Egypt abolishing jail terms for businessmen

The Egyptian parliament to abolish laws that imprison investors. (Reuters)
Short Url
Updated 23 February 2020
Follow

Egypt abolishing jail terms for businessmen

  • “Harming public money or the health of citizens entails serving sentences. Any economic or administrative violations are punishable”

CAIRO: The Egyptian parliament has announced that laws that imprison investors have been scratched, stressing that imposing jail time on financial wrongdoers affects investment in Egypt.
Speaker Ali Abdel-Aal said in a public parliamentary session that he and parliament will not allow investment to “escape” from Egypt, “so the idea of replacing imprisonment with deterrent fines must be preserved.”
“I will never allow the imprisonment of businessmen involved in financial violations,” Abdel-Aal said.
Egypt’s parliament takes its cue from countries which have abolished penalties to safeguard the freedom of investors in economic legislation, in support and encouragement of investment, said Economic Affairs Committee Chairman in Parliament Ahmed Samir. Samir said the principle of not imprisoning investors in financial crimes was approved by parliament at the beginning of the current legislative term but is not final.
He explained that investors do not enjoy absolute immunity against imprisonment and that there are crimes in which jail is necessary, including harming public money or the interest of the state or harming the health of citizens.
“Harming public money or the health of citizens entails serving sentences. Any economic or administrative violations are punishable,” Samir told Arab News.
Mohsen Adel, former head of the Investment Authority, stressed that Egypt has taken the view of international institutions which is believed may encourage investment incentives to attract direct foreign investment, and that preventing businessmen from going to jail guarantees the protection of the investor who works in good faith and is similar to international standards.

SPEEDREAD

Egypt’s parliament takes its cue from countries which have abolished penalties to safeguard the freedom of investors in economic legislation with the aim to support and encourage investment.

Ahmed El-Zayat, a member of the Egyptian Businessmen’s Association, said the abolition by parliament of imprisoning businessmen in economic legislation is aimed at encouraging investors to invest more and to provide all logistical support to help deal with global competition and attract foreign investment.
El-Zayat pointed to efforts such as solving the problems of troubled factories, refinancing, operating, reconciling with investors and providing a safe business environment that provides the factors needed to increase investments.
El-Zayat said doing away with incarceration of investors and replacing that with financial fines and providing new mechanisms to tighten control over economic business to prevent any excesses and achieve economic justice will raise the confidence of businessmen in the Egyptian economy, especially in industry. He said this will realize the state’s vision of increasing Egyptian exports $55 billion over the coming years.
Mohamed Waheed, chairman of Catalyst Company and founder of the first electronic market for trade in Egyptian products, said the state’s new initiative is a “legislative boom” which will add to the advantages and incentives guaranteed by the investment law, making Egypt the most prominent destination for investors as it enhances its competitiveness and increases demand for work and investment.

Waheed emphasized that the new investment law and its amendments, in addition to investment incentives and positive benefits for projects, organizes the file of penalties for the economic sector within the framework of a general approach from the state to develop the investment environment in a way that enhances its competitiveness and elements of its attraction to local and foreign investments.
He said this vision is a message from the state that supports serious investment and protects well-intentioned investors from the risks and fluctuations of local and global markets.
Al-Waheed added that this will guarantee the seriousness of work and strengthen the values of governance, transparency and serious competition on the basis of common interests and hard work to reap the fruits of development without measures that limit market capabilities and hinder opportunities for expansion and prosperity.


In Tunisia, snails inch toward replacing red meat as people turn to cheaper protein

Updated 13 sec ago
Follow

In Tunisia, snails inch toward replacing red meat as people turn to cheaper protein

Snails have been consumed in Tunisia for more than seven millenia
Low in fat and high in iron, calcium and magnesium, snails offer both nutritional value and economic relief

AKOUDA, Tunisia: In fields outside their hometown in central Tunisia, an increasing number of unemployed young men are seeking a new way to make a living, picking snails off of rocks and leaves and collecting them in large plastic bags to take to the local market to be sold.
More and more people, they say, are buying the shelled wanderers as the price of market staples remains high and out of reach for many families.
“They’re profitable, beneficial and quite in demand,” said Karim, a 29-year-old snail seller from the village of Akouda said.
Snails have been consumed in Tunisia for more than seven millenia, according to research published last year in the journal Archaeological and Anthropological Sciences. In today’s world considered mostly a bistro delicacy, they’re again gaining traction in Tunisia as a practical alternative to red meat — a protein-rich substitute that pairs perfectly with salt, spices, and bold seasonings.
The snails are a lifeline for some in Tunisia, where youth unemployment now hovers above 40 percent and inflation remains high, three years after spiking to its highest levels in decades. A lack of opportunity has fueled social discontent throughout the country and, increasingly, migration to Europe.
Low in fat and high in iron, calcium and magnesium, snails offer both nutritional value and economic relief. In a country where unemployment runs high and median wages remain low, they cost about half as much as beef per kilogram and often less when sold by the bowl.
“Snails are better for cooking than lamb. If lamb meat costs 60 dinars ($19.30), a bowl of snails is five dinars ($1.60),” a man named Mohammed said at the Akouda market.
As the price of meat and poultry continues to rise, more Tunisians are turning to affordable, alternative sources of protein. Beyond their economic appeal, these substitutes are also drawing interest for their environmental benefits. Scientists say they offer a more sustainable solution, producing far fewer carbon emissions and avoiding the deforestation linked to traditional livestock farming.
Wahiba Dridi, who serves snails at her restaurant in Tunis, cooks them in a traditional fashion with peppers and spices. She said they were popular throughout this year’s Ramadan, which ended last week. Though Tunisian Muslims traditionally eat red meat at the meals during which they break their daily fasts, a kilogram of snails costs less than 28 Tunisian dinars ($9) compared to beef, which costs 55 dinars per kilogram ($18).
“If people knew the value of snails they would eat them all year long,” Dridi said.

US sending Israel 20,000 assault rifles that Biden had delayed, say sources

Updated 04 April 2025
Follow

US sending Israel 20,000 assault rifles that Biden had delayed, say sources

  • The rifle sale is a small transaction next to the billions of dollars worth of weapons that Washington supplies to Israel
  • The March 6 congressional notification said the US government had taken into account “political, military, economic, human rights, and arms control considerations“

WASHINGTON: The Trump administration moved forward with the sale of more than 20,000 US-made assault rifles to Israel last month, according to a document seen by Reuters and a source familiar with the matter, pushing ahead with a sale that the administration of former president Joe Biden had delayed over concerns they could be used by extremist Israeli settlers.
The State Department sent a notification to Congress on March 6 for the $24 million sale, saying the end user would be the Israeli National Police, according to the document.
The rifle sale is a small transaction next to the billions of dollars worth of weapons that Washington supplies to Israel. But it drew attention when the Biden administration delayed the sale over concerns that the weapons could end up in the hands of Israeli settlers, some of whom have carried out attacks on Palestinians in the Israeli-occupied West Bank.
The Biden administration has imposed sanctions on individuals and entities accused of committing violence in the Israeli-occupied West Bank, which has seen a rise in settler attacks on Palestinians.
On his first day in office on January 20, Trump issued an executive order rescinding US sanctions on Israeli settlers in a reversal of US policy. Since then, his administration has approved the sale of billions of dollars worth of weapons to Israel.
The March 6 congressional notification said the US government had taken into account “political, military, economic, human rights, and arms control considerations.”
The State Department did not respond to a request for comment when asked if the administration sought assurances from Israel on the use of the weapons.

CLOSE TIES
Since a 1967 Middle East war, Israel has occupied the West Bank, which Palestinians want as the core of an independent state, and has built settlements that most countries deem illegal. Israel disputes this, citing historical and biblical ties to the land.
Settler violence had been on the rise prior to the eruption of the Gaza war, and has worsened since the conflict began over a year ago.
Trump has forged close ties to Netanyahu, pledging to back Israel in its war against Hamas in the Gaza Strip. His administration has in some cases pushed ahead with Israel arms sales despite requests from Democratic lawmakers that the sales be paused until they received more information.
The US Senate on Thursday overwhelmingly rejected a bid to block $8.8 billion in arms sales to Israel over human rights concerns, voting 82-15 and 83-15 to reject two resolutions of disapproval over sales of massive bombs and other offensive military equipment.
The resolutions were offered by Senator Bernie Sanders of Vermont, an independent who caucuses with Democrats.
The rifle sale had been put on hold after Democratic lawmakers objected and sought information on how Israel was going to use them. The congressional committees eventually cleared the sale but the Biden administration kept the hold in place.
The latest episode in the decades-old Israeli-Palestinian conflict began with a Hamas attack on Israeli communities on October 7, 2023 with gunmen killing 1,200 people and taking more than 250 hostages, according to Israeli tallies. Israel’s campaign has so far killed more than 50,000 Palestinians, Gaza health authorities say.
Israel’s National Security Minister Itamar Ben-Gvir, a far-right member of Prime Minister Benjamin Netanyahu’s government, oversees the Israeli police force. The Times of Israel newspaper in November 2023 reported that his ministry has put “a heavy emphasis on arming civilian security squads” in the aftermath of October 7 attacks.


Medecins Sans Frontieres ‘appalled’ by second staff member killed in Gaza within weeks

Updated 04 April 2025
Follow

Medecins Sans Frontieres ‘appalled’ by second staff member killed in Gaza within weeks

  • Hussam Al Loulou died in the strike on Apr. 1 in central Gaza

GENEVA: Global medical charity Medecins Sans Frontieres said on Friday it was appalled and saddened by the killing of one of its staff by an air strike in Gaza, the second within two weeks.


Hussam Al Loulou died in the strike on Apr. 1 in central Gaza, alongside his wife and 28-year-old daughter, the organization said.


Uganda president holds talks with South Sudanese leaders to try to avoid civil war

Updated 04 April 2025
Follow

Uganda president holds talks with South Sudanese leaders to try to avoid civil war

  • Goc said that the country’s leadership had assured Museveni of its commitment to implement the peace agreement
  • Uganda last month deployed troops to South Sudan to support the government

NAIROBI: Uganda’s President Yoweri Museveni was expected to meet South Sudanese officials on the second day of his trip to the capital, Juba, as the UN has expressed concern of a renewed civil war after the main opposition leader was put under house arrest.
Museveni, who is among the guarantors of a 2018 peace agreement that ended a five-year civil war, held closed-door discussions with President Salva Kiir on Thursday.
South Sudan’s Foreign Minister Mohammed Abdallah Goc said that the country’s leadership had assured Museveni of its commitment to implement the peace agreement.
South Sudan’s political landscape remains fragile and recent violence between government troops and armed groups allied to the opposition have escalated tension.
Uganda last month deployed troops to South Sudan to support the government, but it was criticized by South Sudan’s main opposition party SPLM-IO, whose leader Riek Machar is under house arrest on charges of incitement.
In early March, the armed group loyal to Machar attacked a UN helicopter that was on a mission to evacuate government troops from the restive northern Upper Nile State.
Western countries including Germany and Norway have temporarily closed their embassies in Juba while the USand the UK have reduced embassy staff.


Turkiye wants no confrontation with Israel in Syria, foreign minister says

Updated 04 April 2025
Follow

Turkiye wants no confrontation with Israel in Syria, foreign minister says

  • Fidan said Israel’s actions in Syria were paving the way for future regional instability
  • If the new administration in Damascus wants to have “certain understandings” with Israel, then that is their own business, he added

BRUSSELS: Turkiye wants no confrontation with Israel in Syria after repeated Israeli attacks on military sites there undermined the new government’s ability to deter threats, Turkish Foreign Minister Hakan Fidan told Reuters on Friday.
In an interview on the sidelines of a meeting of NATO foreign ministers in Brussels, Fidan said Israel’s actions in Syria — where the administration of President Ahmed Al-Sharaa is a close Turkish ally — were paving the way for future regional instability.
If the new administration in Damascus wants to have “certain understandings” with Israel, which like Turkiye is a neighbor of Syria, then that is their own business, he added.
NATO member Turkiye has fiercely criticized Israel over its attacks on Gaza since 2023, saying they amount to a genocide against the Palestinians, and has applied to join a case at the World Court against Israel while also halting all trade.
Israel denies the genocide accusations.
The animosity between the regional powers has spilled over into Syria, with Israeli forces striking Syria for weeks since a new administration took control in Damascus. Turkiye has called the Israeli strikes an encroachment on Syrian territories, while Israel has said it would not allow any hostile forces in Syria.
Asked about US President Donald Trump’s threats of military strikes against Iran, Fidan said diplomacy was needed to resolve the dispute and that Ankara did not want to see any attack taking place against its neighbor Iran.