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Musings From Abroad

Saudi Arabia, Egypt strengthen investment ties, call for Gaza truce

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During discussions in Cairo on Tuesday, Egypt’s President, Abdel Fattah al-Sisi, and Saudi Arabia’s Crown Prince, Mohammed bin Salman, called for a ceasefire in Gaza and Lebanon.

The meeting also marked the beginning of a strengthen economic and investment cooperation.

According to Egypt’s presidency, the leaders observed the formation of a supreme coordination committee between Riyadh and Cairo to further collaboration, as well as the signing of an agreement to promote and safeguard mutual investments between the two nations.

The visit is taking place amid rumours regarding possible Saudi investments in Egypt, which this year has seen a significant inflow of outside funding, including a $35 billion transaction with the UAE sovereign fund ADQ.

In 2022, the crown prince, also referred to as MbS paid his final official visit to Egypt. Saudi Arabia, which had previously given Sisi’s Egypt financial help, later said it was going to start investing instead of giving allies direct assistance.

According to a statement released by the president on Tuesday, the two leaders discussed efforts to strengthen economic ties between Cairo and Riyadh, with a focus on trade, investment, and economic integration in the transportation, energy, and tourist sectors.

According to the presidency, the leaders also spoke about regional events, specifically the circumstances in Gaza and Lebanon, and “they demanded to start taking steps to reach calm that include a ceasefire in Gaza and Lebanon.”

By Tuesday afternoon, Egypt’s government dollar bonds had gained the most, with longer-dated maturities seeing the biggest gains. By 11:28 GMT, the 2059 maturity gained 1.73 cents, bidding at 77.80 cents on the dollar.

Last month, the prime minister of Egypt declared that Saudi Arabia intended to spend $5 billion in Egypt, separate and apart from the money the Gulf state had already placed in the Egyptian central bank.

Two tourist development locations on Egypt’s Red Sea coast and in the country’s southern Sinai peninsula—both of which are across Saudi Arabia—are potential investment destinations.

In order to address a protracted economic crisis that has resulted in record inflation, a mounting debt load, and significant currency devaluations over the last two years, Egypt has been actively pursuing substantial investments.

 

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Musings From Abroad

Finnish court imprisons Nigeria’s Simon Ekpa for aiding terrorism

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Simon Ekpa, a Nigerian separatist leader based abroad, has been placed under detention by the Päijät Häme District Court in Finland on suspicion of inciting others to commit acts of terrorism.

According to the local daily, Helsingin Sanomat, the court rendered the ruling on Thursday following his arraignment by the Central Criminal Police for his involvement in the terror attacks that have afflicted the southeast area of Nigeria.

“The police suspect that the man has promoted his efforts from Finland with means that have led to violence against civilians in the region of South-Eastern Nigeria,” stated Otto Hiltunen, the crime commissioner and investigation head.

“The man has carried out his activity, among other things, on his social media channels.”

Hiltunen also informed the court that the police suspected four additional individuals in Finland of funding Ekpa’s activities.

According to the story, Ekpa is of Nigerian descent and was born in the Finnish city of Lahti.

His offence occurred between August 23, 2021, and November 18, 2024, according to court documents cited in the publication.

Ekpa is not the only person the police have arrested. In February 2023, they caught him at a private Lahtian flat, but he was freed the same day.

Through the Eastern Security Network (ESN) and the Indigenous People of Biafra (IPOB) movement, Ekpa has continued to be outspoken on social media, raising money and agitating for a Biafran nation to secede. In the southeast part of Nigeria, both factions have been involved in acts of violence, murders, and maimings.

Since gaining formal independence in 1960, Nigeria has seen the emergence of several separatist organisations. The latest surge of calls for self-determination among different ethnic groups has been louder under its immediate previous President Muhammadu Buhari.

 

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Musings From Abroad

Malian singer Rokia Traore arrested in Italy, to be sent to Belgium

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After Italy’s top court denied her appeal, well-known Malian singer, Rokia Traore, who was detained in Rome in June due to a global child custody dispute, will be sent over to Belgium in the next few days, her attorney announced on Wednesday.

The 50-year-old Traore is a goodwill ambassador for the United Nations refugee agency UNHCR and one of Africa’s most well-known vocalists.

“Rokia suffered an injustice. She was arrested without the Belgian criminal court hearing her voice. Now, the battle for Rokia’s rights moves to Brussels,” lawyer Maddalena Del Re said in a statement to Reuters.

The attorney also stated that in its decision late Tuesday, Italy’s Court of Cassation upheld an extradition decision from the European Court of Justice.

Under a European arrest order, Traore was taken into custody on June 20 at the Fiumicino airport in Rome. In October 2023, she was given a two-year prison sentence in Belgium related to a dispute over her daughter’s custody.

She had flown to perform outside Rome’s Colosseum, and she has been imprisoned in Civitavecchia, close to the Italian city, since her detention at Fiumicino.

Lawyer Del Re said that because a conviction was rendered without the defendant’s presence, the Belgian process goes against both international norms and Italian constitutional standards.

After she disregarded a court order to turn over her baby to her Belgian father, the singer’s divorced ex-partner, she was initially taken into custody in France in 2020 on a Belgian arrest warrant.

She disobeyed orders not to leave France until her extradition case was handled by taking a private jet to Mali months after being conditionally released. Mali is where her daughter resides.

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