Qatar's prime minister announced US$3 billion (Dh11.02bn) in aid to Egypt yesterday, reducing pressure on Cairo to finalise a $4.8bn loan from the International Monetary Fund that would require cuts in subsidies.
The deal stands to further strengthen ties between the two countries, and it bolsters Qatar's reputation as a financial backer of Islamist governments in the region.
"We reached an agreement to add more bonds from the Qatari government in the amount of $3bn (Dh11bn). During the coming days, we will discuss the details of issuing those bonds," Sheikh Hamad bin Jassim bin Jabr Al Thani said after meetings in Cairo with the Egyptian prime minister, Hesham Qandil.
The emirate also promised to supply Egypt, which had been facing the prospect of power cuts, with natural gas this summer during peak demand. Sheikh Hamad did not elaborate on the value of the shipments.
Egypt's Islamist president Mohammed Morsi took office in June 2012 and since then, Qatar's aid to Egypt has reached $8bn, the majority of which has come in the form of bonds to bolster the central bank.
Egypt has seen its foreign currency reserves dive in recent months amid falling receipts from tourism and foreign investment. Last month, the central bank announced Cairo had just $13.4bn left in its coffers compared with $36bn two years ago.
Yesterday's announcement was preceded by three days of meetings between Qatari officials and the Egyptian central bank governor, Hisham Ramez.
Qatar's aid could buy Egypt time in its negotiations with the IMF, whose team has been in Cairo since last week in hopes of finalising a deal. The current package would provide Egypt with $4.8bn in loans but would require Egypt to lower fuel and food subsidies, which the financial institution argues are inefficient and wasteful of Cairo's limited budget.
Western lenders and analysts have also argued that the loan is crucial to Egypt's financial future, offering investors assurances about the country's ability to undertake fiscal reform.
Cash injections from Qatar, meanwhile, will likely feed a growing backlash in Egypt over Doha's growing role in the country's post-revolution economy. Many have worried that Qatar has attached strings to its aid, such as privileged investment opportunities.
At their most sinister, those rumours included media reports that Doha was secretly purchasing the Suez Canal and leasing the pyramids.
Laughing off allegations following last month's Arab League summit in Doha, Sheikh Hamad told reporters that the stories were "fabrications" created by people taking advantage of the media in Egypt.
"They said we will rent the pyramids [for $200 billion]. I don't think that $200 billion is a good deal for renting pyramids only for five years," he said jokingly at the summit's press conference in late March.
But a flurry of Qatari investments in Egypt have been mired in regulatory objections.
Egypt's financial regulator is holding up a proposed joint venture between QInvest, majority owned by Qatar Islamic Bank, and Egypt's EFG Hermes, a leading Middle East investment bank, which will expire if not approved by May 3.
Kwok W Wan, an editor at Argus Media, which publishes analysis of the energy market, said that gas exports to Egypt could prove to be a business venture for Qatar, which has sought to expand its roster of long-term natural gas contracts. Doha's current clients in Europe and Asia have begun shifting towards shorter-duration contracts.
"New Egyptian gasfields have not started up as expected," he said.
edickinson@thenational.ae
* With additional reporting from Reuters
HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
ODI WORLD CUP
2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh
CHAMPIONS TROPHY
2025: Pakistan; 2029: India
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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
RACECARD
6pm: Al Maktoum Challenge Round-1 – Group 1 (PA) $50,000 (Dirt) 1,600m
6.35pm: Festival City Stakes – Conditions (TB) $60,000 (D) 1,200m
7.10pm: Dubai Racing Club Classic – Listed (TB) $100,000 (Turf) 2,410m
7.45pm: Jumeirah Classic Trial – Conditions (TB) $150,000 (T) 1,400m
8.20pm: Al Maktoum Challenge Round-1 – Group 2 (TB) $250,000 (D) 1,600m
8.55pm: Cape Verdi – Group 2 (TB) $180,000 (T) 1,600m
9.30pm: Dubai Dash – Listed (TB) $100,000 (T) 1,000m
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
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The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
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The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in