Egypt Financial News

LuLu Group International Yusuff Ali on Monday said his group is going to set up two large shopping malls in India — Ahmedabad and Chennai. Speaking to ANI, Ali said, «We are going to construct one of the largest shopping malls in Ahmedabad and Chennai and we are opening our shopping mall in Hyderabad end of this month. Also we are going to different states for shopping malls and food processing.» Hyderabad will be the sixth city after Kochi, Thiruvananthapuram, Bengaluru, Lucknow, and Coimbatore where the group has its shopping mall presence. Lulu Group, headquartered in Abu Dhabi, UAE, has been known as a trendsetter in the retail industry in the Middle East and North Africa region.

Indian Air Force on Monday highlighted that the Exercise Bright Star-23 has moved to its last phase. The last phase will involve assets of all participating forces and followed a build up to more complex joint missions. Taking to their social media 'X', the Indian Air Force stated, «Exercise #BrightStar 23 moves on to its culmination phase. The last phase follows a build up to more complex joint missions and will involve assets of all participating forces.

Indian Air Force on Monday informed that the Bright Star-23 exercise has entered the culmination phase which will involve more complex joint missions involving assets of all participating forces. A 137 personnel contingent of the Indian Army had departed for Exercise Bright Star- 23 on August 29.

Egypt’s annual inflation rate has hit a new record high in August, as the cash-strapped country continues to battle price hikes and a depreciating currency

African Union (AU) Saturday formally took its seat as a new member of the G20 at the invitation of summit host Prime Minister Narendra Modi. In his inaugural address at the summit, Modi also expressed solidarity with Morocco as it grapples with the aftermath of a devastating earthquake and extended all the support that Rabat needs. In 2015, India had played a key role in Morocco's reinduction into the AU. The current chair of the 55-member AU is the Comoros President, who was greeted by Modi following the announcement.

G20 Leaders' Summit hosted in the national capital, according to a report published by the news agency ANI. The Heads of State of countries including UAE, Bangladesh, Egypt, China, Australia, UK, Argentina, Indonesia, France, Germany, Netherlands, Turkey, Japan, Italy, Spain, South Africa, Republic of Korea, Canada and Singapore will depart from Delhi on Monday. The Central government has assigned responsibilities to Union Ministers of State to see off the foreign delegates after the summit.

G20 Summit will give a global focus to the ancient Red Sea from India to Egypt, which he also mentioned in his new book called “The Golden Road". In a post on X (formerly Twitter), Willian Dalrymple said, “With the announcement today of the opening of an Indian-Middle Eastern Economic Corridor at G20, it looks the ancient trade routes up the Red Sea from India to Egypt that I am writing about in my new book, The Golden Road, and previewed here in @nybooks, will again become a global focus of economic and cultural exchange." In a book review named ‘Garum Masala’ in The New York Post, Dalrymple wrote, “In March 2022 a team of American archaeologists was excavating a temple of the Egyptian goddess Isis at the ancient site of Berenike, on the shores of the Red Sea in modern-day Egypt, when they stumbled across a series of remarkable finds." India-Middle East-Europe economic corridor including shipping and railway links will be launched soon.

A helicopter has crashed off the coast of the United Arab Emirates, killing one pilot while another remains missing

A helicopter crashed off the coast of the United Arab Emirates, with two pilots now missing

Manmohan Singh and HD Deve Gowda have also been invited to the G20 Summit dinner, according to ANI news agency report. The national capital is all decked up magnificently to hold the G20 Summit on September 9 and 10. Meanwhile dignitaries from across the world have started arriving in Delhi to participate in the mega event.

Israel has closed the main commercial crossing in the Gaza Strip, effectively banning exports from the coastal territory after saying it uncovered explosives hidden in clothing being shipped to the occupied West Bank

Multiple government-owned websites are being leveraged by crypto scammers to con visitors with fake redirection links related to the popular crypto wallet, MetaMask.

The Middle East is home to some of the world’s largest sovereign wealth funds. Overseeing close to $3 trillion of assets, these investing giants have become key players in global dealmaking. 

Egypt has resumed direct commercial flights to Sudan for the first time since a devastating war broke out between Sudan’s rival generals nearly five months ago

Cryptocurrency wallet MetaMask has announced the launch of a feature allowing users to sell Ether for fiat currency.

Crypto scams targeting MetaMask users are using government-owned website URLs to con victims and access their crypto wallet holdings.

Max Planck Institute have successfully recreated the evocative scent used more than 3,500 years ago during the mummification process of an esteemed Egyptian woman. This captivating fragrance, known as the "scent of eternity" or "the scent of life," was a vital component in the mummification of Senetnay, an esteemed wet nurse, and bearer of the title «Ornament of the King» in the Egyptian kingdom.

Indian Army troops in Egypt exchanged techniques and shared expertise with the other participating troops during Exercise Bright Star-23. Additional Directorate General of Public Information, IHQ of MoD (Army) informed about the troop's participation in the exercise in a tweet. They took to their social media 'X' and said, «Exercise #BrightStar 2023 #IndianArmy troops in action during Exercise #BrightStar 2023 in #Egypt. Exchange of techniques & sharing of expertise was undertaken by participating troops.

Mohamed Al Fayed, the flamboyant Egypt-born businessman whose son was killed in a car crash with Princess Diana, has died, his family says

Jim O'Neill came up with the term ‘BRIC’ (Brazil, Russia, India and China) in 2001, little did he know that the acronym would become the groundwork for an ambitious alliance of the world’s highest-potential large economies. That potential is, in a way, now spreading, even as more nations dare to dream beyond the West’s hegemony. The BRICS bloc was born in 2009 as a response to the changing global economic landscape, aiming to promote cooperation on common challenges.

By Duncan Miriri