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☆ Biden snubbed by Middle East allies as Arab world seethes over Gaza hospital blast
  + stars: | 2023-10-18 | by ( Nadeen Ebrahim | ) edition.cnn.com   time to read: +7 min
Jordan, Egypt and the Palestinian Authority canceled a planned meeting with Biden less than 24 hours before he was supposed to meet them for a four-way summit in the Jordanian capital, Amman, on Wednesday. The cancellation followed a massive blast in Gaza’s Al-Ahli Baptist Hospital that reportedly killed hundreds of Palestinians. Palestinian officials blamed Israel for the hospital blast, while Israeli officials said it was caused by a misfired Islamic Jihad rocket. Egypt on Wednesday declared three days of mourning for the Gaza hospital victims. Israel ruled Gaza from 1967 to 2005 and it settled Jews there during that period.
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☆ Gulf states have given billions in aid to Egypt. Now they want to see returns
  + stars: | 2023-03-01 | by ( Nadeen Ebrahim | ) edition.cnn.com   time to read: +7 min
He was referring to the tens of billions of dollars in bailouts his country has received from the wealthy Gulf monarchies over the past decade. Many of those assets have long been under the control of Egypt’s military, an economic behemoth and the backbone of Sisi’s power. This time, however, Gulf Arab allies – especially Saudi Arabia and the United Arab Emirates – want to see returns. Last year alone, Gulf states pledged $22 billion to Egypt as it faced an economic crisis caused partly by the fallout from the Ukraine war, Reuters reported. Analysts say that Egypt was pushed by Gulf states to accept the IMF’s conditions, especially those on privatization.
☆ Why Egypt is asking its people to eat chicken feet
  + stars: | 2023-01-18 | by ( Nadeen Ebrahim | ) edition.cnn.com   time to read: +17 min
Abu Dhabi CNN —Egypt’s economic situation is so dire that the government is asking people to eat chicken feet. In Egypt, chicken feet are seen as the cheapest of meat items, considered by most as animal waste rather than food. After the recommendation to switch to chicken feet, the price of one kilogram of the product reportedly doubled to 20 Egyptian pounds ($0.67). But those firms don’t operate like private companies, enjoying special privileges without disclosing their financial data to the public. Experts have questioned why international creditors had not leveraged their loans to drive Egypt’s military out of the economy.
☆ Egypt: How the Arab world's most populous country became addicted to debt
  + stars: | 2022-12-16 | by ( Cnn Staff | ) edition.cnn.com   time to read: +12 min
The loan, along with billions of dollars in cash inflows from Abu Dhabi and Riyadh, are Band-Aids, experts say, designed to keep the Arab world’s most populous country afloat. Without proper reforms, however, Egypt may never be able to shake off its chronic financial woes and break its growing debt addiction. Billions of dollars from Abu Dhabi and Riyadh have poured into the Egyptian economy in recent years. Saudi Arabia’s Public Investment Fund (PIF) also launched the Saudi Egyptian Investment Company (SEIC) in August, a company dedicated to investments in several vital sectors of the Egyptian economy. Still, the Egyptian economy has struggled to shake off its economic woes.
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