• A bread vendor carries a tray of Egyptian traditional "Baladi" flatbread, outside a bakery, in the Old Cairo district of Cairo, Egypt, Tuesday, March 22, 2022. Egypt's Central Bank raised its key interest rate Monday for the first time since 2017, citing inflationary pressures triggered by the coronavirus pandemic and Russia's war in Ukraine, which hiked oil prices to new records. (AP Photo / Amr Nabil)
    A bread vendor carries a tray of Egyptian traditional "Baladi" flatbread, outside a bakery, in the Old Cairo district of Cairo, Egypt, Tuesday, March 22, 2022. Egypt's Central Bank raised its key interest rate Monday for the first time since 2017, citing inflationary pressures triggered by the coronavirus pandemic and Russia's war in Ukraine, which hiked oil prices to new records. (AP Photo / Amr Nabil)
  • The Egyptian pound slid to about 18.50 to the US dollar on Tuesday from 18.27, a day after the country devalued its currency by 14 per cent, Refinitiv data showed. EPA
    The Egyptian pound slid to about 18.50 to the US dollar on Tuesday from 18.27, a day after the country devalued its currency by 14 per cent, Refinitiv data showed. EPA
  • The latest depreciation brings the total devaluation since Monday morning to slightly more than 15 per cent, close to the amount by which at least some analysts had estimated it was overvalued. EPA
    The latest depreciation brings the total devaluation since Monday morning to slightly more than 15 per cent, close to the amount by which at least some analysts had estimated it was overvalued. EPA
  • Egypt plans to restructure its public budget for fiscal year 2022/23 to cope with the global crisis resulting from the war in Ukraine, a cabinet statement said. Reuters
    Egypt plans to restructure its public budget for fiscal year 2022/23 to cope with the global crisis resulting from the war in Ukraine, a cabinet statement said. Reuters
  • The Egyptian Prime Minister Moustafa Madbouly said: 'Prices increased in an unprecedented way. We saw how fuel and food prices have significantly increased which put a huge pressure on our resources because now, we need to secure as much resources as we can to provide needed goods.' Reuters
    The Egyptian Prime Minister Moustafa Madbouly said: 'Prices increased in an unprecedented way. We saw how fuel and food prices have significantly increased which put a huge pressure on our resources because now, we need to secure as much resources as we can to provide needed goods.' Reuters
  • 'Prices are still the same over the past 10 days or two weeks. There are goods now sold at somehow reduced prices in government-owned shops in order to beat [traders] who raise prices, who use this opportunity [currency devaluation] to raise prices. This is a good step by the government to support citizens,' said one Egyptian citizen. Reuters
    'Prices are still the same over the past 10 days or two weeks. There are goods now sold at somehow reduced prices in government-owned shops in order to beat [traders] who raise prices, who use this opportunity [currency devaluation] to raise prices. This is a good step by the government to support citizens,' said one Egyptian citizen. Reuters
  • The central bank raised its overnight lending and borrowing rates by one percentage point, state banks began selling one-year certificates of deposit to the public with a yield of 18 per cent and the government announced an economic relief package. Reuters
    The central bank raised its overnight lending and borrowing rates by one percentage point, state banks began selling one-year certificates of deposit to the public with a yield of 18 per cent and the government announced an economic relief package. Reuters

Egyptians struggle to fill Ramadan pantries as food prices rise


Hamza Hendawi
  • English
  • Arabic

Like Muslims across the world, Egyptians see the month of Ramadan as a special time of prayers, family and good food. This time around, their expectations for the fasting month had run higher since it would be the first in three years not dominated by fear of Covid-19.

Well, it’s going to be a Ramadan to remember, but maybe not for the right reasons.

Due to begin next week, Ramadan this year falls at a time when most of Egypt’s 102 million people are suffering from soaring food prices that will force them to make do with considerably less when they gather to break their dawn-to-dusk fast with the traditional sunset meal.

“I want to be honest with our citizens; the present crisis is worse than that of the coronavirus,” Prime Minister Mustafa Madbouly said earlier this week, at a televised news conference he called to announce a multibillion-dollar relief package to ease the hardship Egypt’s most vulnerable are facing.

High on the list of items typically consumed during Ramadan — often in larger quantities than during the rest of the year — are red meat, chicken, desserts such as baklava, and dried fruits, nuts and juices. The prices of most of these items are normally out of reach for the majority of Egyptians. This year, even fewer Egyptians are likely to be able to afford them.

Ramadan-inflation
Ramadan-inflation

The prices of some of these items are daunting in a country where most university graduates consider themselves lucky if they land an entry-level job that pays the equivalent of $200 per month.

A kilogram of red meat, for example, can cost up to 180 Egyptian pounds ($9.75). Mixed nuts sell for up to 400 Egyptian pounds a kilogram and an assortment of Oriental desserts from a high-end outlet can be as much as 300 Egyptian pounds a kilogram.

“It’s horror out there in the markets,” said a retired government employee and mother of three from Cairo. “But the sellers there may eventually be deterred out of fear of the government’s wrath.”

President Abdel Fattah El Sisi has often said his government’s economic policies are chiefly designed to feed and create jobs for the most vulnerable in Egypt. He said they should trust the government to get them through the crisis caused by higher energy and food costs as the fallout from Ukraine war takes its toll.

But the Egyptian leader, architect and driving force behind a high-octane effort to overhaul the economy, could not hide his frustration — he had hoped the economy would grow after the worst of the pandemic had passed only to find it reeling from the impact of Ukraine war.

“These developments are not of our making, yet they impact us,” he said.

On Wednesday, he again tried to reassure Egyptians, saying everyone was free to to go to the markets and load up on whatever they need. However, he cautioned against conspicuous consumption.

Alluding to the lavish meals some Egyptians are in the habit of laying out for their guests at home, he said: “the problem is that if we want a better future for our sons, daughters and grandchildren, we must revise this habit.”

Over the past four weeks, food prices in Egypt have risen by at least 20 per cent on average.

A bread vendor carries a tray of traditional Egyptian 'Baladi' flatbread outside a bakery in Cairo. AP
A bread vendor carries a tray of traditional Egyptian 'Baladi' flatbread outside a bakery in Cairo. AP

The price of “free-market” bread, a staple for some 40 million Egyptians, has risen by up to 50 per cent, forcing the government to step in and fix its price and warn that heavy fines await owners of bakeries that do not comply. Hoarders of essential foodstuff, meanwhile, have been put on notice after scores were arrested and now await trial.

However, a sharp drop in the value of the Egyptian pound against the US dollar will almost certainly trigger another wave of price hikes that would affect a wide range of goods and services.

“For several weeks now, you get the feeling that the markets are very quiet, even dead. Retailers and wholesale merchants are like someone who has been hit on the head and is no longer able to focus,” said Sameer Hassan, a greengrocery store owner in Cairo.

“The goods are available but only a few people are buying. I spend, say, 10,000 pounds buying fruits and vegetables wholesale, but I am only able recoup 2,000 or so,” said Mr Hassan, who expects the price of imported fruits like apples and bananas to rise further, reflecting the pound’s depreciation.

For Ramadan, 60-year-old Mr Hassan says he will shop for the month’s specialities — like nuts, dried fruits and juices — away from the chain stores which sell them at a premium.

Most cannot afford any of these items, not even at the bargain price Mr Hassan is seeking.

“For me, Ramadan means buying a single kilogram of dried dates and extra sugar,” said Mohammed Ali, a 30-year-old father of two girls who drives a taxi in Cairo. “Things are really bad and now with the dollar so expensive, things will not get any better.”

The government has expanded its routine Ramadan campaign to provide packages of essential foodstuffs to the most vulnerable. A total of 15,000 outlets across the country have been set up to sell them at discounted prices.

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

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Available: Now

Points to remember
  • Debate the issue, don't attack the person
  • Build the relationship and dialogue by seeking to find common ground
  • Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
  • Listen actively without interrupting
  • Avoid assumptions, seek understanding, ask questions
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Apple's%20Lockdown%20Mode%20at%20a%20glance
%3Cp%3EAt%20launch%2C%20Lockdown%20Mode%20will%20include%20the%20following%20protections%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMessages%3A%3C%2Fstrong%3E%20Most%20attachment%20types%20other%20than%20images%20are%20blocked.%20Some%20features%2C%20like%20link%20previews%2C%20are%20disabled%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWeb%20browsing%3A%3C%2Fstrong%3E%20Certain%20complex%20web%20technologies%2C%20like%20just-in-time%20JavaScript%20compilation%2C%20are%20disabled%20unless%20the%20user%20excludes%20a%20trusted%20site%20from%20Lockdown%20Mode%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApple%20services%3A%20%3C%2Fstrong%3EIncoming%20invitations%20and%20service%20requests%2C%20including%20FaceTime%20calls%2C%20are%20blocked%20if%20the%20user%20has%20not%20previously%20sent%20the%20initiator%20a%20call%20or%20request%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wired%20connections%20with%20a%20computer%20or%20accessory%20are%20blocked%20when%20an%20iPhone%20is%20locked%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConfigurations%3A%3C%2Fstrong%3E%20Configuration%20profiles%20cannot%20be%20installed%2C%20and%20the%20device%20cannot%20enroll%20into%20mobile%20device%20management%20while%20Lockdown%20Mode%20is%20on%3C%2Fp%3E%0A
SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

Results:

5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)

5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly

6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel

6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani

7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel

7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel

All or Nothing

Amazon Prime

Four stars

Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5

The years Ramadan fell in May

1987

1954

1921

1888

ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Updated: March 24, 2022, 5:29 PM