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Wednesday, 29 November 2017

Emirates NBD’s asset management arm still big on Egypt despite Al Rawda attack; UK says attack won’t impact talks on resuming flights to Sharm El Sheikh

Emirates NBD’s asset management arm is still tipping Egyptian opportunities despite last Friday’s attack on Al Rawda Mosque in Sinai, said the lender’s head of asset management, Salman Bajwa, in an interview on Bloomberg on Tuesday (watch, runtime 3:31). Bajwa says the attack needs to be viewed as “an isolated incident” for now as macroeconomic indicators remain strong. What is crucial is that the President Abdel Fattah El Sisi’s administration remains steadfast on economic reforms despite potential for future terrorist attacks.

Negotiations over the return of UK flights to Sharm El Sheikh will not be impacted by the terrorist attack on Al Rawda mosque last Friday, British ambassador John Casson tells Al Mal. Casson said the UK government understands the “special nature” of security in North Sinai and how far removed the trouble is from the southern part of the peninsula — which begs the question: why is this still an issue for them? British MPs tell Egypt Today in an interview that they are “doing our best to pressure the government to allow tourism back to Sharm El-Sheikh.” A delegation of UK aviation experts and officials had visited Cairo last week to inspect security procedures.

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