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Egypt frees last of Al Jazeera journalists it had detained

Egypt frees last of Al Jazeera journalists it had detained

EGYPT has freed the last two Al Jazeera journalists who remained in detention in the North African country following a thaw in relations with Qatar, the Doha-based network said on Friday. One of the journalists, Bahaa Eldin Ibrahim, had returned home after being freed, his wife Mona Gamal Eldin confirmed. The head of Egypt's journalism syndicate posted a photo on Facebook of the second journalist, Rabie el-Sheikh, at his home. The journalists, both Egyptian, had been held in pre-trial detention for about four years. Ties between Egypt and Qatar deteriorated after Egypt's then-army chief Abdel Fattah al-Sisi led the ousting…
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Egypt raises wide range of fuel prices, official gazette says

Egypt raises wide range of fuel prices, official gazette says

EGYPT raised prices on a wide range of fuel products, the official gazette said, pressing ahead with a promise it made to the International Monetary Fund (IMF) more than a year ago as part of a $3 billion financial support agreement. In a letter of intent signed in November 2022, Egypt said it would allow most fuel product prices to rise to bring domestic prices more in line with those in international energy markets. It also promised to make up for a slowdown in such increases over the previous year. But it subsequently hiked prices only once, in March 2023.…
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Egypt becomes latest host of FIFA’s new friendly series

Egypt becomes latest host of FIFA’s new friendly series

EGYPT became the fifth country to be selected as host of a new series of friendly games introduced by FIFA to allow teams from different confederations to play each other, the world soccer governing body said. The pilot phase was expanded to feature 24 national teams, who will play across three continents, FIFA said in a statement. The Egypt edition -- which will take place from March 22-26 -- will also include Croatia, Tunisia and New Zealand. Egypt will host New Zealand in the opening game on Friday, which will also mark the inauguration of a new 92,000-capacity stadium that…
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EU to bolster Egypt ties with billions of euros in funding

EU to bolster Egypt ties with billions of euros in funding

THE European Union announced a 7.4 billion euro ($8.06 billion) funding package and an upgraded relationship with Egypt, part of a push to stem migrant flows to Europe that has been criticised by rights groups. The agreement, which lifts the European Union's relationship with Egypt to a "strategic partnership", was announced as a delegation of leaders visited Cairo. It is designed to boost cooperation in areas including renewable energy, trade, and security while delivering grants, loans and other funding over the next three years to support Egypt's faltering economy. The proposed funding includes 5 billion euros in concessional loans and 1.8 billion euros…
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Egypt says land sale, IMF accord will ease budget problems

Egypt says land sale, IMF accord will ease budget problems

EGYPT has taken major steps towards lowering its budget deficit by selling real estate as well as agreeing on a support package with the International Monetary Fund, its finance minister said. Egypt's primary budget surplus will rise to above 3.5% in the fiscal year that will begin in July, Finance Minister Mohamed Maait told a news conference on Sunday. The primary surplus does not include interest payments, which in the seven months to end-January accounted for well over half of all expenditures and have kept Egypt deeply in deficit. The finance ministry last month forecast a primary general budget surplus…
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Archaeologists in Egypt unearth section of large Ramses II statue

Archaeologists in Egypt unearth section of large Ramses II statue

A joint Egyptian-U.S. archaeological mission has uncovered the upper part of a huge statue of King Ramses II during excavations south of the Egyptian city of Minya, Egypt's tourism and antiquities ministry said. The limestone block is about 3.8 metres (12.5 feet) high and depicts a seated Ramses wearing a double crown and a headdress topped with a royal cobra, Bassem Jihad, head of the mission's Egyptian team, said in a statement. The upper part of the statue's back column shows hieroglyphic writings that glorify the king, one of ancient Egypt's most powerful pharaohs, he said. Also known as Ramses…
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Egypt announces $35 billion UAE investment on Mediterranean coast

Egypt announces $35 billion UAE investment on Mediterranean coast

EGYPT said that it had signed a deal with the United Arab Emirates to develop a prime stretch of its Mediterranean coast that would bring $35 billion of investments to the indebted country over the next two months. The deal with ADQ, the smallest of Abu Dhabi's three main sovereign investment funds, is for the development of the Ras El Hekma peninsula and could eventually attract as much as $150 billion in investments, Egyptian Prime Minister Mostafa Madbouly told a press conference. Such inflows would provide a huge boost to Egypt's crisis-stricken economy as it faces new pressures linked to…
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Francophone Africa tech hubs grow their investor appeal, footballers join the fray

Francophone Africa tech hubs grow their investor appeal, footballers join the fray

WHILE Africa’s ‘big four’ tech hubs of Nigeria, Kenya, South Africa and Egypt maintained their top spots in a difficult funding year, their 2023 rankings were increasingly challenged by Francophone countries according to recent reports. Partech’s 2023 Africa Tech Venture Capital Report shows that Francophone Africa recorded a 3% rise in funding, against a wider 50% drop among the 'big four". Similarly, the number of French-speaking tech hubs among Africa's "top ten' also rose, with five slots now filled by Francophone countries. “In 2023, Francophone Africa distinguished itself as a dynamic and growing force in the tech sector, defying broader…
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Egypt setting up area at Gaza border which could be used to shelter Palestinians, sources say

Egypt setting up area at Gaza border which could be used to shelter Palestinians, sources say

EGYPT is preparing an area at the Gaza border which could accommodate Palestinians in case an Israeli offensive into Rafah prompts an exodus across the frontier, four sources said, in what they described as a contingency move by Cairo. Egypt, which denied making any such preparations, has repeatedly raised the alarm over the possibility that Israel's devastating Gaza offensive could displace Palestinians into Sinai - something Cairo says would be completely unacceptable- echoing warnings from Arab states such as Jordan. The United States has repeatedly said it would oppose any displacement of Palestinians out of Gaza. One of the sources said Egypt…
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Egypt denies allegations of participating in any process involving displacement of Gazans into Sinai

Egypt denies allegations of participating in any process involving displacement of Gazans into Sinai

EGYPT categorically denied allegations of participating in any process involving the displacement of Palestinians in the Gaza Strip into the Sinai Peninsula, the country's State Information Service (SIS) said. Four sources told Reuters that Egypt, as a precautionary measure, is preparing an area at the Gaza border which could accommodate Palestinians in case an Israeli offensive into Rafah prompts an exodus across the frontier. The news was also reported by other outlets, including the Wall Street Journal. "Egypt's decisive stance since the beginning of the aggression ... is to completely reject any forced or voluntary displacement of Palestinian brothers from the Gaza…
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