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Al-Ahram Weekly
3 days ago
- Sport
- Al-Ahram Weekly
Empowering her - Egyptian Football
The participants, one from each African football association, attended because they are already leaders - in their clubs, associations, communities and within the wider football ecosystem. The aim of the African Football Confederation (CAF) is to support these women in deepening their leadership journey, sharpening their skills and strengthening their voice in the game they all love. The programme, which was inaugurated by CAF General-Secretary Veron Mosengo-Omba, was built around five key objectives: empowering women in leadership roles which helps them recognise and harness their unique strengths while navigating and overcoming challenges of leading in a traditionally male-dominated industry; developing leadership skills which provides women with practical tools and insights into effective leadership, and decision making, communications and conflict resolution, enabling women to lead with confidence and influence. Third is enhancing personal and professional growth which encourages women to reflect on their leadership journey, set goals and cultivate a growth mindset to continuously evolve both personally and professionally. Fourth, fostering a strong leadership network, building a community where women in football leadership can connect, share experiences and support one another long after the program ends. Lastly, creating actionable leadership plans, which helps equipping women with strategic, practical leadership development plans they can implement within their organisations, communities and federations. The three-day programme also included the following topics: 'The Story of Self' where participants get to understanding their selves, who they are, what they stand for and how to lead; 'The Story of US' where participants understand others; how to connect, collaborate and get the best out of others and 'The Story of Now' which included action planning and putting it into practice. The programme presented how self-awareness is the foundation for effective leadership which will support participants to identify and leverage their strengths, identify their areas for development and understand how this impacts their leadership style. Leaders who are self-aware can build stronger relationships, make better decisions and create positive working environments for their team. The programme also focused on values, which are personal to the participant leaders; they are their principles or standards of behaviour. Values can support them in leadership when it comes to decision-making or how they behave as a leader. The participants also learned that understanding what motivates them is a key part of the journey of self-discovery as a leader. * A version of this article appears in print in the 26 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
3 days ago
- General
- Al-Ahram Weekly
Stories from the land of Egypt - Features - Al-Ahram Weekly
Dina Ezzat talks to geographer Atef Moatamed about the changes taking place in the human geography of Egypt as a result of modern attitudes and the loss of traditions 'We will only understand our country when we walk its roads and deserts and move around its villages and cities, whether in the Nile Valley or further afield at its borders,' said Atef Moatamed, a geographer and writer, commenting on the many festive occasions that take place across Egypt such as the slaughter of sheep for the Eid Al-Adha or the end of Muslim fasting at the end of Ramadan and the Eid Al-Fitr or the celebration of Christmas or Easter. * A version of this article appears in print in the 26 June, 2025 edition of Al-Ahram Weekly 'Religion and religious festivities are always subject to folk influences, and they are inspired by the nature and habits of communities,' Moatamed said. He added that while there are of course common elements that connect the country together, there is no denying the fact that for centuries Egypt was as diverse as it was unified. This diversity, he said, is a fact about the place. A professor of geography at Cairo University, earlier this year Moatamed saw the launch of his book Sawt al-Makan: Sayran ala al-Akdam fi Goghrafia Masr (The Sound of Place: A Walk through the Geography of Egypt), a 270-page volume published by Cairo publisher Al-Shorouk. It is neither an academic text on the geography of Egypt nor a traveller's chronicle, however. Instead, it is a dedicated attempt to explain the impact of the diversity of the country's topography on the cultural makeup of its people, including in the Nile Valley, the coastal cities, and at the borders. The book does not cover the country's entire 1,010,408 square km, of course. But it is representative of what could be called the 'many profiles' of Egypt – profiles and not faces, Moatamed says, because he is convinced that Egypt's diversity does not undermine its core uniformity. He reminds us that similarities are always there to qualify diversity in one way or another. It is hard to overlook the imprint of ancient Egypt 'as a culture and an identity' on the habits and practices of modern Egyptians, for example. Moreover, it would be hard to argue that the three Abrahamic religions are practised in Egypt in the same way they are elsewhere, he said, despite the fact that they vary 'from one part of the country to another.' In his book, he reflects on the way religion changes into cultural practices in different locations in the country. 'Across Egypt, tolerance is hard to miss,' he said, adding 'this is a function of how all Egyptians perceive religion – as a concept and not just as a faith. But it is also a function of the impact of the topography of Egypt, which prompts unity and a sense of togetherness,' he added. But there are differences. One example mentioned in the book is the cemeteries of Al-Shatbi in Alexandria, which Moatamed says are as serene, but less sombre, than those elsewhere. This is the inevitable result of religious diversity and its impact on practices of remembering the dead. In Nubia in the far south of the country, Moatamed sees an openness to colour that is not easily spotted elsewhere. This is the case despite the displacement of the Nubian population in the 1960s as a result of the construction of the Aswan High Dam. But there is still a lot that residents of the Nile Valley share, despite their local differences. 'Today, there are many references to the word Kemet, which means the 'Black Land' or the fertile land where the ancient Egyptians lived in the Nile Valley,' Moatamed said. The name is not designed to reflect a sense of ethnic superiority as some might think today. 'It is a sense of identity that comes from the geographical core of the country,' he stated. Over the centuries, the geographical scope of the country has changed, mostly by expansion, allowing the introduction of neighbouring cultures 'including the Nubians, the Amazigh, the Arab tribes, the African tribes, and others.' This expansion and the closer association between the Black Land of the Nile Valley and the Red Land of the Desert to the east and west created new cultural rhythms, according to Moatamed. He argued that it is hard to underestimate the impact of incoming influences, especially that of the Arab Conquest, which introducing a new language – Arabic. ARRIVALS: Egypt has worshipped countless deities over its millennia-long history, Moatamed said, and religions in general have had a wide impact. 'It might not be something that many people know, but the Nubians embraced Christianity first and then Islam,' he said. He noted that geography was not neutral in the way that different religions gained ground in Egypt. The spread of each new religion avoided parts of the country that were surrounded by mountains. Moreover, the way religion ended up being perceived and practised in different parts of the country was influenced by local cultures. The impact of geography was also important in the choices made by invaders who have conquered Egypt over the centuries. 'Both the Arabs and the Europeans, whether the Greeks in 300 BCE or the French and the British in the 18th century CE, came to Egypt via the north coast, where the city of Alexandria came to be founded,' he said. But in the case of Arabs, who came in the seventh century, it was impossible for them to settle in Alexandria or to take it as their capital 'because Alexandria is about the sea, and the Arabs who came from the heart of the Arabian Peninsula in the seventh century had no association with the sea. They knew the desert better and preferred it.' Diversity continued to influence space in Egypt over the centuries, especially with the improvements in connectivity that allowed people from the north to get a taste of the life of people of the south and vice versa. 'Today, we see that the ethnic roots of clothes and jewellery are being celebrated – from Nubia, Siwa, and Sinai – but they are all celebrated as authentic Egyptian arts,' he said. 'Egypt is one land, but it is not one thing; this is something we should be happy about because it is ultimately a source of richness,' Moatamed added. In ancient Egypt, all Egyptians worshipped one God, but each of its over 40 provinces had its own deity. Today, each province exhibits a cultural duality – one side owing to its association to the whole of Egypt and the other owing to its particular geographical and topographical identity, with adjacent provinces sharing much of this. However, modernity has been affecting this ancient pattern. 'Weddings across Egypt are becoming less unique and more standardised and more in line with norms generated from the centre, for example,' he said. There is less space for local songs than there used to be, for example in the Oases of the Western Desert, and all brides now go to beauty salons to have their hair and makeup done before the wedding, even waiting at the salon for the groom to pick them up from the doorstep. 'This would not have been the case in the past,' Moatamed stated. What goes for social occasions also goes for religious ones, he argued. More and more of the specific practices associated with the holy Muslim month of Ramadan or the Eid Al-Adha are disappearing in favour of more standardised behaviour. This is a function of modernity whose advances are curtailing the uniqueness of different places and bringing more connectivity. 'When I think of peasants in the villages of Sohag [in Upper Egypt], for example, I can see the change,' Moatamed said. 'In the past, their lives were all about farming. They were attached to the land, and they would not want to leave. This is no longer the case.' 'With the increasing demand for workers for the mines across the Red Sea desert, these farmers are leaving their land,' Moatamed said. This, he explained, is a function of the changing nature of the local geography due to the greater connectivity between Sohag and the Red Sea. It also leads to another change, namely the decline in the use of agricultural land. CHANGE: Modernity is not the only bringer of change to Egypt, Moatamed said, since there is also climate change. He referred to the erosion of the North Coast in and around Alexandria, something reported on in his book in detail. Speaking to Al-Ahram Weekly before the storm that hit the city in late May, Moatamed said that he was as worried for Alexandria as he is for Port Said and the entire north of the Delta. 'I am not sure we are ready to deal with the consequences of climate change on the North Coast, and my fear is that we could lose some of these cities or at least face a dramatic change in their nature and consequently in the story they have contributed to the overall story of Egypt,' he stated. There are other factors whose impacts are coming, among them economic. Moatamed said that economic pressures are prompting more and more people to abandon their land in favour of more profitable jobs in the country's cities. The construction and operation of the Grand Ethiopian Renaissance Dam (GERD) that is feared will influence the flow of Nile water into Sudan and Egypt is another factor to take into account with regard to the possible impact on agricultural land, he said. 'It is painful to see the decline in agricultural land, whatever the reason,' he said, adding that this will impact the villages of the Delta and Upper Egypt and consequently also their cultural practices. In his book, Moatamed pays tribute to the commitment that the people of Nubia have shown to their traditions even after their displacement from their traditional land with the building of the High Dam. He writes at length about the 'right to place,' the title of the second chapter of the book, where he laments the inegalitarian access to Mediterranean beaches that have become closely associated with the financial ease. He also laments the lack of access to Red Sea beaches, which 'again is about economic limitations,' he says. In the latter area, the issue is not just socio-economic inegalitarianism but also industrialisation and a development plan that gives hardly any consideration to the 'right to place, including the right to access the beaches that people are supposed to be entitled to,' he said. 'We have forgotten that the banks of the River Nile in Cairo are often no longer accessible for strolls for those without financial means, unless they work in the restaurants and cafes that are dedicated to those who can afford them,' he added. In the central chapter of the book, Moatamed reminds readers that the 'relationship between people and nature – be it the river, the sea, or the land – is not about leisure and pleasure,' but instead is 'the main motive for creativity and productivity.' 'Zoning off the river and the sea with gates that only the rich, and never the poor, can get through does not just lead to short-term socio-economic grievances but also actually undermines the [inspiring] concept of endlessness... in favour of the [constraining] concept of limitation,' he said. He said that his book is a testimony about things that are endangered. 'I am not sure that we can be accurate when we talk about endangered things, because at the moment it seems that so many things, or almost everything, is somehow at risk,' he added. Worrying about the loss of connections between places and people in Egypt is not an idealistic thought, he argued. It comes from an understanding that the more these connections decline, the less association people will have with places and for that matter with the culture that they have given rise to, he said. Such changes also affect the relationship between the tribes of the Eastern and Western deserts and the land, which has now become more about making money through tourism or other activities than about traditional affinity. 'Some 20 years from now, those who are currently in their 30s will not be the 'elders' of their local communities. Unlike [those who are in their 50s today], they will not have sufficient knowledge to share the incremental story of Egypt,' he stated. In the introduction to his book, Moatamed writes that his decision to share his trips across Egypt and the research associated with the impressions he has gathered is about sharing testimony but also about calling attention to the need to think carefully about what must be done to keep the Egypt story intact. It is time for other people to set out on tours of Egypt, even in the simplest and most basic ways, in order to get a close and first-hand look at a story that might impact them in different ways and to take ownership of it. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
6 days ago
- Politics
- Al-Ahram Weekly
Ceasefire ambiguities keep the region on edge - World - Al-Ahram Weekly
Is the ceasefire between Israel and Iran a genuine pulling back from the abyss or is it just a fragile truce in an ongoing conflict, asks Al-Ahram Weekly The announcement of a ceasefire between Iran and Israel by US President Donald Trump has stirred a complex mix of emotions among Iranians. Though the guns have momentarily fallen silent after a 12-day confrontation, many Iranians view the development with cautious scepticism rather than unreserved relief. While war weariness is palpable, and no one desires prolonged bloodshed, there is widespread doubt that this ceasefire signals genuine peace. Central to Iran's ambivalence is an entrenched distrust of both Israel and the US. For many, Trump's triumphant proclamation of peace feels performative, an assertion undermined by his administration's erratic Middle East policies and the conspicuous lack of clarity surrounding the ceasefire's terms. The agreement's vagueness, its undefined enforcement mechanisms, and the opacity of its conditions all fuel suspicion. Is this a diplomatic breakthrough, or simply a strategic retreat, allowing both sides to regroup before the next confrontation? Yet, even amid these doubts, there has emerged a quiet undercurrent of national pride. Many Iranians believe their country demonstrated admirable resilience, striking blows against Israel's infrastructure, economy, and military prestige. This narrative reinforces the conviction that Iran is no passive victim in this conflict but a formidable actor capable of exacting a heavy toll. The ceasefire came as a surprising and unexpected American intervention just days after Israeli Prime Minister Benjamin Netanyahu hinted at an impending truce. It seems the three key players in this conflict, Israel, the US, and Iran, each saw value in de-escalation before the situation spiralled into a prolonged and costly military confrontation with unforeseeable consequences. From Washington's perspective, the Trump administration believes it has achieved its objectives. On 13 June, it granted Netanyahu a green light to launch strikes against Iran, targeting high-ranking military officials, nuclear scientists, and key installations connected to Iran's nuclear and missile programmes. This was a calculated move to bolster America's negotiating leverage in future talks with Tehran regarding its nuclear programme, ballistic missile programme, and regional policies. Subsequent US strikes on Fordow, Natanz, and Isfahan were meant to further pressure Iran into compliance. Following these operations, Trump declared Iran's nuclear capabilities significantly degraded, warning that a refusal to negotiate would invite even harsher measures. He went so far as to threaten the elimination of Supreme Leader Ayatollah Ali Khamenei, suggesting that an organised pressure campaign could precipitate the regime's collapse from within without the need for US ground forces. This strategy, a form of surgical military intervention, avoids entangling America in another protracted Middle Eastern conflict while advancing political outcomes favourable to US interests. It narrowed the divisions within the Trump administration. It also served to unify Trump's electoral base, sparing him and Pentagon officials the spectre of internal divisions – a welcome source of relief. For Netanyahu, however, the ceasefire arrived sooner than he and his government's hardliners had anticipated. Despite the severity of Israel's strikes, the effectiveness of US actions, particularly against Fordow, the cornerstone of Iran's nuclear programme, remains in doubt. Israel's subsequent unilateral strike on the facility suggests lingering scepticism. For Israeli hawks, the confrontation has been nothing short of disastrous. Iran's robust retaliation dealt a severe blow to Israel's doctrine of 'strategic deterrence,' the bedrock of its national security doctrine. This principle, which rests on the assumption that Israel's military might dissuades any adversary from attacking, was shattered in the 12-day war. Iran's strikes on military installations, research centres, and critical infrastructure inflicted substantial damage and sowed widespread panic, driving Israelis to flee in search of safety abroad. Moreover, Netanyahu failed in his attempts to drag the US into open war or destabilise the Iranian regime. Far from collapsing, Tehran saw its populace rally in defiance. Ending hostilities under these terms amounts to a strategic defeat for Israel, and from here come the Netanyahu government's attempts to accuse Iran of violating the ceasefire to justify renewed aggression. Yet, the most striking development came from Trump himself, who expressed dissatisfaction with both parties, particularly Israel. Before departing for the NATO Summit in The Hague, he told reporters that Israel 'unloaded' right after agreeing to the deal. He warned Israel not to drop further bombs on Iran, posting on his social media account Truth Social , in all-capital letters, 'Israel. Do not drop those bombs. If you do it is a major violation. Bring your pilots home, now! Donald J. Trump, President of the United States.' He also called Netanyahu to request him not to launch an attack on Iran, according to the website Axios. Netanyahu reportedly told Trump that he could not call off the operation but added that the planned attack would be significantly scaled back, targeting only a single site rather than multiple locations. Beneath the surface, clearly, there are tensions between Trump and Netanyahu, reflecting the growing divide between them over the next course of action. For Iran, at this stage of the conflict it appears to have secured significant strategic gains despite enduring substantial military and human losses. Iran has engaged Israel on an equal footing, delivering a clear message: it possesses the capability to inflict serious damage and strike critical targets deep within Israeli territory, notwithstanding Israel's sophisticated air-defence systems, including the Iron Dome, David's Sling, and Arrow missile shield. From Tehran's perspective, while its nuclear facilities have sustained damage, none of it is deemed irreparable. Iran had pre-emptively relocated its stockpile of highly enriched uranium to a secure site ahead of the US strikes, and contrary to American claims most enrichment facilities remain intact. Its missile programme also remains operational and potent, as evidenced by the recent barrage of missiles that have revealed vulnerabilities in the US-Israeli missile defence network. A reformist Iranian politician closely aligned with President Masoud Pezeshkian's inner circle told Al-Ahram Weekly that the US and Israeli assumption that military aggression would sow panic among Iranians and compel Tehran to the negotiating table to surrender its nuclear and missile rights has already proven misguided. 'We are stronger today than we were 12 days ago,' he stated. 'We were not defeated; we delivered powerful blows to the enemy, who ultimately pleaded for a ceasefire. When negotiations resume, they must come to the table with due respect for the Iranian nation. We do not yield to threats, and we are not afraid of war when it comes to defending our rights.' The truth is that achieving a ceasefire is the relatively easy part of ending a war. The real challenge lies in what comes next: the settlement negotiations. Israel and its allies are expected to push Iran to completely halt uranium enrichment on its own soil and to accept limitations on its missile programme. However, Iran refused these demands before the war, so why would it accept them now? As a result, we are likely to see months of complex negotiations involving the US, the European powers, and Iran, possibly with China and Russia also at the table, aimed at finding mutually acceptable compromises. The outcome of these talks will be pivotal in determining whether the Middle East descends into a wider regional conflict or moves towards a much-needed de-escalation. It appears that pressure has begun on Iran to sit at the negotiating table, as France has called on Tehran to restart negotiations over its nuclear and ballistic missile programmes, according to a Foreign Ministry statement. 'Iran must engage without delay in talks to reach a comprehensive agreement addressing all concerns about its nuclear and ballistic activities, as well as its destabilising actions,' the ministry said. In a bid to revive diplomatic engagement, Rafael Grossi, head of the UN nuclear watchdog the International Atomic Energy Agency (IAEA), revealed on Tuesday that he had reached out to Iran's Foreign Minister Abbas Araqchi proposing high-level talks in the wake of the brokered ceasefire between Tehran and Israel. He took to X to underscore the stakes, suggesting that renewed Iranian cooperation could pave the way for a 'resolution to the protracted dispute over the nation's nuclear ambitions.' His appeal signals a cautious yet pivotal opportunity for de-escalation. Meanwhile, Iran has begun evaluating the damage to its nuclear programme following the Israeli and US strikes on key atomic sites, nuclear chief Mohammad Eslami said on Tuesday, according to state-run Mehr News Agency. Eslami stated that contingency plans were in place to restore operations, emphasising that 'the goal is to avoid disruptions in production and services.' Thus, the ceasefire is not a resolution but a respite or a window of opportunity. For some, it is a chance to consolidate domestic strength, reassess geopolitical strategies, and revive diplomacy. For others, it is merely the eye of the storm and a deceptive calm before hostilities resume. * A version of this article appears in print in the 26 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
6 days ago
- Politics
- Al-Ahram Weekly
The aftermath of the 12-day war
What will likely be the short- and long-term impacts of the US intervention in the Israeli military offensive against Iran, asks Al-Ahram Weekly The next few days are expected to be crucial in assessing the sustainability of the ceasefire that US President Donald Trump announced in the early hours of Tuesday, a few hours after Iran launched limited and casualty-free attacks on US military bases in Qatar and Iraq. The fact that it only took a few hours for the ceasefire to be breached, as Trump said, by both sides, undermined hopes for this most recent chapter in regional instability to be closed, as some Cairo-based and Egyptian diplomats said on Tuesday afternoon. Acknowledging the breaches, Trump said that he was 'unhappy' with both Iran and Israel but particularly with Israel. He added that he had told Israel 'do not drop these bombs' on Iran. Both Iran and Israel said that they had not started the breaches in the ceasefire. But both said they would retaliate. However, the Israeli press reported that at the demand of Trump during a telephone call with Israeli Prime Minister Benjamin Netanyahu on Tuesday, Israel had decided to scale down its attacks. An informed Egyptian source said that both Oman and Qatar had been stressing to Tehran the need to shrug off the upcoming Israeli strikes as insignificant and to refrain from retaliating in return for some accommodating statement from Washington. Effectively, Trump said that Israel should not have conducted the attack that hit the north of Iran on Tuesday afternoon. According to the source, the basis of the ceasefire deal, 'which was negotiated through back channels with the help of the Qataris and the Omanis,' was for Iran and Israel to almost simultaneously suspend their tit-for-tat strikes. Iran, he said, was asked to stop 'just a few hours earlier'. But 'Netanyahu will try to keep up the sorties against Iran for as long as he can. He will only stop when he feels that Trump's patience is wearing thin,' the source said. This chapter of regional tensions started on 13 June, when Israel hit Iranian nuclear and military facilities and individuals in what opened a 12-day trade of attacks with missiles and drones that continued until the US bombed three key Iranian nuclear facilities on 20 June. On Monday evening, Iran launched missiles at US facilities in Qatar and Iraq, later expressing regret for its attack on the Al-Udeid US military base in Qatar, according to an official statement from Doha. 'Neither the US nor Iran wants to be engaged in a confrontation for much longer,' said Ahmed Morsy, a visiting fellow at the Middle East Council in Qatar. He said that the regime in Tehran is well aware that 'it cannot put up for long' with a military confrontation with the US. He added that Trump's decision to attack Iranian nuclear facilities was not the result of a consensus within the American establishment. The fact that Trump ordered the attacks without Congressional authorisation makes it mandatory for any act of war to be contained. 'Had it not been for the lobbying that Netanyahu exercised, Trump would have preferred to give diplomacy a chance and work for a deal with Iran on its nuclear programme, which was far from being impossible,' Morsy said. 'Iran too was seriously negotiating for a deal.' With the current settling of scores, Morsy said, both the Americans and the Iranians will want to move forward towards resuming negotiations for a nuclear deal. 'The trouble now is Israel. Netanyahu, who might be suffering from his multiple wars, may not wish to end the confrontation with Iran, despite the damage that Iranian missiles have inflicted on Israel, before either getting a regime change in Tehran or making this change one or two steps away,' he added. Morsy said that since the assassination of Hizbullah leader Hassan Nasrallah in Beirut in September last year, and the previous and subsequent elimination of other leaders of Hizbullah and Hamas, Netanyahu has been moving ahead with the plan that he has been openly talking about for some time — change across the Middle East. During the past year and a half, Netanyahu has gone a long way in securing a crucial element of this plan, Morsy said, namely the elimination of the resistance camp that was headed and managed by Iran. Today, he argued, there are two key questions. The first is about the time that Netanyahu needs before he decides to really end the confrontation with Iran, especially as he has eliminated the core of Iran's top military leaders, 'notably those on the radical side,' and the scientists who stood behind Iran's nuclear programme. The second is what Netanyahu's second step will be in his plan to change the picture of the Middle East. 'It is obvious that this will be to displace the Palestinians from Gaza and to annex the West Bank,' Morsy said, territories that have been under the control of the Palestinian Authority (PA) since the mid-1990s after the launch of the Palestinian-Israeli Peace Process in the wake of the September 1993 signing of the Oslo Accords. According to Ayman Zaineldine, Egypt's former ambassador to Spain who has accumulated much first-hand experience of regional politics, any sound forecast of Netanyahu's next move will have to answer a key question: Which deal would give Netanyahu the image of a victorious leader? Zaineldine argued that it is an established fact that Netanyahu's ultimate goal is to stay in power in order to avoid litigation over claims of wrong-doing that could take him from the office of the prime minister to an Israeli jail. This means that Netanyahu needs to stay in power and come across as the one Israeli leader who has forced all the powers of resistance in the region to succumb. Already, he added, Netanyahu has gone a long way in achieving this objective. However, this does not mean that beyond the confrontation with Iran he will pursue regional policies that are less hostile. 'Netanyahu has been working on this target of [changing the dynamics in the Middle East] since he first came to power in 1996. Today, he will be deciding his next set of targets and will start working on them,' Zaineldine stated. He said that there is the obvious target of the displacement of the Palestinians both from Gaza and the West Bank — 'not an easy thing to deliver' despite possible US support. He added that even if Netanyahu just ends up reducing the Palestinians in Gaza to one quarter of the land and the Palestinians in the West Bank to one third of the land, he could still claim that he has successfully achieved his objective of reversing the negotiations that were put in place upon the signing of the Oslo Accords in September 1993. However, Zaineldine argued that even before moving on with his plan to displace the Palestinians from Gaza, Netanyahu 'has already created a regional situation in which Israel is perceived as a hard-to-deter power.' 'Much will depend on the regional and international political dynamics in the coming weeks and also on the political dynamics inside Israel and inside Netanyahu's own coalition, which seems today [to be overtaken by disagreements] and much weakened,' Zaineldine concluded. * A version of this article appears in print in the 26 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
21-06-2025
- Business
- Al-Ahram Weekly
Capitalising on land - Economy - Al-Ahram Weekly
Egypt is using land as collateral to meet its financing needs In a much-publicised move, 174 km² of land in Ras Shukeir overlooking the Red Sea was allocated to the Finance Ministry by a presidential decree last week. According to a Ministry of Finance statement, the allocation does not entail selling the land but rather developing it while using a portion as collateral for sovereign sukuk (Islamic Bond) issuance. This will provide financing to meet state budget needs on favourable terms. The land used as collateral will remain under the full ownership of the Egyptian state represented by the Ministry of Finance and certain government-affiliated economic entities, the statement said. The upsides of the scheme are multiple, experts say. Using a tangible asset as collateral enhances investor confidence and potentially secures better issuance terms, economist Mohamed Fouad told Al-Ahram Weekly. Moreover, it will stimulate real estate, tourism, and public services development in the location, generating long-term revenue streams. It aligns with the government's objective to reduce public debt, lower debt-servicing costs, and manage fiscal pressure. According to the ministry's statement, the initiative will replace existing budget-sector debt with joint investments and reduce debt burdens and servicing costs. Earlier this year, the minister of finance said external debt repayments in 2025 stood at $16 billion. Egypt's foreign debt stood at around $155 billion in December 2024. Mohamed Hafez, a consultant and geoeconomics researcher at Nottingham Trent University in the UK, said the decision would help Egypt diversify its debt instruments and minimise borrowing costs. The land in question is currently idle but holds significant development potential, which makes the decision a smart move to leverage a prime asset and unlock its value through joint ventures in sectors like tourism, industry, energy, and real estate. 'The proceeds could help reduce debt-servicing costs and fund infrastructure, though the benefits will ultimately depend on whether real development follows or it turns into another fiscal stopgap,' Hafez said. Finance Minister Ahmed Kouchouk said Egypt plans to issue $2 billion in sukuk in 2025 via multiple offerings. It has appointed banks to oversee the issuance, Reuters reported in April. The sum partly addresses the country's external financing gap, Fouad said, adding that Egypt's Gross Financing Needs (GFN) stand at 40 per cent of GDP, the highest globally. Egypt is looking to roll over the maturity of its debt to reduce fiscal strain due to the heavy GFN. This would not be the first time that land has been used to generate revenue to help repay debt. In February 2024, the government concluded the Ras Al-Hekma deal, whereby the Abu Dhabi Sovereign Fund ADQ pumped in $24 billion in investments to develop prime land on the North Coast. Some $11 billion of UAE deposits with the Central Bank of Egypt (CBE) were swapped for investments. Hafez explained that though the arrangements involve asset monetisation for fiscal relief by converting land value into upfront cash, the two deals differ significantly in scope, structure, and implications. The Ras Al-Hekma deal was an equity-for-land deal with an immediate bailout component, whereas the Ras Shukeir plan is a debt instrument that keeps the asset in Egyptian hands, he said. Fouad said using land to resolve the issue of debt was 'a pragmatic, strategic approach' to the issue. Using underutilised assets to finance public obligations reduces the reliance on higher-cost borrowing, he said, explaining that it transforms unutilised state land into productive, revenue-generating infrastructure. The sukuk issuance is also good for book-keeping as the yields paid to investors will not be written down as debt service, but rather operational costs. Nonetheless, he noted that Egypt must avoid becoming a quasi-rentier state that relies on such rent-based sources of finance rather than being a productive economy. On a similar note, Hafez said that given the rapid shifts in the global and regional economic and geopolitical dynamics, as well as rising unpredictability that has undermined development plans in many developing economies, the strategy would be effective in unlocking dormant capital, such as from vast state-owned lands, he said. 'The key point here, however, is not to adopt this strategy as a standalone or quick win, but as part of a broader, deep structural reform agenda, which the government is already implementing,' Hafez stressed. According to Fouad, owing to the plan's assetbacked structure and Sharia compliance, demand from Islamic investors in the Gulf and global markets is expected to be strong. 'The Red Sea region's development appeal enhances investor interest,' he said, pointing out that Egypt's prior sukuk issuance of $1.5 billion in 2023 demonstrated active appetite. The 2023 issuance offered an 11 per cent yield that was aligned with market rates and sovereign bond benchmarks at the time, Fouad explained. The sukuk market is estimated at $850 billion, with an average annual issuance of $160 billion. Likely buyers of sukuk bonds, according to Fouad, are Islamic institutions and sovereign wealth funds in the Gulf Cooperation Countries (GCC) interested in yield and Sharia-compliant exposure. Global fixed-income investors seeking diversification and strong collateralisation are also potential buyers, as well as domestic and regional banks and insurance firms looking for compliant instruments with structured returns. To make the most of this initiative, Fouad recommended maximising land utilisation by structuring the sukuk with clear, revenue-generating development plans such as tourism projects. He also suggested diversifying maturities and currency exposure to enhance resilience and fiscal flexibility. Hafez warned that given the rapidly evolving regional geopolitical environment and its potential to unsettle the financial markets, the government should be prepared for possible under-subscription or high yields and avoid relying solely on optimistic interest rate forecasts. Moreover, success depends not just on raising funds, but also on converting land into sustainable, well-managed cash flows, he said. 'The government speaks of using the proceeds for productive projects, but this will require disciplined execution to ensure sukuk-funded developments drive real economic growth and do not become white-elephant ventures,' he stressed. * A version of this article appears in print in the 19 June, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
