US president Biden pledges $100 million in humanitarian aid to Lebanon, according to Sky News Arabia.
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Egypt’s inflation drops to 23.4% in December amid falling food prices
- Banking sector shows strong resilience with record capital adequacy
RIYADH: Egypt’s annual inflation rate slowed to 23.4 percent in December 2024, down from 25 percent in November, according to figures from the Central Agency for Public Mobilization and Statistics.
The consumer price index for the country stood at 239.7 points in December, reflecting a deceleration largely driven by a drop in food prices.
Key food categories saw notable price decreases, with vegetables falling by 14 percent, dairy products, cheese, and eggs decreasing by 0.7 percent, fish and seafood dropping by 0.6 percent, and meat and poultry experiencing a slight reduction of 0.1 percent.
However, other sectors showed price increases, putting upward pressure on the overall inflation rate.
For example, telephone and fax services surged by 11 percent, fruit prices rose by 7.5 percent, and medical products, devices, and equipment saw a 5.5 percent increase.
Other notable price hikes included postal services (up 3.6 percent), hotel services (up 3.2 percent), and recreational and cultural services (up 2.8 percent).
Meanwhile, costs for telephone and fax equipment grew by 2.6 percent, while actual housing rentals increased by 1.6 percent. Hospital services saw a rise of 1.4 percent, with furniture, carpets, and floor coverings up by 1.3 percent.
Smaller price increases were recorded in oils and fats, electricity, gas, and fuel materials (up 0.7 percent), transportation services (up 0.5 percent), and basic foodstuffs like grains and bread (up 0.3 percent). Sugar and sugary foods, as well as private transportation costs, also saw slight increases of 0.2 to 0.3 percent.
Banking sector
Egypt’s banking sector continues to demonstrate stability and resilience, playing a vital role in maintaining the country’s economic, financial, and monetary stability, according to the Central Bank of Egypt’s latest Financial Soundness Indicators.
The sector’s capital adequacy ratio reached 19.1 percent by the end of Q3 2024, comfortably surpassing the regulatory minimum of 12.5 percent. This marks a 0.5 percent improvement from the previous period, highlighting the sector’s growing financial health.
In terms of asset quality, nonperforming loans represented just 2.4 percent of total loans, with provisions coverage for these loans standing at a strong 87.4 percent.
Liquidity levels remained robust, with local currency liquidity at 32.1 percent and foreign currency liquidity at 77.7 percent, well above the regulatory requirements of 20 percent and 25 percent, respectively.
The banking sector’s loan-to-deposit ratio was recorded at 61.3 percent by the end of Q3 2024, reflecting conservative lending practices. Meanwhile, profit margins remained impressive, with a return on equity of 32.2 percent for the 2023 fiscal year.
Pope Francis, ramping up criticism of Israel, calls situation in Gaza ‘shameful’
- Pope Francis: ‘We cannot in any way accept the bombing of civilians’
- ‘We cannot accept that children are freezing to death because hospitals have been destroyed or a country’s energy network has been hit’
VATICAN CITY: Pope Francis on Thursday stepped up his recent criticisms of Israel’s military campaign in Gaza, calling the humanitarian situation in the Palestinian enclave “very serious and shameful.”
In a yearly address to diplomats delivered on his behalf by an aide, Francis appeared to reference deaths caused by winter cold in Gaza, where there is almost no electricity.
“We cannot in any way accept the bombing of civilians,” the text said.
“We cannot accept that children are freezing to death because hospitals have been destroyed or a country’s energy network has been hit.”
The pope was present for the address but asked an aide to read it for him as he is recovering from a cold.
Saudi Arabia’s flynas begins Jeddah-Djibouti flights; flyadeal launches 5 routes
RIYADH: Saudi low-cost airline flynas launched its first direct flight between Jeddah and Djibouti on Jan. 8, further expanding its network in Africa.
According to a press statement, the inaugural celebration was held at King Abdulaziz International Airport and was attended by Djibouti’s Ambassador to the Kingdom Dya-Eddine Said Bamakhrama and representatives from flynas and Jeddah Airport Co.
The inaugural flight was welcomed at the African country by Faisal Al-Qabbani, Saudi Arabia’s ambassador to Djibouti, and Hassan Humad Ibrahim, theDjibouti’s minister of infrastructure and transport.
The expansion is part of the airline’s “We Connect the World to the Kingdom” initiative and supports Saudi Arabia’s National Civil Aviation Strategy, which aims to expand connectivity to 250 international destinations and reach 330 million passengers.
The initiative is also expected to strengthen the Kingdom’s National Tourism Strategy, which aims to attract more than 150 million tourists by the end of this decade.
In the statement, flynas said it will operate three weekly flights from Jeddah to Djibouti.
Flyadeal launches five new routes
In a separate statement, Saudi low-cost airline flyadeal said that it launched five routes from its operating bases of Dammam, Riyadh, and Jeddah, marking the start of a major expansion drive that includes entry to Pakistan next month.
According to the statement, the routes include 14 domestic flights a week from Dammam to Najran, Tabuk, and Yanbu.
The airline said that it launched flights from Riyadh and Jeddah to the Jordanian capital, Amman, with a total of 10 flights a week.
The statement added that preparations are also underway for the start of twice-weekly flights to Pakistan’s financial capital, Karachi, from Riyadh and Jeddah, effective Feb. 2.
“Expanding our domestic and international networks has been the focus of our planning team in recent months to provide leisure and business travelers with more choice, options and more importantly, greater air connectivity,” said Steven Greenway, CEO of flyadeal.
He added: “As more aircraft join flyadeal’s fleet during 2025, we will continue to inject additional capacity into our three bases with new routes and extra frequencies, part of a system wide expansion plan over the next 12 months.”
Launched in 2017, flyadeal currently serves almost 30 year-round and seasonal destinations in Saudi Arabia and selected Middle East, European, and North African cities. The airline operates a fleet of 36 Airbus A320 narrowbody aircraft.
Russia battles Kyiv drone strike blaze for second day
- Kyiv hit the depot in the city of Engels, some 500 kilometers from the two countries’ border
- Hours after the drone strike, Russia bombed the Ukrainian city of Zaporizhzhia
MOSCOW: Russian firefighters on Thursday battled for a second day to put out a blaze caused by a Ukrainian drone strike on an oil depot.
Kyiv hit the depot in the city of Engels, some 500 kilometers from the two countries’ border, in Russia’s southern Saratov region on Wednesday.
Moscow has said that two fire firefighters died trying to extinguish the blaze.
Hours after the drone strike, Russia bombed the Ukrainian city of Zaporizhzhia, killing at least 13 people and wounding more than 100.
“Emergency services are continuing to put out the consequences of the drone attack,” Saratov governor Roman Busargin said on Telegram.
“Specialists say that it will take some time to complete the burnout process,” he added.
Busargin said there was “no threat” to residential buildings.
Russia declared an emergency situation in Engels on Wednesday.
Images on social media showed a giant plume of smoke rising over the city, which has a population of around 220,000.
Ukraine has hit Russian infrastructure – sometimes deep behind the front lines – throughout Moscow’s offensive.
It has said that hitting the depot will cause “serious logistical problems” for Moscow’s air force.
Hours after the drone strike, Russia struck Zaporizhzhia, a southern Ukrainian city close to Moscow-occupied territory, killing 13 people.
Kyiv on Thursday said that 113 people were also wounded in the Zaporizhzhia strike, in an updated toll.
Russian attacks on the southern Kherson region killed two people on Thursday, Ukrainian officials said.
Prosecutors said the attacks killed a 54-year-old man in the village of Beryslav – on the Dnipro river that marks the front line – and a 60-year-old woman in Nezlamne, west of the city of Kherson.
The conflict in Ukraine – nearing its three-year mark – has escalated in recent months, with both sides seeking to gain an advantage ahead of Donald Trump returning to the US presidency.
Turkiye to tell US that Syria needs to be rid of terrorists, Turkish source says
- Ankara has repeatedly demanded that its NATO ally Washington halt its support for the YPG
ANKARA: Turkish officials will tell US Under Secretary of State John Bass during talks in Ankara this week that Syria needs to be rid of terrorist groups to achieve stability and security, a Turkish Foreign Ministry source said on Thursday.
Bass’ visit comes amid repeated warnings from Turkiye that it could mount a cross-border military offensive into northeastern Syria against the Kurdish YPG militia if the group does not meet its demands.
The YPG spearheads the US-allied Syrian Democratic Forces (SDF), which played an important role in defeating Islamic State in Syria. Ankara views the group as terrorists and an extension of the Kurdish militants waging a decades-old insurgency against the Turkish state, and has said it must lay down its weapons and disband.
During his visit to Ankara on Thursday and Friday, Bass will hold talks with Turkiye’s deputy foreign ministers, the source said, adding the talks would focus on Syria.
Talks are expected to “focus on steps to establish stability and security in Syria and to support the establishment of an inclusive government,” the source said.
“Naturally, the Turkish side is expected to strongly repeat that, for this to happen, the country needs to be rid of terrorist elements,” the person said, adding the sides would also discuss expanding the US sanctions exemption to Syria for the country to rebuild.
Ankara has repeatedly demanded that its NATO ally Washington halt its support for the YPG. It has mounted several incursions against the group and controls swathes of territory in northern Syria.
Syria’s Kurdish factions have been on the back foot since the ousting of former President Bashar Assad, with the new administration being friendly to Turkiye.
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