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Egypt’s Central Bank Maintains Stable Interest Rates

CAIRO: The Central Bank of Egypt (CBE) kept its key overnight interest rates unchanged on Thursday, saying commodity prices appear to be falling and economic growth is likely to recover in the fiscal year that begins next week. As expected, the bank’s Monetary Policy Committee (MPC) left the lending rate steady at 19.25 percent and the deposit rate at 18.25 percent. Not one of 17 analysts polled by Reuters on Monday had forecast a change.

Mayar Sherif: Highest-Ranked Egyptian in Tennis History by Design

In a recent conversation with her psychologist, Egyptian tennis star Mayar Sherif was asked what was driving her the most. “She was asking me, ‘What is your motivation right now? Because motivation can move mountains’,” recalled Sherif in an interview with Arab News on Monday. “I told her, ‘I’m dying to pass Ismail’s career-high mark of 34,’ so that was definitely a goal I had in my mind.” Sherif was referring to Ismail El-Shafei, who, until Sunday, was the highest-ranked Egyptian in Open era history, having peaked at No.34 in the world back in 1975.

Egyptian Health Tech to Save Saudi Lives After Acquisition

CAIRO: Saudi Arabia’s health care sector has gained a new entrant from Egypt aimed at addressing the challenges posed by delayed medical reports and improving patient outcomes.  Founded in 2017, Rology has secured its position in the Saudi market after sealing the acquisition of its counterpart Arkan United.  In an interview with Arab News, Amr Abodriaa, CEO and co-founder of Rology, expressed the significance of this move in establishing a leading position in the Saudi market. 

Egypt seeks to join BRICS, confirms Russian ambassador

RIYADH: In a bid to enhance trade and economic cooperation, Egypt has officially applied to join the five-member BRICS bloc of emerging economies, according to Georgy Borizenko, the Russian ambassador to Cairo.  The BRICS group comprises Brazil, Russia, India, China and South Africa. “Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Borizenko. 

“Red Sea Global of Saudi Arabia explores partnership opportunities in Egypt”

RIYADH: The Saudi-based Red Sea Global company held its second promotional procurement exhibition in Cairo, in cooperation with its media partner, MEED Network, and in the presence of representatives from more than 100 Egyptian companies from the private sector, the Saudi Press Agency reported on Monday. The exhibition is the second of its kind in a series of local, regional and international introductory meetings conducted by the company, which is wholly owned by the Kingdom’s Public Investment Fund.

Boosting Investment Partnerships: UAE and Egypt Collaborate

CAIRO: The UAE International Investors Council has signed a memorandum of understanding with the Egyptian-Emirati Business Council to enhance existing investment partnerships, the Emirates News Agency reported on Monday.  The memorandum aims to increase investment opportunities in the new economy, green projects, recycling, clean projects, the technology sector, and new digital technologies.

Egypt Claims Victory in 2023 Arab Beach Football Championship

RIYADH: Egypt’s national team were crowned the winners of the 2023 Arab Beach Football Championship after defeating Oman 4-2 in the final on Saturday in Saudi Arabia. The Egyptian players received the championship trophy and gold medals in the presence of the Arab Football Federation’s Vice President Hani Abu Raida, Secretary-General Dr. Rajaa Allah Al-Solami and Prof. Mohamed Rarawah in Jeddah. Hosted by the Saudi Arabian Football Federation, the competition began on May 11.

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