Saudi Arabia and Qatar sign agreement to avoid double taxation    Saudi and Chinese foreign ministers meet in Beijing    Saudi Arabia to participate in Beijing International Book Fair 2024 as guest of honor    Aramco acquires 40% stake in Gas & Oil Pakistan    ROSHN revamps Waterfront walkway in Jeddah    Unstoppable OMODA & JAECOO global export sales volume surpassed 220,000! Now joining the KSA market with their pre-sales campaign    Moscow warns West after Ukraine told it can hit Russia with Western weapons    Trump found guilty in hush money trial    US and UK carry out strikes against Houthi targets in Yemen for first time in months    Bangladeshi pilgrim's life saved after suffering from heart attack    Transport minister opens 2nd Ring Road costing SR660 million in Jeddah    Jail for 4 Arab nationals for sexually harassing an Asian expat    Cristiano Ronaldo collects 2023-24 RSL top scorer award    Al Hilal's Bono named best goalkeeper of Saudi League    Saudi Pro League fan turnout up by 11% in 2023-24 season    Jorge Jesus wins Saudi League Manager of the Season award    Diriyah Contemporary Art Biennale concludes with massive attendance    Man opens ice cream shop in seaside telephone box    Nepali climber sets record for fastest ascent of Mount Everest by a woman    World's rarest album to go on display in Australia    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Mursi works to form unity govt; stock market rallies
Published in The Saudi Gazette on 26 - 06 - 2012

CAIRO — Mohammad Mursi, Egypt's first freely elected president whose powers have been curbed by the military, Monday toured his palatial new residence — where ousted leader Hosni Mubarak once lived — and began work to form a coalition government.
The Islamist now faces the challenge of meeting sky-high expectations in a nation tired of turmoil while the economy is on the ropes.
However, authorities halted trading on the country's stock exchange for half an hour after shares surged on the declaration of Mursi as president. The temporary halt came after the EGX100 index rose more than 5 percent, triggering a “circuit breaker" designed to prevent drastic market fluctuation. Monday's investor optimism also helped the benchmark index EGX30 jump by 6.7 percent.
Mursi's campaign pledge to complete the revolution that toppled Mubarak last year but left the pillars of his rule intact will come up against the interests of the generals who have been in charge of the transition to democracy.
Shortly before the presidential vote, the newly elected Islamist-led parliament was dissolved by the army based on a court order and the generals issued a decree putting limits on the president's remit, which cuts into Mursi's powers to act, but exposing him to blame for any failures.
Further afield, his win has had an immediate impact beyond Egypt's borders, inspiring Islamists who have risen up against autocrats across the Middle East and swept to power in North Africa. Israel worries its peace deal with Egypt, never warm, will cool further. Palestinians in Gaza, however, are delighted.
Iran saw his election as an “Islamic awakening". Its Fars news agency published an interview in which Mursi called for restoring severed ties to build strategic “balance".
A Mursi aide said he gave the interview 10 days ago.
A security official said Mursi and his wife took a tour of their new home, once Mubarak's main residence — a dramatic change of fortunes for a former political prisoner whose group was pursued remorselessly during Mubarak's 30-year rule. An aide said Mursi then went to the Defense Ministry for talks with the head of the military council Field Marshal Hussein Tantawi and the army-appointed Prime Minister Kamal Al-Ganzouri for talks on steps toward forming a new government, a visit rich with symbolism about where real power lies.
Mursi aides say he has already reached out to politicians from outside the Brotherhood such as reformist Mohamed ElBaradei, who has yet to publicly respond.
One pressing concern will to be to revive the economy. Monday's stock market rally, at least partly fueled by relief that the election passed off without violence, may encourage the new president, but he still has to prove to wary longer-term investors that Egypt is on the road to recovery. — Agencies


Clic here to read the story from its source.