A currency exchange point in Cairo. The devaluation of the Egyptian pound in early March brought its value against the US dollar down by 38 per cent. Reuters
A currency exchange point in Cairo. The devaluation of the Egyptian pound in early March brought its value against the US dollar down by 38 per cent. Reuters
A currency exchange point in Cairo. The devaluation of the Egyptian pound in early March brought its value against the US dollar down by 38 per cent. Reuters
A currency exchange point in Cairo. The devaluation of the Egyptian pound in early March brought its value against the US dollar down by 38 per cent. Reuters

How is Egypt benefitting from $50bn foreign financing boost?


Kamal Tabikha
  • English
  • Arabic

Egypt received a much-needed financial bonanza in the first quarter of this year.

The country signed several financing agreements with regional and international partners totalling more than $50 billion, as it struggled to stabilise its economy. Egypt has faced soaring consumer prices and a foreign currency crunch amid a deepening economic plunge.

The Egyptian government has been quick to introduce a number of reforms and policy changes in line with its economic plan that lean towards more privatisation and less public spending.

The funds it received have so far been used to put out the most critical fires, so that it has enough of a foundation to build economic growth in the future. While there are plenty of sectors in need of financial rehabilitation, some have made progress as result of foreign financing.

Food prices ease

A major area of concern for the Egyptian population has been the cost of essential food items such as sugar, cooking oil and rice, which tripled in price since 2022 when inflation began to climb. It remains high at 35.7 per cent.

After signing a $35 billion deal with a UAE consortium to develop a community called Ras El Hekma on Egypt’s Mediterranean coast, Cairo announced in late February that it would spend $100 million on importing food to increase supply in the market and bring down prices.

This promise has been kept over the past week, with the price of cooking oil and sugar dropping by 20 Egyptian pounds, to 60 pounds and 40 pounds ($1.26 and $0.84), respectively.

FX troubles abate

A foreign currency crunch, which began following massive capital outflows from Egyptian banks in 2022 as a result of Russia's invasion of Ukraine, caused goods to pile up in Egypt’s ports. Many of the goods even expired while in storage awaiting the securing of dollars by importers, according to statements from the Cairo Chambers of Commerce.

The pile-up was at odds with Egypt’s customs law, which stipulates that any goods left at a port for more than four months become the property of the customs’ authority. The authority can resell them or transfer them as it sees fit.

This law had been suspended since 2022, according to a statement on Tuesday by the customs authority. But it has been reactivated since the arrival of more foreign currency at the nation’s banks.

The authority will seize any goods that have been unclaimed as of March 31 and resell them as “neglected goods”, the statement said.

The easing of the FX situation came after cash inflows from the deal with the UAE also facilitated the finalising of an $8 billion package from the International Monetary Fund that had been in progress since 2022. That was followed by two more deals, one with the EU, under which $8 billion would be given to Egypt, and another with the World Bank worth $6 billion.

The IMF conducted its first and second reviews of Egypt in March before the announcement of the deal, and the first tranche of $820 million has been transferred to the government, the IMF mission chief Ivanna Hollar said at a press conference on March 29 in Cairo.

The IMF will complete its third review of Egypt by the end of June, she said.

The availability of more foreign currency also resulted in banks returning to issuing letters of credit from and to importers, which had been halted since 2022. Importers were securing dollars for imports from parallel markets where exaggeratedly high exchange rates dramatically increased prices for the public.

But following the UAE deal, the governor of Egypt’s central bank, Hassan Abdullah, said in a statement that he instructed banks to allow importers to access foreign currency in a bid to bring down food prices and tackle informal currency markets.

Privatisation makes headway

The cash inflow has also enabled the Egyptian government to make progress on its plan to boost private sector participation and reduce the state's presence in the economy, two of the IMF's conditions for approving Egypt’s latest loan.

The director of the Egyptian Electric Utility and Consumer Protection Regulatory Agency, a state authority that co-administers the country’s power sector, told a state newspaper on Tuesday that the government would receive bids from the private sector in a May 1 tender that will lead to portions of the Egyptian power grid being privatised.

The move is also an effort to decrease public spending and cut subsidies, another IMF condition that has thus far been reflected in a 15 per cent increase in fuel prices as of March 22 and rumours of a coming increase in the price of subsidised bread.

The Egyptian Ministry of Electricity’s monthly bill rose by 700 million pounds to two billion pounds following a devaluation of the currency in early March that brought down its value against the US dollar down by 38 per cent. The government hopes to address this challenge with the tender.

The privatisation of the country’s electrical grid follows an announcement in November by Prime Minister Mostafa Madbouly that a tender to sell the rights to operate and administer Egypt’s airports was under way. The tender will include private companies from Egypt and abroad, according to Mr Madbouly’s statement.

Additionally, following an announcement in February that portions of the country’s national airline EgyptAir were going to be sold to the private sector, the company announced on Tuesday that it sold 12 Airbus A220-300s to Russia's Azur Air.

The move was met with widespread ire and the sale became a talking point on most of the country’s news shows, as Egyptians wondered why the planes were being sold only four years after they were purchased.

Yahya Zakaria, chairman of EgyptAir Holding Company, said the aircraft's "unsuitability for weather conditions” was the reason for the sale. He did not provide any further details.

In 2021, a group of MPs publicly criticised EgyptAir as a burden on the national budget. The company received a five billion Egyptian pound loan later that year. Mr Zakaria said at the time that EgyptAir was losing 500 million pounds a month after the Covid-induced slump and that the company would be streamlined to increase profit.

More reforms needed

Although the massive capital inflows have certainly bought Egypt some time, serious economic reform is needed to bring the country on to a more stable footing.

President Abdel Fattah El Sisi, who was sworn in for his third term in office on Tuesday, said during his speech that the country’s economy faced a tough road ahead, and that more austerity would be required.

But his critics continue to call for the cessation of the large-scale construction projects Cairo has undertaken at high cost, in favour of more immediately profitable endeavours.

Inflation is expected to remain high and the central bank has tightened its monetary policy to keep people from spending until it cools off, Goldman Sachs said.

Overall, the government's gross financing needs are likely to remain high, not falling below 30 per cent of gross domestic product in the absence of progress on extending the average duration of domestic debt, Goldman Sachs said in a report this week.

"The debt burden has risen sharply in recent years due to a combination of external financing pressures and tighter financial conditions," it said.

Goldman Sachs estimates that the overall debt/GDP ratio – including GCC deposits with the Central Bank of Egypt – peaked at more than 112 per cent of GDP in the 2022/2023 fiscal year.

"This is set to fall sharply in the next two years as state asset sales contribute to non-debt budget financing and provide an opportunity for the government to deleverage," the report said.

"Longer-term, we see strong economic growth and lower financing costs contributing to a steady reduction in the debt ratio to just above 70 per cent of GDP by fiscal year 2033/2034."

What is an ETF?

An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.

There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.

The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.

There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.

While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash. 

Dubai World Cup Carnival card

6.30pm: UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

7.05pm: Handicap (TB) $135,000 (Turf) 1,000m

7.40pm: Handicap (TB) $175,000 (D) 1,900m

8.15pm: Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

The National selections

6.30pm: Final Song

7.05pm: Pocket Dynamo

7.40pm: Dubai Icon

8.15pm: Dubai Legacy

8.50pm: Drafted

9.25pm: Lucius Tiberius

Coming soon

Torno Subito by Massimo Bottura

When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.

Akira Back Dubai

Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as,  “an innovative Japanese cuisine prepared with a Korean accent”.

Dinner by Heston Blumenthal

The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems. 

A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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%3Cp%3E%3Cstrong%3EWest%20Asia%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Bahrain%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Jebel%20Ali%20Dragons%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%201%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Sharks%0D%3Cbr%3ERunners%20up%3A%20Abu%20Dhabi%20Harlequins%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%202%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%20III%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Sharks%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDubai%20Sevens%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%3C%2Fp%3E%0A
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Specs%3A%202024%20McLaren%20Artura%20Spider
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20twin-turbo%20V6%20and%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%3C%2Fstrong%3E%20700hp%20at%207%2C500rpm%3Cbr%3E%3Cstrong%3EMax%20torque%3A%3C%2Fstrong%3E%20720Nm%20at%202%2C250rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3E0-100km%2Fh%3A%3C%2Fstrong%3E%203.0sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E330kph%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1.14%20million%20(%24311%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)

match info

Maratha Arabians 138-2

C Lynn 91*, A Lyth 20, B Laughlin 1-15

Team Abu Dhabi 114-3

L Wright 40*, L Malinga 0-13, M McClenaghan 1-17

Maratha Arabians won by 24 runs

Top Hundred overseas picks

London Spirit: Kieron Pollard, Riley Meredith 

Welsh Fire: Adam Zampa, David Miller, Naseem Shah 

Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott

Northern Superchargers: Dwayne Bravo, Wahab Riaz

Oval Invincibles: Sunil Narine, Rilee Rossouw

Trent Rockets: Colin Munro

Birmingham Phoenix: Matthew Wade, Kane Richardson

Southern Brave: Quinton de Kock

Despacito's dominance in numbers

Released: 2017

Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon

Views: 5.3 billion on YouTube

Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification

Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.

Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards

The Florida Project

Director: Sean Baker

Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe

Four stars

Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2041mm%20%E2%80%93%20352%20x%20430%3B%2045mm%20%E2%80%93%20396%20x%20484%3B%20always-on%20Retina%20LTPO%20OLED%2C%202000%20nits%20max%3B%20Ion-X%20glass%20(aluminium%20cases)%2C%20sapphire%20crystal%20(stainless%20steel%20cases)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20S9%2064-bit%2C%20W3%20wireless%2C%202nd-gen%20Ultra%20Wideband%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%2064GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%201GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20watchOS%2010%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20metrics%3A%3C%2Fstrong%3E%20Blood%20oxygen%20sensor%2C%20electrical%20heart%20sensor%20and%20ECG%2C%203rd-gen%20optical%20heart%20sensor%2C%20high%20and%20low%20heart%20rate%20notifications%2C%20irregular%20rhythm%20notifications%2C%20sleep%20stages%2C%20temperature%20sensing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEmergency%20services%3A%3C%2Fstrong%3E%20Emergency%20SOS%2C%20international%20emergency%20calling%2C%20crash%20detection%2C%20fall%20detection%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20GPS%2FGPS%20%2B%20cellular%3B%20Wi-Fi%2C%20LTE%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP6X%2C%20water%20resistant%20up%20to%2050m%2C%20dust%20resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20308mAh%20Li-ion%2C%20up%20to%2018h%20regular%2F36h%20low%20power%3B%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20eSIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinishes%3A%3C%2Fstrong%3E%20Aluminium%20%E2%80%93%20midnight%2C%20pink%2C%20Product%20Red%2C%20silver%2C%20starlight%3B%20stainless%20steel%20%E2%80%93%20gold%2C%20graphite%2C%20silver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Watch%20Series%209%2C%20woven%20magnetic-to-USB-C%20charging%20cable%2C%20band%2Floop%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starts%20at%20Dh1%2C599%20(41mm)%20%2F%20Dh1%2C719%20(45mm)%3C%2Fp%3E%0A
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

War and the virus
RESULTS

6.30pm: Handicap (rated 95-108) US$125,000 2000m (Dirt).
Winner: Don’t Give Up, Gerald Mosse (jockey), Saeed bin Suroor (trainer).

7.05pm: Handicap (95 ) $160,000 2810m (Turf).
Winner: Los Barbados, Adrie de Vries, Fawzi Nass.

7.40pm: Handicap (80-89) $60,000 1600m (D).
Winner: Claim The Roses, Mickael Barzalona, Salem bin Ghadayer.

8.15pm: UAE 2000 Guineas Trial (Div-1) Conditions $100,000 1,400m (D)
Winner: Gold Town, William Buick, Charlie Appleby.

8.50pm: Cape Verdi Group 2 $200,000 1600m (T).
Winner: Promising Run, Patrick Cosgrave, Saeed bin Suroor.

9.25pm: UAE 2000 Guineas Conditions $100,000 1,400m (D).
Winner: El Chapo, Luke Morris, Fawzi Nass.

Semi-final fixtures

Portugal v Chile, 7pm, today

Germany v Mexico, 7pm, tomorrow

match info

Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')

Man of the match Son Heung-min (Tottenham)

The%20US%20Congress%20explained
%3Cp%3E-%20Congress%20is%20one%20of%20three%20branches%20of%20the%20US%20government%2C%20and%20the%20one%20that%20creates%20the%20nation's%20federal%20laws%3C%2Fp%3E%0A%3Cp%3E-%20Congress%20is%20divided%20into%20two%20chambers%3A%20The%20House%20of%20Representatives%20and%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%C2%A0The%20House%20is%20made%20up%20of%20435%20members%20based%20on%20a%20state's%20population.%20House%20members%20are%20up%20for%20election%20every%20two%20years%3C%2Fp%3E%0A%3Cp%3E-%20A%20bill%20must%20be%20approved%20by%20both%20the%20House%20and%20Senate%20before%20it%20goes%20to%20the%20president's%20desk%20for%20signature%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%20218%20seats%20to%20be%20in%20control%20of%20the%20House%20of%20Representatives%3C%2Fp%3E%0A%3Cp%3E-%20The%20Senate%20is%20comprised%20of%20100%20members%2C%20with%20each%20state%20receiving%20two%20senators.%20Senate%20members%20serve%20six-year%20terms%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%2051%20seats%20to%20control%20the%20Senate.%20In%20the%20case%20of%20a%2050-50%20tie%2C%20the%20party%20of%20the%20president%20controls%20the%20Senate%3C%2Fp%3E%0A

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

While you're here
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Scores

Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Itcan profile

Founders: Mansour Althani and Abdullah Althani

Based: Business Bay, with offices in Saudi Arabia, Egypt and India

Sector: Technology, digital marketing and e-commerce

Size: 70 employees 

Revenue: On track to make Dh100 million in revenue this year since its 2015 launch

Funding: Self-funded to date

 

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 258hp from 5,000-6,500rpm

Torque: 400Nm from 1,550-4,000rpm

Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

On sale: now

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Series info

Test series schedule 1st Test, Abu Dhabi: Sri Lanka won by 21 runs; 2nd Test, Dubai: Play starts at 2pm, Friday-Tuesday

ODI series schedule 1st ODI, Dubai: October 13; 2nd ODI, Abu Dhabi: October 16; 3rd ODI, Abu Dhabi: October 18; 4th ODI, Sharjah: October 20; 5th ODI, Sharjah: October 23

T20 series schedule 1st T20, Abu Dhabi: October 26; 2nd T20, Abu Dhabi: October 27; 3rd T20, Lahore: October 29

Tickets Available at www.q-tickets.com

Stat Fourteen Fourteen of the past 15 Test matches in the UAE have been decided on the final day. Both of the previous two Tests at Dubai International Stadium have been settled in the last session. Pakistan won with less than an hour to go against West Indies last year. Against England in 2015, there were just three balls left.

Key battle - Azhar Ali v Rangana Herath Herath may not quite be as flash as Muttiah Muralitharan, his former spin-twin who ended his career by taking his 800th wicket with his final delivery in Tests. He still has a decent sense of an ending, though. He won the Abu Dhabi match for his side with 11 wickets, the last of which was his 400th in Tests. It was not the first time he has owned Pakistan, either. A quarter of all his Test victims have been Pakistani. If Pakistan are going to avoid a first ever series defeat in the UAE, Azhar, their senior batsman, needs to stand up and show the way to blunt Herath.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.

Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.

Updated: April 07, 2024, 3:40 AM`