GCC Allies Pledge $12 Billion to Sisi's Egypt
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SUBSCRIPTION SATURDAY, MARCH 14, 2015 JAMADA ALAWWAL 23, 1436 AH No: 16459 Iraq forces pound MERS kills 10 in NBA-worst Knicks besieged Islamic Saudi as death hold off Lakers State jihadists7 toll36 mounts for42 rare road win GCC allies pledge $12 billion to Sisi’s Egypt Min 15º 150 Fils Kuwait announces $4 billion investments Max 25º SHARM EL-SHEIKH: A handout picture shows Egyptian President Abdel Fattah El-Sisi (center) posing for a picture with the participants of the Egypt Economic Development conference in the Red Sea resort of Sharm El-Sheikh. Saudi Arabia, Kuwait and the United Arab Emirates pledged a combined $12 billion in aid and investment yesterday to help Egypt’s strug- gling economy. — AFP SHARM EL-SHEIKH: Gulf Arab allies Egypt as part of a $1.9 billion power proj- tion, needed to be improved as well. On ments, cash grants and central bank pledged a further $12 billion of invest- ect. Thursday, Sisi ratified an amended invest- deposits. The government targets a budget ments and central bank deposits for Egypt Egypt also expected to sign several ment law designed to create a one-stop deficit of 10 percent of gross domestic at an international summit yesterday, a big memoranda of understanding at the con- shop for investors. product by 2018/19, down from 15 percent boost to President Abdel Fattah El-Sisi as ference, including one for the construction Saudi Arabia, Kuwait and the UAE, which last year. Unemployment, currently around he tries to reform the economy after years of a new administrative capital with a price- backed the overthrow of Islamist President 13 percent, is also a major challenge. GDP is of political upheaval. Kuwait, Saudi Arabia tag of about $40 billion, Salman said. He Mohamed Morsi in July 2013 following expected to grow by four percent in the fis- and the United Arab Emirates each offered gave no details. The conference shaped up mass protests, have kept Egypt’s economy cal year ending in June, up from 2.2 per- $4 billion to Egypt, which is grappling with as an important test of Egypt’s reform afloat since then with $23 billion in oil ship- cent last year, officials say. — Reuters Islamist insurgents as it tries to improve the agenda under Sisi, a former army chief who investment climate four years after a popu- wants to remove investment barriers to lar uprising that touched off protracted tur- help turn around the ailing economy of the moil. Arab world’s most populous country. UAE to expel 63 The UAE said it would deposit $2 billion Sisi’s crackdown on Islamists and secular of its pledge in the Egyptian central bank, opponents has drawn fire from human while Saudi Arabia said $1 billion of its rights groups. But has won praise from for- Lebanese Shiites pledge would go to the bank. Egypt hopes eign investors by cutting fuel subsidies that the conference will project an image of sta- imposed a heavy burden on the state and bility and improve investor confidence hit by implementing other reforms. He told 70 Lebanese citizens to be deported by the political upheaval touched off by the conference that his vision for Egypt’s the fall of veteran ruler Hosni Mubarak. economy centered on improving state BEIRUT: The United Arab Emirates will In 2009, dozens of Lebanese Shiites Cairo wants to double foreign investment finances and encouraging private sector expel 70 Lebanese nationals, mostly who had lived in the UAE for years were in this fiscal year to $8 billion, despite an investment through legislative reforms and Shiite Muslims, within the next 24 hours, expelled on suspicion of links with Islamist insurgency in northern Sinai and respecting contracts in order to achieve Lebanese officials said yesterday. “The Hezbollah, the Lebanese Shiite move- frequent militant attacks across the coun- growth rates of six percent over five years ministry of foreign affairs was informed ment supported by Iran and opposed by try. and reduce unemployment to 10 percent. by the Lebanese embassy in the Emirates Sunni-ruled Gulf monarchies. In 2013, “I’m expecting here to see $15-$20 bil- The head of the International Finance that 70 Lebanese will be deported by the Qatar deported 18 Lebanese nationals lion in agreements signed,” Investment Corporation (IFC), a global development authorities in the next 24 hours,” Foreign after the Gulf Cooperation Council decid- Minister Ashraf Salman told Reuters earlier, institution, said he was encouraged by Minister Gebran Bassil said. He was ed to impose sanctions against adding that the deals would cover power Egypt’s reforms but called for further action unable to give a reason for the expul- Hezbollah for its military intervention in plants, real estate and agricultural projects. to improve the investment climate. “We are sions. Sixty-three of those to be deported war-torn Syria to support President General Electric said it would invest $200 happy to see that progress but there is a lot are Shiite, according to another senior Bashar Al-Assad. The UAE was criticized million in a manufacturing and training more work that needs to be done. The sign Lebanese official who did not want to be by Sunni Islamists for not including facility which it sees as part of an economic is positive, we need to see more,” Jin-Yong named. An official in the UAE, which Lebanese Hezbollah on a list of 83 “ter- hub being built near the Suez Canal. It also Cai told Reuters at the conference. He said hosts more than 100,000 Lebanese work- rorist” organizations it published in said it had delivered 34 gas turbines to Egypt’s regulations, and their implementa- ers, declined to comment. November. — AFP England end World Cup with Afghanistan stroll SATURDAY, MARCH 14, 2015 SATURDAY, SportsSports 46 INDIAN WELLS: Daniela Hantuchova of Slovakia, returns to Klara Koukalova of the Czech Republic, at the BNP Paribas Open tennis tournament. —AP Niculescu books Serena showdown INDIAN WELLS: Monica Niculescu rolled over arrived in Indian Wells Wednesday less than Wednesday, British number one Heather everything else. Aleksandra Krunic 6-2, 6-1 to book a second 24 hours after competing in an exhibition Watson, Mona Barthel and Irina Falconi The 27-year-old Serbian star is aiming for round clash with Serena Williams at Indian match against Grigor Dimitrov at Madison emerged victorious. Rising star Watson took back-to-back Indian Wells titles to go with his Wells, where the American returns this week Square Garden in New York. on former top 15 player Julia Goerges, of fifth Australian Open title won earlier this after a 14-year hiatus. Federer, who won his seventh title in Germany, in the first main draw contest of the year. Reigning Australian Open champ Williams Dubai earlier this month, will begin his Indian tournament. He has two Wimbledon crowns and one US is one of 32 seeded players who received a Wells campaign with a second round match Watson appeared to be headed for a Open but has yet to lift the trophy at Roland first-round bye at the joint ATP Masters and against either Jerzy Janowicz or Diego straight-set victory by compiling a 6-4, 5-3 Garros, having finished runner-up twice. WTA tournament in the California desert. Schwartzman. The world number two said he lead. But Goerges rallied to win five games in “The highest priority is the French Open,” Top seed Williams is competing in the is hitting the ball well and is feeling good a row to take the second set and go up a he said Thursday at the Indian Wells Tennis tournament for the first time since her self- about his chances this week. break at 1-0 in the third. Still, Watson Garden stadium. “The French Open of course imposed exile began in 2001. She claimed “I don’t feel like I have that many bad days regrouped to beat Goerges 6-4, 5-7, 6-3. is the Grand Slam I’ve never won. But I’ve had two singles titles in 1999 and 2001. anymore,” Federer said. “Maybe sometimes American wild-card Falconi beat Croatia’s a lot of good tournaments there. I played a “It’s exciting,” Serbia’s Ana Ivanovic said of you come out and it’s not working. That’s Ajla Tomljanovic 7-6 (8/6), 6-4. The 24-year- couple times the finals there, got a step clos- Williams’ return to the event. “Obviously you something that happened very few times in old Falconi was one of seven Americans who er.” Djokovic said he doesn’t agonize over his want to compete against the best.” the years where I was very dominant. took the court Wednesday. defeats in the final of the French but rather This will mark the first career meeting Otherwise, I feel like I am playing very well.” Among other matches, Germany’s Barthel sees them as a learning experience. “I use the between Williams and Romania’s Niculescu Federer said he is going to use the time outlasted Kristina Mladenovic of France 6-3, 5- losses as a way to grow mentally, physically when they square off Friday night on stadium between now and his first match to adjust to 7, 6-4, Elena Vesnina of Russia beat qualifier and emotionally as a player so I can under- court at the Indian Wells Tennis Garden. “I the playing surface. “I was always going to Kateryna Kozlova of Ukraine 6-3, 6-3 and qual- stand what I need to do better,” he said. He don’t really know what to expect because we come here and make sure the first few days I ifier Daria Gavrilova of Russia surprised Silvia said Thursday he doesn’t want to dwell on haven’t played before,” Niculescu said.