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Email : [email protected] net/home.html 62nd YEAR No. 13 CAIRO WEDNESDAY, APRIL 1, 2015 ESTABLISHED 1945 Printed at Societe Orientale de Publicite Email : [email protected] (S.O.P.) - Cairo - Egypt A point of view GREAT AWAKENING OF THE ARAB WORLD The world suddenly woke up on the great awakening of the Arab world after a long snooze that was about to abolish it due to terrorism and the Iranian inter- ferences. The Arab summit endorsed Egypt's proposal to establish a joint Arab force to deal with terrorism, especially Daesh and other extremist groups, Al-Ahram said. Despite the uncertainties which surrounded the idea at the begin- ning, the insistence of President Abdel Fattah El Sisi and his enthu- siasm in convincing the rest of the Arab countries succeeded ultimate- ly not only to "approve the joint force" but also to renew the idea of Arab coalition after long years of failing to unite. However, there are important questions posed by Western circles: Does this mean the start of forming a new Middle East, and does the Arab awakening mean that the Arab countries will be "a difficult figure" in the equations of power? Or will the conditions deteriorate President Abdel Fattah El Sisi delivers his speech in the closing session of Arab Summit. again and the Arab would return to their division? ARAB SUMMIT AGREES ON UNIFIED MILITARY FORCE FOR CRISES Arab leaders, at a summit in Egypt, announced the forma- of 2011 are stark and complex. While conflicts intensify in Yemen Arab leaders said the Saudi-led operation would continue until tion of a unified military force to counter growing security and Libya, the civil war in Syria is entering its fifth year. Egypt, the Iranian-allied Houthis withdraw, and hand over their weapons threats from Yemen to Libya, Arab News said. the most populous Arab state, faces an Islamist militant insur- and the country is united. Working out the mechanism and logistics of the unified force, gency. The Saudi-led operation in Yemen has underlined the rivalry an idea floated by Egyptian President Abdel Fattah El-Sisi, could Islamic State militants have taken over swathes of Iraq and between the predominantly Sunni kingdom and Shiite Iran and it take months. Syria and spawned splinter groups across the Arab world. The could inflame sectarian proxy conflicts that have spread in the Previous, similar schemes have failed to produce tangible United States and other major powers are seeking a final nuclear Middle East since the Arab Spring uprisings of 2011. results in the divided Arab world. Egyptian Foreign Minister deal with Iran, in a process that worries many Sunni Arab leaders Chaos in Libya may be one key test for the unified force if it Sameh Shukri told a news conference the Arab force would be wary of Shiite Iran’s growing regional influence. intervenes in a country with factions allied to two governments, voluntary, meaning no one country would be forced to take part The summit final communique called for “co-ordination, vying for control of territory and oil facilities. King Salman delivers his speech and it could give member states flexibility should differences efforts and steps to establish an unified Arab force” to intervene El Sisi has repeatedly called for concerted Arab and Western to the Summit. arise. At least two countries have committed to the force, he in countries such as Yemen. action against what he sees as an existential threat posed by mil- added. The move came after Saudi Arabia patched together a 10-nation itant groups operating in Libya and elsewhere. Al-Gomhouria referred to The unified force would be supervised by the chiefs of staffs of Arab coalition against Houthi fighters who have made rapid He ordered air strikes against Islamic State militants in Libya President Sisi's address in the Arab Arab armed forces, El Sisi told the summit. advances in Yemen and launched military strikes against them after the ultra-hard-line Sunni group beheaded 21 Egyptian summit; where he pinpointed the The dangers facing the region since the Arab Spring uprisings last Thursday. Christians there. importance of considering other challenges, along with the security ones, represented in the accumulat- GOLD FALLS ON LIBYA BOOSTS OIL OUTPUT DESPITE TURMOIL BRENT CRUDE UP GULF STOCK MARKETS REGAIN ed economic and social problems; DOLLAR AFTER 7- Libya, struggling with militant attacks and two governments vying for control warning that some external parties of the country, has boosted oil production to around 622,000 barrels a day (bpd), BY OVER 5% GROUND make use of the economic and DAY RALLY, SET FOR a report from state firm NOC said, higher than previously expected, according Brent crude surged by as to Reuters. social circumstances experienced WEEKLY GAIN The North African oil producer has managed to bring fields in western Libya and more than five per cent last by some Arab countries to interfere Gold fell last Friday, snapping a eastern ports back online despite militant attacks and fighting between rival factions Thursday after air strikes in their affairs or polarise a part of seven-day rally as the dollar allied to the two competing governments in recent weeks. in Yemen, before paring their citizens in a way that threatens rebounded after Federal Reserve Oil production has risen to 622,286 bpd, a report from Libya's National Oil gains by almost half to the national security, the Arab iden- officials signalled. They remained Corporation in Tripoli said, a copy of which was seen by Reuters last Friday. Industry tity and the nation's existence. on track to raise rates this year, sources had last reported output to be less than 500,000 bpd. trade back near $58 a bar- but the metal still looked set to Libya's gas production is 2.05 billion cubic feet a day, the report said. rel, Reuters said. post its second straight weekly (Cont. on page 4) Brent futures were up PM ARRIVES IN gain, Reuters said. At separate EXPORTATION CONTRACTS TO MARKETS OF $1.69 at $58.17, off an earlier ETHIOPIA TO ATTEND events last Thursday, the presidents high of $59.78. of the St Louis Fed and Atlanta Fed ROMANIA, BULGARIA, MOLDOVA COMESA MEETING The activities of the Export Council for Building Materials mission to US crude was up $1.12 at Prime Minister Ibrahim Mahlab said an adjustment away from ultra- Romania ended last Sunday in which 15 Egyptian companies partook. loose monetary policy might be $50.33 a barrel, after reach- arrived in Addis Ababa to take The Egyptian companies won many exportation contracts to the markets of part in the 18th session of Common needed in light of the US economy's Romania, Bulgaria and Moldova. ing $52.48 earlier in the ses- improvement since the 2007-2009 Head of the aforementioned council Waleed Gamal El-Deen said that a report is sion when both contracts Market for Eastern and Southern financial crisis. "US growth and the currently being prepared about the activities of the mission in question and the suc- gained around six per cent. Africa (COMESA). outlook for interest rates ... for us are cess that it scored regarding inking contracts with many European companies to be Traders follow the stock market activity at the Kuwait Stock Mahlab is accompanied by the Oil prices pared gains after Exchange. (AFP) ministers of industry, housing, elec- the main drivers and we'll see further referred later to industry minister Mounir Fakhry Abdel Nour. the dollar strengthened in the incremental declines in the gold EGX INDEXES UP Stock markets in the Gulf states suffered early losses tricity and planning. price," Julius Baer's head of com- The Egyptian Stock Exchange (EGX) closed last Sunday with relative gains wake of strong employment last Thursday on fears over Saudi Arabia’s air strikes on A high-profile Ethiopian official modity research Norbert Ruecker backed by share purchases by Egyptian retail investors countered by selective data, having earlier hit its Shiite rebels in Yemen but regained ground at the close, received Mahlab and his accompany- said. Spot gold eased 0.3 per cent to sales by foreign investors. lowest against the euro in AFP said. ing delegation at the airport. $1,20.80 an ounce. The metal The market capital achieved gains of LE2.2 billion to reach LE502.1 billion, after The Saudi Tadawul All-Shares Index, the largest in the Mahlab delivered Egypt's speech three weeks. before the African gathering. jumped two per cent last Thursday to transactions hitting LE1.5 billion. The EGX 30 benchmark index soared by 0.12% Dollar-priced commodities region, closed the day up 0.4 per cent on 8,903.49 points, its highest since March 2 at to close at 9,062.99 points. after diving at the start of trading when it shed 4.0 per cent The speech tackled Egypt's steps $1,219.40 in reaction to tensions in The broader EGX 70 index of the leading smaller and mid cap enterprises (SME) tend to move inversely to the towards development and stability rose by 1.05% to 507.32 points.