$142bn shot uplifts El-Sissi

[Zarvan]

• 
  
  ALLIES FOREVER: Crown Prince Muqrin, deputy premier, receives Egyptian President Abdel Fattah El-Sissi at his residence in Sharm El-Sheikh on Sunday. (SPA)
  

SHARM EL-SHEIKH: ARAB NEWS

Published — Monday 16 March 2015

Last update 16 March 2015 2:09 am

Egyptian President Abdel Fattah El-Sissi on Sunday boisterously marked the final day of a major economic conference that has injected billions of dollars' worth of aid and investment in his country, while still acknowledging that Egypt's road to recovery will be long and costly.
Egyptian Investment Minister Ashraf Salman said the three-day event was instrumental in mobilizing funds worth $142 billion required for the country’s fast economic recovery.
“The final investment and financial agreements reached during the conference have amounted to $33 billion while MoUs have amounted to $92 billion,” he said. Total aid and grants reached $17 billion including $12.5 billion from four GCC states and $5 billion from European countries.
Crown Prince Muqrin, deputy premier, who led the Kingdom’s delegation to the conference, held talks with El-Sissi before returning to Riyadh.
He conveyed the greetings of Custodian of the Two Holy Mosques King Salman to El-Sissi and congratulated him on the conference’s success. He also wished greater progress and prosperity to Egypt and its people.
Prince Muqrin and El-Sissi discussed major regional and international developments and prospects of expanding cooperation between the two countries. El-Sissi commended King Salman’s stances in support of Egypt.
A jubilant El-Sissi invited young Egyptian organizers to join him at the podium before he addressed a packed auditorium at the Sinai resort. Several seized the opportunity to take selfies with the Egyptian leader and joined him in what has become his customary slogan of “Long live Egypt!”
But the president swiftly stopped a chant of ‘long live El-Sissi.’
“Long live Egypt and no one else,” said El-Sissi, who in the 35-minute address let out several hearty laughs and joked about how he drove hard bargains with top multinational executives to reduce prices, deliver ahead of schedule and allow longer grace periods for loan repayments.
Earlier, addressing the delegates seated in the massive conference hall, El-Sissi said: "You have no idea how much joy you have given the people of Egypt."
El-Sissi has staked his legitimacy on fixing the economy and restoring security, and the three-day conference has been seeking a sign of international confidence in the country's political stability.
"Some people thought my country has died, but Egypt is a country that God created so it can forever live," El-Sissi said. "Egypt was there 7,000 years ago and taught the entire world."
"This nation is awakening now," he declared.
The president said he would not wait around if Egyptians demanded new change in leadership in the country. “Egyptians are able to make changes … If the Egyptian people wanted to change (their leader) again they will but I will not wait for that moment,” he told the delegates.
El-Sissi said Egypt needed as much as $300 billion in investments to rebuild and give the country's 90 million people a genuine hope to live well.
"Loving Egypt cannot just be words," he warned. "We are behind, and those who are late must either speed walk or run," he said. "Even running will not be enough in our case."
The three-day gathering is meant to show the world Egypt is open for business again, and to draw investors scared off by four years of instability and turmoil that followed the 2011 Arab Spring uprising that ousted Hosni Mubarak.
Investors committed $10.7 billion to projects on Saturday, a day after Saudi Arabia and other GCC countries announced a $12.5 billion aid package, continuing the largesse they have shown Egypt since ouster of Muhammad Mursi.
The agreements include a $6.5 billion deal with Egypt's Orascom group and the Abu Dhabi-owned International Petroleum Investment Co. to build a coal-fired power plant over four years, organizers said in a statement. The deals were signed a day earlier.
Of Saturday's agreements, Cairo Financial Holding, formerly led by Investment Minister Ashraf Salman, had the second-largest investment — $1 billion into a tourism fund.
Preliminary engineering and finance agreements amounting to $5.8 billion were also signed, along with a further $5.4 billion in loans and grants from international partners and organizations.
$142bn shot uplifts El-Sissi | Arab News

 

[HttpError]

The gulf countries would never help us this way, plus its better that we start to learn on our own feet, this assistance thing has never helped anyone and I think we should also realign our foreign policy towards middle-east we have nothing there and treat them accordingly.

 

[Archie]

thats a lot of money

Indian record is for 60 billion USD, and I believe even chinese struggle to cross 100 billion USD at investment summits

 

[OTTOMAN]

The gulf countries would never help us this way, plus its better that we start to learn on our own feet, this assistance thing has never helped anyone and I think we should also realign our foreign policy towards middle-east we have nothing there and treat them accordingly.

I hope you understand, its private investment and Egypt pursue investors all over the globe, with profitable plan!
Its a hard work of new Egyptian govt. but the fruit of this investment will come not immediately.

On the other hand, Saudi Ambassador was shot in Pakistan during govt. of Asif Ali Zardari.... Zardari for 5 years did not supply electricity to $500 million Saudi investment of Tuwarqi Steel and when they done investing $300 million more in power plant, Nawaz Sharif cut gas supply.... now the Saudis will have to invest $100 million more to uninstall the whole plant and ship it to other friendly/viable state.

Iftikhar Choddri refused another investment of $500 million, when Saudi investors wanted to buy steel plant and now is sitting cool in Australia.

Still Saudi Arabia is busy building 100s of schools, hospitals, bridges, roads in Pakistan, indiscriminate aid for poor, subsidized fuel, deferred payments, loan, jobs, fund our defence, negotiate with foreign states for our good, etc.
Further, if you have investment plan, send your ideas to @ Saudi Pak Islamabad or tell Qaim Ali Shah to do it.

While there is a tribe in Pakistan, who don't pay zakat, tax and send contribution to enemy states of Pakistan.

Side note: complaining without knowing the basics or having comparative study is Jahalat, which is overflowing here.

 

[forcetrip]

I hope you understand, its private investment and Egypt pursue investors all over the globe, with profitable plan!
Its a hard work of new Egyptian govt. but the fruit of this investment will come not immediately.

On the other hand, Saudi Ambassador was shot in Pakistan during govt. of Asif Ali Zardari.... Zardari for 5 years did not supply electricity to $500 million Saudi investment of Tuwarqi Steel and when they done investing $300 million more in power plant, Nawaz Sharif cut gas supply.... now the Saudis will have to invest $100 million more to uninstall the whole plant and ship it to other friendly/viable state.

Iftikhar Choddri refused another investment of $500 million, when Saudi investors wanted to buy steel plant and now is sitting cool in Australia.

Still Saudi Arabia is busy building 100s of schools, hospitals, bridges, roads in Pakistan, indiscriminate aid for poor, subsidized fuel, deferred payments, loan, jobs, fund our defence, negotiate with foreign states for our good, etc.
Further, if you have investment plan, send your ideas to @ Saudi Pak Islamabad or tell Qaim Ali Shah to do it.

While there is a tribe in Pakistan, who don't pay zakat, tax and send contribution to enemy states of Pakistan.

Side note: complaining without knowing the basics or having comparative study is Jahalat, which is overflowing here.

You forgot to mention all muslim tribes that do not pay the compulsory Taxes. The Jahalat starts and ends with statements that try to instigate people against each other rather than looking under their own shirt.

 

[OTTOMAN]

You forgot to mention all muslim tribes that do not pay the compulsory Taxes. The Jahalat starts and ends with statements that try to instigate people against each other rather than looking under their own shirt.

There is no tribe in Pakistan but one, which has official exemption from paying zakat to state of Pakistan. Did you know it ? NO... Jahalat!
When someone is not willing to pay Zakat to Pakistan Zakat fund (bait-ul-mal), then HOW come is he willing to pay TAX?

Getting jealous from Saudi investment in Egypt without knowing, that how existing Saudi investments are being treated in Pakistan. did you knew it ? NO... Jahalat!

Not knowing the subject matter and not catching the message, but knit picking and trolling with posts of no objective! again Jehalat.... having nightmares from Saudi Arabia, without valid reason... Jehalat!

Instigating people against Saudi Arabia is a every minute business on this forum and you dont even know that? NO

Do you know Saudi investors have paid salaries of Pakistanis without profiting from investments for 5 years... employees include the non zakat paying tribe as well?.

You don't have YES for a single question, i asked above and claim to be enlightened... with what? mark your enlightened posts and show it to us, where you or ANY TT was sources of new information or have tried to discuss with logic without calling names and pointing fingers?

 

[forcetrip]

There is no tribe in Pakistan but one, which has official exemption from paying zakat to state of Pakistan. Did you know it ? NO... Jahalat!
When someone is not willing to pay Zakat to Pakistan Zakat fund (bait-ul-mal), then HOW come is he willing to pay TAX?

Getting jealous from Saudi investment in Egypt without knowing, that how existing Saudi investments are being treated in Pakistan. did you knew it ? NO... Jahalat!

Not knowing the subject matter and not catching the message, but knit picking and trolling with posts of no objective! again Jehalat.... having nightmares from Saudi Arabia, without valid reason... Jehalat!

Instigating people against Saudi Arabia is a every minute business on this forum and you dont even know that? NO

Do you know Saudi investors have paid salaries of Pakistanis without profiting from investments for 5 years... employees include the non zakat paying tribe as well?.

You don't have YES for a single question, i asked above and claim to be enlightened... with what? mark your enlightened posts and show it to us, where you or ANY TT was sources of new information or have tried to discuss with logic without calling names and pointing fingers?

Where do you want this non zakat paying tribe to deposit their Zakat money? In your interest taking banking institutions? To your corrupt political setup? To your Taliban and Mumtaz Qadri supporting Mullahs? What part of the lawless society do you want Zakat to be paid? What is happening to the Zakat of the other tribes which is being paid? What has been done with it to this day? Fix your Haj corruption scandals first before talking rubbish about other religions, let alone sects. Ask the other tribes including this non zakat tribe to pay taxes first.

Saudis paid our salaries? Thank god they did. Do you know the meaning of salary? It means getting paid to work. If they didnt make money on their investment means they are idiots for investing how they did. We dont deserve any handouts nor should we get them. I am not pissed at saudis giving egypt or any other country money. Its their money and they can give it, invest it or burn it. What you need to do is keep your zakat grumblings at a personal level, do not bring that nonsense line of thought and think you can get away with it.

 

[OTTOMAN]

Where do you want this non zakat paying tribe to deposit their Zakat money? In your interest taking banking institutions? To your corrupt political setup? To your Taliban and Mumtaz Qadri supporting Mullahs? What part of the lawless society do you want Zakat to be paid? What is happening to the Zakat of the other tribes which is being paid? What has been done with it to this day? Fix your Haj corruption scandals first before talking rubbish about other religions, let alone sects. Ask the other tribes including this non zakat tribe to pay taxes first.

Saudis paid our salaries? Thank god they did. Do you know the meaning of salary? It means getting paid to work. If they didnt make money on their investment means they are idiots for investing how they did. We dont deserve any handouts nor should we get them. I am not pissed at saudis giving egypt or any other country money. Its their money and they can give it, invest it or burn it. What you need to do is keep your zakat grumblings at a personal level, do not bring that nonsense line of thought and think you can get away with it.

Did i tell you to pay zakat? or mentioned of my bank?

If you or someone is not paying zakat for the reasons you stated above than, it would be VERY stupid of you to pay tax to the same financial structure, which i believe you are not!

Where does defination of salaries come in? again nit picking and getting personal! I can address you with even more creative ways!

 

[forcetrip]

Did i tell you to pay zakat? or mentioned of my bank?

If you or someone is not paying zakat for the reasons you stated above than, it would be VERY stupid of you to pay tax to the same financial structure, which i believe you are not!

Where does defination of salaries come in? again nit picking and getting personal! I can address you with even more creative ways!

Dont bring religious bias here. Zakat has nothing to do with this thread. Your assumptions on me paying zakat and taxes can stand how they may. As long as you are paying your taxes I should not call you a thief. I hope you are not a thief. You can continue to try your creative ways as long as you stay on topic which is Egypt getting billions of dollars.

 

[OTTOMAN]

Dont bring religious bias here. Zakat has nothing to do with this thread. Your assumptions on me paying zakat and taxes can stand how they may. As long as you are paying your taxes I should not call you a thief. I hope you are not a thief. You can continue to try your creative ways as long as you stay on topic which is Egypt getting billions of dollars.

Whatever... discussion so far is for everyone's review.

Can any Egyptian or Saudi comment please?

 

[Kompromat]

Big news for Egypt.

 

[OTTOMAN]

Big news for Egypt.

With good news, enemies of Egypt are unwinding fast.
Its a long term plan, where Sisi will be remembered in good words by the Egyptian nationalists.
More important than investment is planning... which is done wisely by Sisi, unlike Pakistani politicians... wasting money in making underpasses, and overhead bridges.

 

[Beast]

thats a lot of money

Indian record is for 60 billion USD, and I believe even chinese struggle to cross 100 billion USD at investment summits

China signed with Russia energy deal is USD 400billion. China has 4 trillion national reserve. Even the Saudi cannot compete with us.

 

[OTTOMAN]

China signed with Russia energy deal is USD 400billion. China has 4 trillion national reserve. Even the Saudi cannot compete with us.

Is there a competition going on? what is with this Russian energy deal.... post details.

 

[Beast]

Is there a competition going on? what is with this Russian energy deal.... post details.

It was a very big new. A simple Google can help you.

But it was never a competition with Saudi but a demonstration of China financial might. Theres a reason for China being a world second economy powerhouse.