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SFE Places Healthcare, Pharma Storage at Forefront of Sub-Fund Plans

Workers in the private sector will be granted a paid holiday on the occasion of Eid Al Fitr for a period of 5 days (EPA)
Workers in the private sector will be granted a paid holiday on the occasion of Eid Al Fitr for a period of 5 days (EPA)
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SFE Places Healthcare, Pharma Storage at Forefront of Sub-Fund Plans

Workers in the private sector will be granted a paid holiday on the occasion of Eid Al Fitr for a period of 5 days (EPA)
Workers in the private sector will be granted a paid holiday on the occasion of Eid Al Fitr for a period of 5 days (EPA)

The COVID-19 pandemic has prompted the Sovereign Fund of Egypt (SFE) to recalibrate its priorities for the sub-funds it plans to set up, with healthcare and logistics for the pharma industry currently coming to the forefront.

The SFE is also prioritizing electricity, transport, agriculture, and infrastructure for other sub-funds it’s looking to set up, CEO Ayman Soliman said in a meeting with Prime Minister Moustafa Madbouly and Planning Minister Hala El Saeed, according to a cabinet statement.

Soliman didn’t provide further details on the timeline or expected partnerships for these sub-funds.

Egypt is counting on the sovereign fund to support its ambitious development plans, and the assets owned by the SFE are estimated at about 50 billion Egyptian pounds (the dollar is approximately 15.7 Egyptian pounds).

According to the cabinet statement, the meeting discussed "the details of the projects and the timetable for their implementation," adding that there is a great desire on the part of investors to partner with the SFE, given the great flexibility of the Egyptian economy and the strength of the fund's assets, which enables them to attract foreign capital.

The SFE has been working to adapt its investment plans in tandem with the development of the pandemic.

Last month, Soliman said the fund was preparing a list of potential low-risk investments to present to investors after the outbreak, but didn’t delve into what these investments could include.

In other news, Madbouly said, during a panel discussion with a number of experts and academics on the implications of the coronavirus, that "there is a global trend now towards implementing the idea of coexistence with the virus.”

"All physicians and experts from the health sector believe that the virus will remain permanently in circulation and that we must accordingly live with it, and therefore we must adhere to all precautionary measures," Madbouly said, noting that "the negative repercussions of its global spread are currently being studied on the economic and political levels.”

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Arab World

Rescue Teams Search for Survivors in Building Collapse that Killed at Least 2 in Northern Lebanon

A Lebanese flag is pictured, in the aftermath of a massive explosion, in Beirut's damaged port area, Lebanon August 17, 2020. REUTERS/Hannah McKay
A Lebanese flag is pictured, in the aftermath of a massive explosion, in Beirut's damaged port area, Lebanon August 17, 2020. REUTERS/Hannah McKay
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Rescue Teams Search for Survivors in Building Collapse that Killed at Least 2 in Northern Lebanon

A Lebanese flag is pictured, in the aftermath of a massive explosion, in Beirut's damaged port area, Lebanon August 17, 2020. REUTERS/Hannah McKay
A Lebanese flag is pictured, in the aftermath of a massive explosion, in Beirut's damaged port area, Lebanon August 17, 2020. REUTERS/Hannah McKay

At least two people were killed and four rescued from the rubble of a multistory apartment building that collapsed Sunday in the city of Tripoli in northern Lebanon, state media reported.

Rescue teams were continuing to dig through the rubble. It was not immediately clear how many people were in the building when it fell.

The bodies pulled out were of a child and a woman, the state-run National News Agency reported.

Dozens of people crowded around the site of the crater left by the collapsed building, with some shooting in the air.

The building was in the neighborhood of Bab Tabbaneh, one of the poorest areas in Lebanon’s second largest city, where residents have long complained of government neglect and shoddy infrastructure. Building collapses are not uncommon in Tripoli due to poor building standards, according to The AP news.

Lebanon’s Health Ministry announced that those injured in the collapse would receive treatment at the state’s expense.

The national syndicate for property owners in a statement called the collapse the result of “blatant negligence and shortcomings of the Lebanese state toward the safety of citizens and their housing security,” and said it is “not an isolated incident.”

The syndicate called for the government to launch a comprehensive national survey of buildings at risk of collapse.

Arab World

Israel to Take More West Bank Powers and Relax Settler Land Buys

A view of Israeli settlement of Maale Adumim, in the West Bank, Sunday, June 18, 2023. (AP)
A view of Israeli settlement of Maale Adumim, in the West Bank, Sunday, June 18, 2023. (AP)
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Israel to Take More West Bank Powers and Relax Settler Land Buys

A view of Israeli settlement of Maale Adumim, in the West Bank, Sunday, June 18, 2023. (AP)
A view of Israeli settlement of Maale Adumim, in the West Bank, Sunday, June 18, 2023. (AP)

Israel's security cabinet approved a series of steps on Sunday that would make it easier for settlers in the occupied West Bank to buy land while granting Israeli authorities more enforcement powers over Palestinians, Israeli media reported.

The West Bank is among the territories that the Palestinians seek for a future independent state. Much of it is under Israeli military control, with limited Palestinian self-rule in some areas run by the Western-backed Palestinian Authority (PA).

Citing statements by Finance Minister Bezalel Smotrich and Defense Minister Israel Katz, Israeli news sites Ynet and Haaretz said the measures included scrapping decades-old regulations that prevent Jewish private citizens buying land in the West Bank, The AP news reported.

They were also reported to include allowing Israeli authorities to administer some religious sites, and expand supervision and enforcement in areas under PA administration in matters of environmental hazards, water offences and damage to archaeological sites.

Palestinian President Mahmoud Abbas said the new measures were dangerous, illegal and tantamount to de-facto annexation.

The Israeli ministers did not immediately respond to requests for comment.

The new measures come three days before Prime Minister Benjamin Netanyahu is scheduled to meet in Washington with US President Donald Trump.

Trump has ruled out Israeli annexation of the West Bank but his administration has not sought to curb Israel's accelerated settlement building, which the Palestinians say denies them a potential state by eating away at its territory.

Netanyahu, who is facing an election later this year, deems the establishment of any Palestinian state a security threat.

His ruling coalition includes many pro-settler members who want Israel to annex the West Bank, land captured in the 1967 Middle East war to which Israel cites biblical and historical ties.

The United Nations' highest court said in a non-binding advisory opinion in 2024 that Israel's occupation of Palestinian territories and settlements there is illegal and should be ended as soon as possible. Israel disputes this view.

Arab World

Arab League Condemns Attack on Aid Convoys in Sudan

A general view shows the opening session of the meeting of Arab foreign ministers at the Arab League Headquarters (Reuters)
A general view shows the opening session of the meeting of Arab foreign ministers at the Arab League Headquarters (Reuters)
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Arab League Condemns Attack on Aid Convoys in Sudan

A general view shows the opening session of the meeting of Arab foreign ministers at the Arab League Headquarters (Reuters)
A general view shows the opening session of the meeting of Arab foreign ministers at the Arab League Headquarters (Reuters)

Arab League Secretary-General Ahmed Aboul Gheit strongly condemned the attack by the Rapid Support Forces on humanitarian aid convoys and relief workers in North Kordofan State, Sudan.

In a statement reported by SPA, secretary-general's spokesperson Jamal Rushdi quoted Aboul Gheit as saying the attack constitutes a war crime under international humanitarian law, which prohibits the deliberate targeting of civilians and depriving them of their means of survival.

Aboul Gheit stressed the need to hold those responsible accountable, end impunity, and ensure the full protection of civilians, humanitarian workers, and relief facilities in Sudan.