Middle-east

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Egypt says it retrieved 4 stolen artefacts from Britain

The Egyptian Ministry of Antiquities announced yesterday that it has received four artefacts that had been stolen and smuggled out of Egypt. The restored artifacts have now been placed in the Egyptian Museum in Cairo, the ministry added in a statement. Shaaban Abdel Gawad, a ministry official, said two of the artefacts were displayed in an auction house in the UK while the other two pieces were in the possession of an antiquities dealer in London. Read: Egypt’s Sisi: Those who challenge me, challenge God Two of the artefacts were stolen during the security mayhem that prevailed in the wake of the 2011 uprising, which resulted in the ousting of long-time president Hosni Mubarak, while the other two were stolen in […]


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Sawiris: Egypt’s interest rate rise ‘reckless’

Egypt’s decision to raise interest rates is “unfortunate” and will hinder investments in the country, businessman Naguib Sawiris said. In a brief statement to Al-Mal newspaper on the impact of raising interest rates by two per cent, he said the decision would promote an atmosphere of instability, adding that this was not the solution to counter inflation. Sawiris had previously expressed his keenness to further invest in the Egyptian market within the framework of new economic reforms. Earlier, Alaa Samaha, the former head of the Egyptian Agricultural Bank, said raising interest rates would push the cost of debt up by about 400 billion Egyptian pounds ($22 billion), which would reduce, by less than ten per cent, the chances of keeping […]







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Somali pirates hijack Iranian fishing vessel

Somali pirates hijacked an Iranian fishing vessel today to use as a base to attack bigger, more valuable ships, the mayor of a Somali town said. Crews have let security procedures slip in recent years and travel far closer to pirate-infested shores than authorities recommend, shipping sources say. The pirate gangs launch small, fast skiffs from bases on shore to try and hijack vessels. A group of Somali pirates captured an Iranian fishing vessel and are using it as a mother ship in order to hijack [other] ships Ali Shire, the mayor of Haabo in the northern semi-autonomous region of Puntland, told Reuters. “The Iranian fishing vessel does not have a licence [to fish] in Puntland,” he added. Local fishermen […]


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Trump wants to convert military grants to loans

The Trump administration’s budget proposal would convert some of the United States’ foreign military grants to loans, part of a larger effort to slash spending on diplomacy, aid and programmes abroad by more than 29 per cent, the White House said yesterday. The cuts to programmes under the State Department are in part meant to fund an increase in military spending. Under President Donald Trump’s proposal, the United States would spend 29.1 per cent less on the State Department and “other international programs” in the 2018 fiscal year compared to 2017, a decrease of $11.5 billion. That decrease includes a re-shaping of the way some countries receive military aid from the United States. Foreign military financing gives countries loans or […]


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Normalisation in exchange for a mirage

  Regardless of what he says in his speeches and during his meetings with the Arab and Muslim rulers, who travelled to Riyadh from all over the world to meet him, one can say that American President Donald Trump will mainly focus on capitalizing on this turnout to make it a turning point in terms of legitimising the integration of Israel, as well as the Arab countries, into a new regional system constituting a new alliance. The alliance’s main task will be to confront Iran and the Sunni Islamist political and military movements. According to Trump’s logic, the formation of this system and allowing it to operate publically requires, first and foremost, the normalisation of relations between the Arab states […]