The Egyptian parliament has approved a request by President Abdel Fattah el-Sisi to authorize him to take necessary measures to support Saudi Arabia in defending its lands, sovereignty, and sanctities against any external aggression. The approval was granted during a closed session on October 26, 2023, with a two-thirds majority. The request was submitted to the parliament following a recent escalation in the region.
During a meeting with ministers and heads of delegations participating in the 9th Cairo Water Week, President el-Sisi emphasized that Egypt's primary demand regarding the Nile River is that its share of the water should not be compromised. He stressed that water is a right for all and should not be used for political purposes. Egypt relies heavily on the Nile for its renewable water resources, with over 98% of its water coming from the river.
In a related development, Prime Minister Mostafa Madbouly has directed the government to increase the safe stockpile of food and petroleum products to ensure the availability of essential supplies in light of the recent regional developments. The government has assured that the current stockpile levels are "safe and reassuring," although specific details about the stockpile size and duration were not disclosed.
The Egyptian government has denied any plans to reduce electricity loads or increase prices of electricity and fuel in the current phase. According to the government's spokesperson, Mohamed Adel, measures to rationalize energy consumption and spending will focus on government institutions, without imposing additional burdens on citizens.
The Egyptian currency, the pound, has continued to decline against the US dollar, reaching a historic low. The exchange rate has been affected by the withdrawal of foreign investments from local treasury bills and increased demand for foreign currency amid rising geopolitical risks in the region and a higher import bill.
The Egyptian stock market experienced a significant downturn, with the EGX100 index dropping by over 10% during a session, prompting a temporary halt in trading. The main index, EGX30, fell by 3.56%, while the EGX70 index, which tracks smaller and medium-sized stocks, declined by 11.07%.
The Egyptian Ministry of Foreign Affairs has announced that it is following up on the detention of an Egyptian fishing vessel, "Mohammed Abu Azam," in Saudi Arabian waters, with nine crew members on board. The ministry has been in contact with Saudi authorities to secure the release of the crew.
Key points
- The Egyptian parliament has approved President Sisi's request to support Saudi Arabia against external aggression.
- Egypt's president emphasizes that the country's share of the Nile River should not be compromised.
- The government has denied plans to reduce electricity loads or increase prices of electricity and fuel.
