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Tuesday, 14 February 2023

El Sisi’s warm words for our Gulf neighbors get top billing

All eyes were on Dubai on last night’s talk shows as President Abdel Fattah El Sisi sought to draw a line under recent controversy stirred up online over Gulf-Egypt relations during his attendance at the World Government Summit in the UAE.

A message of gratitude to the Gulf: “Without the support of our brothers in the UAE, Saudi Arabia, and Kuwait, Egypt would not have risen [to its feet again],” El Sisi said (watch, runtime: 1:31.) “Don’t allow ill-intended [posts on] social media and reflections to impinge on our relationship as brothers.” El Sisi’s statements come days after he denied a rift with Saudi Arabia and accused local media and social media users of trying to foment trouble, in the wake of a public spat started by two Saudi commentators who publicly criticized Egypt’s economic policies.

Friends, not foes: Kelma Akhira’s Lamees El Hadidi said El Sisi had made a “clear statement on the solid relationship between Egypt and Saudi Arabia or Egypt and the UAE” (watch, runtime: 2:22.) El Sisi’s comments at the summit also got coverage from Al Hayah Al Youm (watch, runtime: 3:43), El Hekaya’s Amr Adib (watch, runtime: 3:32), and Masa’a DMC (watch, runtime: 3:02.)

The privatization program is also still getting airtime, with Kelma Akhira’s El Hadidi searching for assurances on whether the government will be capable of selling stakes in 32 state-owned companies within a year as planned. “I believe the challenge in this plan would be related to the readiness of the 32 state-owned companies for the entry of private strategic investors or offerings on the EGX,” former EGX board member Ahmed Abou El Saad told El Hadidi (watch, runtime: 9:52). He said a number of the named companies are ready, but added that completing this number offerings within a year would require “a vast army of investment bankers.” Abou El Saad said he’s hoping to see a major chunk of the companies make offerings through “investments as a capital increase… This will be a form of FDI, albeit indirectly.”

A renewed bid to revive the cotton and textile sector: PM Madbouly said the government would spend EGP 30 bn to reform the state-owned Cotton & Textile Industries Holding Company. Madbouly said the plan will see the private sector invited to participate in the management, operations and marketing of the cotton and textile sector, during a visit to Gharbia governorate (watch, runtime 8:03.) The story got attention from El Hekaya’s Adib (watch, runtime: 16:26.)

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