Sisi Defends Decision to Float Currency

Egypt’s President Abdel Fattah El-Sisi during his speech at the Martyr’s Day celebration (Egyptian Presidency)
Egypt’s President Abdel Fattah El-Sisi during his speech at the Martyr’s Day celebration (Egyptian Presidency)
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Sisi Defends Decision to Float Currency

Egypt’s President Abdel Fattah El-Sisi during his speech at the Martyr’s Day celebration (Egyptian Presidency)
Egypt’s President Abdel Fattah El-Sisi during his speech at the Martyr’s Day celebration (Egyptian Presidency)

Egypt’s President Abdel Fattah El-Sisi pledged that economic conditions in the country would improve soon, defending a decision to liberalize the exchange rate despite his initial rejection of the move last year.

Speaking during the Martyr’s Day celebration in Cairo, Sisi said that liberalizing the exchange rate came “after providing the necessary amount for that.”

On Wednesday, the Egyptian Central Bank announced the liberalization of the exchange rate of the pound, allowing it to be determined according to market mechanisms. The value of the local currency fell to slightly less than 50 pounds to the dollar, after it had been stable for months at 30.85 pounds.

The president noted that around $45-50 billion in new financing have been injected through the multibillion-dollar Ras Al-Hekma development investment deal with the United Arab Emirates, an $8 billion loan agreement with the International Monetary Fund and agreements with the European Union.

In remarks to Asharq Al-Awsat, Egyptian economic expert Mustafa Badra said that the shortage of foreign currency has “difficult repercussions on the economy and on Egyptians,” noting that at the beginning of 2024, the country suffered from a severe scarcity of foreign currency, amid fears that the dollar exchange rate would reach one hundred pounds, which would have caused social panic and affected prices.”

Egypt has been suffering from a long-term shortage of hard currency that worsened in early 2022, which “slowed down economic activity and led to a deficit in imported goods. This coincided with the acceleration of the inflation rate until it reached record levels during the past year,” according to observers.

Sisi said that Egypt has been experiencing a major crisis, as a result of the Covid-19 pandemic, which lasted for two years, followed by the Russian-Ukrainian war, and then the war in Gaza that poses big threats and challenges to the country and the region.

“The previous circumstances and the pressure that Egyptians have endured over the past four years, which have increased in the last year with the rise in prices, require more effort, patience, and work in order to preserve and protect the country,” he remarked.

In the same context, Badra stressed that external challenges have complicated the situation in Egypt, stressing that it was not possible for the government to make decisions that would further exacerbate the economic situation.

He pointed to “the decline in Egypt’s dollar revenues from the Suez Canal and tourism due to the repercussions of the war in Gaza, which affected the regional environment as a whole.”

Revenues from the Egyptian Suez Canal declined by 50 percent at the beginning of 2024, according to official estimates, due to security tensions in the Red Sea, while the war in Gaza also affected inbound tourism.



SAMI to Showcase Cutting-Edge Innovations at Saudi Pavilion at IDEX 2025

SAMI to Showcase Cutting-Edge Innovations at Saudi Pavilion at IDEX 2025
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SAMI to Showcase Cutting-Edge Innovations at Saudi Pavilion at IDEX 2025

SAMI to Showcase Cutting-Edge Innovations at Saudi Pavilion at IDEX 2025

The Saudi Arabian Military Industries (SAMI), a Public Investment Fund company, announced on Sunday its participation in the International Defense Exhibition and Conference (IDEX) 2025 under the Saudi Pavilion led and organized by the General Authority for Military Industries (GAMI).

The exhibition is scheduled to take place from February 17 to 21 in Abu Dhabi, UAE.

The Saudi Pavilion will bring together leading Saudi government agencies and companies specialized in the field of military industries, where SAMI will showcase its latest products across its various divisions.

In a statement, SAMI said key exhibits will feature SAMI Land’s upgraded SAMI Light Armored Tactical Vehicle (SLTV) with new and improved specifications, and ROAYA, the Remote Turret—both cutting-edge products designed and built entirely in Saudi Arabia.

SAMI AEC will showcase its innovations in command, control, communications, and intelligence (C4I) systems, alongside other advanced systems and products.

As Saudi Arabia’s leading national defense partner, SAMI's presence at IDEX 2025 underscores its commitment to supporting Vision 2030’s goal of localizing 50% of the Kingdom’s defense spending.

"Through its participation, SAMI highlights the remarkable growth and transformation within the Kingdom’s defense sector, fostering innovation, empowering national talent, and strengthening Saudi Arabia’s position on the global stage," said the statement.