🇪🇬EgyptNorth Africa
Egypt to list stakes in Misr Life Insurance and Banque du Caire in May-June
via Egypt Today1 min read
Egypt plans to initiate the listing of stakes in Misr Life Insurance and Banque du Caire in May and June, according to Investment Minister Mohamed Farid Saleh. Speaking at an HSBC roundtable with international investors, the minister stated these offerings are part of a larger program to enhance Egypt's capital markets and attract foreign investment. Six additional profitable companies are being prepared for listing, and a study is underway to consolidate petroleum assets into a single entity for global funds. Farid highlighted that a digital transformation of the investment system supports this program, aiming to expedite corporate actions. He also mentioned discussions with the Bank for International Settlements to strengthen financial supervision and digital capabilities in the non-banking financial sector. Recent economic reforms, including energy price adjustments and increased exchange rate flexibility, have led to renewed foreign investment in local debt. The non-banking financial sector now contributes approximately 50 percent of new financing flows, and microfinance serves about 3.9 million beneficiaries. Egypt is also developing digital identity systems and e-KYC solutions to simplify company formation and banking access for young entrepreneurs.
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President Abdel Fattah El-Sisi praised Lebanon’s efforts to extend the authority of its national institutions across the country during a phone call with Lebanese President Joseph Aoun. El-Sisi welcomed the ceasefire announcement in Lebanon and commended efforts to restore security and stability. He highlighted Egypt’s efforts to support Lebanon and distance it from regional tensions, reaffirming Egypt’s rejection of any attacks on Lebanon’s security, sovereignty, or the interests of its people. President Aoun expressed appreciation for Egypt’s solidarity and support, and briefed El-Sisi on developments in US-brokered direct negotiations. Aoun stressed Lebanon’s commitment to a peaceful, fair, and sustainable political settlement that preserves the country’s sovereignty, security, unity, and territorial integrity. The two leaders agreed to intensify coordination between Cairo and Beirut. Lebanon and Israel agreed to a 10-day ceasefire on Thursday following US-brokered talks, pausing Israeli strikes. The truce aims to enable good-faith negotiations toward a permanent security and peace agreement. All parties recognize that Lebanon’s security forces bear exclusive responsibility for the country’s sovereignty and national defense. Under the deal, the Lebanese government is committed to taking steps to prevent Hezbollah and other non-state armed groups from launching attacks against Israeli targets.
Must ReadA US official stated that the conflict in Iran could restart within days if negotiations between Tehran and Washington do not achieve a breakthrough, according to an Axios report. This comes as US President Donald Trump claimed there are "no sticking points at all" in the ongoing discussions with Iran. Trump also indicated on Friday that the US would collaborate with Iran to retrieve enriched uranium from Iranian territory and transfer it to the US. However, Iranian foreign ministry spokesman Esmaeil Baghaei rejected this proposal, asserting that "enriched uranium is as sacred to us as Iranian soil" and "will not be transferred anywhere." In a further development, Iran's military announced the closure of the Strait of Hormuz, a vital waterway for global oil supplies, in response to a US blockade targeting Iranian shipping and ports. Speaking at a White House event on Saturday, Trump confirmed that talks with Iran are continuing but cautioned that Iran "can't blackmail us" regarding the strait.
Must ReadOn Saturday, at least two commercial vessels in the Strait of Hormuz were forced to turn back after Iranian boats opened fire, according to shipping and maritime security sources. Britain's United Kingdom Maritime Trade Operations UKMTO center reported that two gunboats from Iran's Revolutionary Guard fired on a tanker. The vessel and its crew were reported safe. These incidents occurred hours after Iran announced it is closing the strait for shipping traffic again, citing a U.S. blockade targeting Iranian shipping and ports. Tehran has largely controlled access to the strait throughout the war, which began on February 28 and is currently under a ceasefire expiring on April 21, allowing passage only for authorized vessels. This renewed restriction reverses a previous statement by Foreign Minister Abbas Araghchi, who had said the strait would remain open following a 10-day truce between Israel and Lebanon.
Must ReadTen countries, including Egypt, Somalia, Sudan, Libya, Bangladesh, Algeria, Saudi Arabia, Palestine, Türkiye, and Indonesia, have jointly condemned Israel's appointment of an envoy to the breakaway Somaliland region. In a joint statement issued on Saturday, their foreign ministers denounced the move as a "flagrant violation" of Somalia's sovereignty, unity, and territorial integrity. They expressed unequivocal rejection of unilateral measures that undermine state unity or infringe upon sovereignty. The ministers warned that this action violates international law, the United Nations Charter, and the African Union's Constitutive Act, setting a dangerous precedent that could destabilize the Horn of Africa and impact regional peace and security. Israel appointed its first ambassador to self-declared Somaliland on Wednesday, months after unilaterally recognizing the region as an independent state. Former Israeli Ambassador to Kenya Michael Lotem will serve as a non-resident envoy. The League of Arab States and the Organisation of Islamic Cooperation also strongly condemned the appointment. Somaliland declared independence from Somalia in 1991 but remains internationally unrecognized and is considered by Mogadishu and the international community as part of Somalia.