s move on maritime borders’ demarcation
  • Türkiye calls on Libya, Egypt to initiate maritime border dialogue
  • British Conservatives make billionaire ex-Mubarak minister senior treasurer

Main Headlines

Monday

Tuesday

  • Egypt’s Sisi arrives in Washington to participate in the US-Africa Leaders Summit
  • Egyptian Navy takes command of Combined Task Force 153 in Red Sea and Gulf of Aden
  • Negotiations are underway to export 3,000 megawatts of Egyptian Electricity to Europe: Minister

Wednesday

  • Cairo issued a presidential decree unilaterally determines the maritime borders between Egypt and Libya
  • US-Africa Summit: Sisi to hold high-level meetings in Washington
  • British Conservatives make billionaire ex-Mubarak minister as senior treasurer

Thursday

Friday

  • Libyan GNU government refuses Egypt’s move on maritime borders’ demarcation
  • Egypt’s Sisi urges US to invest in alleviating debt burdens on most afflicted nations
  • US business representatives express interest in expanding projects in Egypt to President Sisi

Saturday

  • IMF  executive board approves $3 billion Egypt extended arrangement
  • Türkiye calls on Libya and Egypt to initiate maritime border dialogue

Sunday

  • Egypt confirms discovery large gas field in Mediterranean, minister says
  • US dollar exchange rate is stable at Egypt’s banks in first working day following IMF deal
  • Egypt is tackling migrants issue with comprehensive approach: Foreign ministry

Reports

  • Egypt’s Sisi gets warm welcome at Pentagon as Cairo assumes naval role. Jared Szuba
  • Sisi’s maritime declaration shields Crete. Vassilis Nedos
  • Egypt’s trade with Nile-Basin countries jumps amid Ethiopia dam crisis. Marc Espanol
  • Egypt’s fresh $3 billion IMF-backed economic reform programme. Doaa Moneim 
  • ‘Life is ebbing away’: Egyptians face peril at sea in dangerous new exodus to Europe. Ruth Michaelson

Read

From Twitter

Nervana Mahmoud  

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This Week in Egypt: Week 48-2022 ( Dec 5-11)

Top Headlines

  • Chevron has discovered a new natural gas well off the Mediterranean coast in Egypt 
  • bp to explore potential for green hydrogen production in Egypt
  • Egypt’s core inflation rises to 21.5% yr/yr in November
  • Egypt’s pound keeps falling on black market ahead of IMF meeting
  • China’s President Xi Jinping meets with Egyptian President El-Sisi in Riyadh
  • Kuwait introduces new regulations to restrict inflow of Egyptian nationals seeking work
  • Tomb with Greek mummy is unearthed in Aswan, Egypt 

Main Headlines

Monday

  • Egypt has voiced its full support for the initial political framework deal in Sudan
  • Egypt hopes to receive 1st tranche of new IMF loan in December
  • Egyptian journalist Ismail Eskandrani is released after serving 7-year prison sentence 
  • Egypt’s blue-chip index outperformed regional peers 
  • Tomb with Greek mummy is unearthed in Aswan, Egypt 

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

  • Record number of mosques opened in Egypt this year
  • Kuwait introduces new regulations to restrict inflow of Egyptian nationals seeking work
  • Egypt targets EGP 7.4 billion in investments in tourism sector in FY 2022/23
  • Egypt launches massive 4-day polio vaccination campaign nationwide

Reports

Read

From Twitter

Nervana Mahmoud  

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Podcast: A New Start of Egypt-Turkey Relations?

It was a pleasure to join Thanos Davelis, the director of public affairs at the Hellenic Leader, in a new episode of the Greek Current podcast series. to to discuss the relations between Turkey and Egypt following the Turkish President Erdogan’s handshake with his Egyptian counterpart at the World Cup. We discussed what steps Cairo still expects to see from Ankara, and where Greek-Egyptian relations fit in.

You can listen to the podcast here:

https://player.simplecast.com/d575a187-b190-4f3e-abe5-106c9a704d15?dark=false

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