Egypt's President Abdel Fattah El Sisi said he intends to call for “political dialogue” as the country faces new economic challenges caused by the fallout from Russia's war in Ukraine.
Mr El Sisi made the surprise announcement at a meeting on Thursday with newspaper editors and talk show hosts during a visit to southern Egypt to inspect an agricultural project. His office released a video clip of his comments late on Thursday night.
“Frankly, we need a political dialogue that is compatible with the notion of building or launching the new republic,” he said, without giving details.
The term “new republic”, coined last year by pro-government media outlets and later adopted by the government, refers to the country under Mr El Sisi's rule.
Since taking office in 2014, he has launched a drive to overhaul the economy, upgrade infrastructure — including building new bridges, thousands of kilometres of motorways and new cities.
Mr El Sisi said he would release details of the proposed dialogue later this month.
While it is not clear who will participate in the dialogue or what its aim is, the proposal comes at a time when the economy is reeling from the fallout of the war in Ukraine and as most Egyptians struggle with increasing food and energy prices.
“The current crisis is extremely brutal,” Mr El Sisi said, pointing out that it hit at a time when the country was emerging from an economic slump caused by the coronavirus pandemic.
Mr El Sisi has, in the past, publicly stated his disdain for politics, saying his overriding priority was to feed Egypt’s 103 million people and provide them with decent housing, adequate medical care and education.
Parliament is packed with his supporters. While there are many political parties, none has any following to speak of, or is able to offer alternative policies or effectively challenge those of the government. Street protests are effectively banned.
The media is under government control or toes the official line, leaving social media as perhaps the only forum for alternative views.
However, many Egyptians see Mr El Sisi as a no-nonsense leader who has worked relentlessly to modernise the country, overhaul the economy and improve a wide range of services.
He has acknowledged that Egyptians paid a “cruel bill” for the economic reforms he introduced in 2016, including new taxes, the removal of subsidies on essential foodstuffs and fuel and devaluing the currency.
On Thursday, he credited those reforms for Egypt successfully weathering the impact of the Covid-19 pandemic on the economy, which showed growth at a time when the economies of most countries in the region contracted.
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Fifa Club World Cup quarter-final
Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
if you go
Abu Dhabi Sustainability Week
No%20Windmills%20in%20Basra
%3Cp%3EAuthor%3A%20Diaa%20Jubaili%3C%2Fp%3E%0A%3Cp%3EPages%3A%20180%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Deep%20Vellum%20Publishing%C2%A0%3C%2Fp%3E%0A
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
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THE%20SWIMMERS
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UAE currency: the story behind the money in your pockets
Under 19 Cricket World Cup, Asia Qualifier
Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman
UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah
More on Quran memorisation:
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5