Gulf Arabs Offer More Billions to Help Revive Egypt Economy - Bloomberg Business

Gulf Arabs Offer More Billions to Help Revive Egypt Economy - Bloomberg Business:



"President Abdel-Fattah El-Sisi’s bid to revive Egypt’s economy received a boost at a three-day investor conference on the Red Sea. It also left his country more reliant than ever on Gulf Arab aid and investments.



Saudi Arabia, the United Arab Emirates, Kuwait and Oman pledged more than $12 billion at the event in Sharm El-Sheikh, half of it as deposits in the central bank. GCC investors also signed initial deals to invest in industries ranging from construction to power generation and energy. U.A.E. companies, including Abu Dhabi-owned Aabar Investments PJSC, are taking the lead on projects to build two cities, one of which, is to become Egypt’s new administrative capital.



Gulf Cooperation Council nations have backed Egypt with more than $30 billion since El-Sisi led the ouster of President Mohamed Mursi in 2013, supporting a government that shares their hostility to political Islam. The assistance has helped stabilize an economy battered by turmoil since the 2011 overthrow of Hosni Mubarak in a popular uprising."



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MIDEAST STOCKS-Gulf drops, following oil; Egyptians book profits | Reuters

MIDEAST STOCKS-Gulf drops, following oil; Egyptians book profits | Reuters:



"Gulf stock markets, including the previously resilient Saudi Arabia, extended losses alongside oil on Monday, while Egypt dropped on profit-taking after a strong run and ahead of a fresh public offer of shares.



Brent crude fell to around $54 a barrel, its lowest for more than a month, on rising global inventories and signs of a possible nuclear deal with Tehran that could allow more Iranian oil exports.



Saudi Arabia's stock index posted its biggest single-day loss in two months, dropping 2.0 percent on heavy volume to a two-week low of 9,438 points. The petrochemical sector fell 2.6 percent."



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