Egypt's Morsi to attend summit in Iran
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Sun August 19, 2012 9:19 am

EGYPT. Egyptian President Mohamed Morsi plans to attend a summit in Iran this month, state media reported on Saturday, on the first such visit since Cairo severed ties with Tehran more than three decades ago.

The official MENA news agency quoted a source in the presidency as saying Morsi will attend the Non-Aligned Movement summit in Tehran on August 30-31 at which Egypt will transfer the bloc's rotating leadership to Iran.

Cairo and Tehran severed diplomatic relations after the 1979 Islamic revolution in Iran, and Egypt has accused Tehran of backing militants on its turf.

Morsi, the country's first Islamist president, has been expected to improve ties with Tehran since his inauguration on June 30. It is unclear whether Morsi will hold two-way meetings with Iranian officials during the visit.

Under ousted president Hosni Mubarak, several attempts were by trade ministers and business leaders to bolster economic ties. But they stirred objections from the foreign ministry and intelligence circles, officials said at the time.

On Thursday, the United States said it had told Secretary General Ban Ki-moon that the NAM summit in Iran sent a "strange signal" after Tehran reported that the UN chief would also attend.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 19, 2014
KUWAIT. The global Islamic finance industry reached approx. US$1.9 trillion in assets as at end 1H2014; The report analyses the role of Islamic finance in supporting economic growth.
date:Posted: September 18, 2014
INTERNATIONAL. We have entered a new chapter in the history of central banking. This paradigm shift changes the policy tools that have traditionally defined the sphere of macroeconomic decision-making; We have built an economy that is now so leveraged that it needs zero percent interest rates just to tread water.
date:Posted: September 18, 2014
INTERNATIONAL. World Bank report spells out the repercussions of the political uncertainty and restrictions on movement and access and recommends remedial actions by all parties.
SAUDI ARABIA. Saudi Arabia will need to keep cutting oil output to sustain prices above US$100 a barrel, according to BNP Paribas and Societe Generale; "We are swimming in crude, and they know that better than anyone because they are the biggest exporter."
dhgate