🇲🇦Week of October 19

Marco Rubio disclosed the results of what were described as "positive" talks held in Oslo on the war in Ukraine. The discussions were framed as putting the Ukraine war on the table, with Steve Witkoff named as the envoy carrying the outcome onward to Russia.12

In a step presented as preparing the ground for negotiations, Volodymyr Zelensky called for freezing the front lines of combat with Russia. The proposal would halt movement along the contact line rather than settle the conflict's terms.3

The Kremlin said Russia needs peace in Ukraine and not merely a ceasefire. That position sets the stated goal beyond a halt in fighting, at a moment when Zelensky's proposal centers on freezing the front lines.4

During a meeting with Witkoff, Vladimir Putin said he was ready to help resolve the Iran crisis. The offer came in the same encounter in which the Ukraine talks were discussed.5

The US dollar rose above 55 Egyptian pounds on Thursday, the highest level on record, and the pound fell to its weakest level in its history. The rate was reached during Thursday's trading.1234

The pound's slide to an all-time low against the dollar was reported by Gulf newspaper Al Khaleej, which put the dollar above 55 pounds in Egypt. Other outlets recorded the same threshold during Thursday's session.34

Masrawy, a pro-government outlet, published an explanation from an expert of why the dollar jumped to its highest level on record and crossed 55 pounds.5

A day earlier, the dollar held firm as Middle East tensions continued and oil prices rose, while the euro gained against a weaker dollar as unrest in France eased. US bond yields fell as the dollar slipped.678

Egyptian stock market capital fell below 4 trillion pounds after 102 billion pounds was wiped out over the week, with the main index dropping 3.4 percent at the close under selling pressure. The market opened Thursday's session lower.123

One session alone accounted for 111 billion pounds in losses, according to an account of the sell-off carried in the same coverage. The weekly figure and the single-session figure describe different spans.123

Mohsen attributed the pressure to government share offerings and geopolitical tensions, and said he expects the market to recover once the subscriptions are completed.3

Attributed claim: Accounts differ on the scale of the losses: the state outlet Shorouk Portal reported 102 billion pounds evaporating over a week, while the pro-government Youm7 put the figure at 111 billion. Both figures circulate in the same coverage of the decline.12

Iran's Revolutionary Guard announced that three vessels struck naval mines west of the Strait of Hormuz and caught fire. The announcement was carried by Egyptian outlets on Thursday, describing the affected ships as non-compliant.12

Attributed claim: بوابة الأهرام: Accounts of the scale of the incident differ. The Revolutionary Guard's statement cited by Ahram Portal refers to three ships, while headlines it lists from other Arabic outlets report attacks on four ships in the Gulf, seven tankers hit near Hormuz, and seven vessels burned near the strait, with a warning directed at US forces.1

Masrawy reported that the vessels involved were three oil tankers that collided with naval mines in the Strait of Hormuz, matching the Guard's count of three ships but not the higher figures carried elsewhere.2

French President Emmanuel Macron arrived in Saudi Arabia on Wednesday, the Élysée said, making Riyadh the final stop of a Gulf tour. The visit was described as a quick, unexpected stop added to the itinerary.12

The Saudi leg was cast as a visit of solidarity with the kingdom, closing out the tour. Before Riyadh, Macron's Gulf swing included the United Arab Emirates, where the two countries announced a defense partnership framework.12

In the UAE, Sheikh Mohammed bin Zayed and Macron witnessed the declaration of the defense partnership framework. The two countries also opened new prospects for investment in energy and artificial intelligence.12