Egypt Roundup: Tourism investments, former presidential candidate jailed, bilateral ties

Former presidential candidate jailed

Former Egyptian presidential candidate Ahmed Tantawy has been sentenced to one year in prison for incitement and assisting in the unauthorised printing and circulation of electoral process papers. Tantawy and his campaign director Mohamed Abu El-Diya were also banned from running for parliamentary elections for five years. The court imprisoned 21 members of his campaign with the same sentence. Human Rights Watch has condemned the charges as retaliation for Tantawy's peaceful campaign. According to Jurist News, the charges were brought in accordance with a law prohibiting the printing or distribution of election ballots, which HRW has condemned as incompatible with international human rights law.

 Economic cooperation with Malaysia

Egyptian Minister of Trade and Industry Ahmed Samir has discussed deepening economic cooperation with Malaysian Minister of Agriculture and Commodities Datuk Johari Abdul Ghani. They explored areas such as industry, investment, and potential collaborations, including a Malaysian palm oil storage and refining hub in the Suez Canal Economic Zone. The two countries also discussed the resumption of direct flights and major commodities traded between them. Both ministers expressed interest in strengthening cooperation and utilizing each other's advantages, Daily News Egypt reports. In 2023, Egypt and Malaysia reached a trade volume of $777m.

 Local currency bonds

Egypt declined to accept bids at an auction for local currency treasury bonds, following the devaluation of its currency and other measures to improve investor confidence. The finance ministry balked at paying the high interest rates demanded by investors, leading to the rejection of bids for three- and five-year bonds. According to local news platform Nasdaq, foreign investors have recently resumed treasury bill purchases.

 Investments in tourism

Egypt welcomes Saudi investments in tourism, with the head of the Saudi Chambers Union praising the strong relations between the two countries. Saudi investors are looking to enter the Egyptian market through tourism, particularly on the North Coast. Additionally, Saudi Arabia is making significant strides in the digital economy and aims to be a hub for investments related to digital transformation across all sectors. The "Invest in the Digital Economy" forum discussed the potential for Amman to become the capital of the digital economy and highlighted the promising prospects offered by various fields of the digital economy for emerging countries, Egypt Today reports.

China, Egypt bilateral relations

China's President Xi Jinping met Egypt's President Abdel Fattah al-Sisi in Beijing, Alarabiya News reports. The meeting occurred as Beijing hosted a forum to deepen ties with Arab leaders.