When Egypt’s president Abdel Fattah El Sisi left Berlin last week, he did so with a significant political vote of confidence. Germany has been critical of some of the country’s domestic policies – particularly the sentencing to death of political opponents – but all of that was brushed aside by the German chancellor Angela Merkel. The talk was all of partnership and cooperation.
For Egypt, positive relationships with other powerful countries matter. But what matters more is a vote of confidence in Egypt’s economy. And that, in the past few weeks, has been abundant.
The headline deal in Germany was an €8 billion (Dh33bn) contract with Siemens to increase power generation capacity in Egypt. It says something that this was the largest deal the German company has ever struck.
But an arguably more significant moment came on Thursday when Egypt conducted its first international bond sale for five years. The last, in 2010, came before the upheaval of the Arab Spring, when the main concerns on the minds of foreign investors were the high percentage of state finances allocated to subsidies and the question of who might succeed then-president Hosni Mubarak. This time around, there are plenty of other concerns, but the investors appeared willing to give Mr El Sisi’s government the benefit of the doubt. The country sold $1.5 billion of 10-year bonds and at a better yield than expected. The bonds drew more than $4.5bn in investor demand.
That sale, about two months after a global credit ratings agency upgraded outlook of Egypt and some of its major banks, is a significant fillip to the Egyptian government. Mr El Sisi has pushed the idea that stability matters above all else – and he has been backed in that mission by both the Gulf states, the US (more quietly) and now international investors. Piece by piece, Mr El Sisi is seeking to set Egypt on the road to recovery. His plan now has international backing and the economic confidence to ensure that this comes to pass.
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Autumn international scores
Saturday, November 24
Italy 3-66 New Zealand
Scotland 14-9 Argentina
England 37-18 Australia
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The Vines - In Miracle Land
Two stars
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
COMPANY%20PROFILE
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Racecard
2pm Handicap Dh 90,000 1,800m
2.30pm Handicap Dh120,000 1,950m
3pm Handicap Dh105,000 1,600m
3.30pm Jebel Ali Classic Conditions Dh300,000 1,400m
4pm Maiden Dh75,000 1,600m
4.30pm Conditions Dh250,000 1,400m
5pm Maiden Dh75,000 1,600m
5.30pm Handicap Dh85,000 1,000m
The National selections:
2pm Arch Gold
2.30pm Conclusion
3pm Al Battar
3.30pm Golden Jaguar
4pm Al Motayar
4.30pm Tapi Sioux
5pm Leadership
5.30pm Dahawi
COMPANY%20PROFILE%20
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