By William Wallis in Cairo  (The Financial Times )
Published: May 18 2006 03:00 | Last updated: May 18 2006 03:00

Rachid Mohamed Rachid, Egypt’s trade and industry minister, said yesterday the time was ripe for Arab countries to accelerate economic integration as their companies outgrew domestic markets and global talks on trade liberalisation hit a brick wall.

Speaking to the FT, Mr Rachid said Egypt would use a World Economic Forum conference in the resort of Sharm el Sheikh on Saturday to press the issue.

Egyptian officials say several people have been arrested following three deadly explosions at a Red Sea resort town, while a terrorism expert has predicted there will be more attacks in the region.

Magdy S. Rady, a spokesman for Egyptian President Hosni Mubarak, told CNN Wednesday that there were two theories about the blasts, which killed 18 people and injured 85.

One was that "primitive" timing devices were used, and the other was that three suicide bombers were involved.

Rady said neither theory could be confirmed yet, and authorities were concentrating on getting the injured taken care of, and recovering the dead.

He said the death toll had been revised down from 22 to 18, of whom 12 were Egyptians and the remainder were from overseas.

An Interior Ministry official said authorities believe those arrested Tuesday have information regarding the blasts the previous day but are not directly linked to the attacks.

Another Egyptian official said 10 people had been detained for questioning in connection with the explosions at two cafeterias and a supermarket in the town of Dahab, a popular vacation spot for Israelis and Egyptians, as well as Westerners.

Radical Muslim groups have moved to distance themselves from the Dahab bombings. The leader of Egypt’s banned Muslim Brotherhood condemned them as "aggression on human souls created by God," the Associated Press reported.

The militant Palestinian Hamas organization called them a "criminal attack which is against all human values."

The dead include 12 Egyptians and six foreigners — a German child, a Swiss national, a Russian national, a Lebanese woman and two whose nationalities were unknown, Rady said.

Mubarak called the explosions "a wicked terrorist attack." He vowed to punish those responsible for the blasts and expressed his condolences to victims’ family members, Nile Television said.

The blasts took place about 7:15 p.m. (1715 GMT) at two cafeterias and a supermarket.

The resort town was crowded with tourists because of the Easter holiday observed Sunday by the Coptic Orthodox Church of Egypt, as well as other orthodox churches.

Chorus of condemnation

The three blasts targeted an area of Dahab, Egypt.Palestinian Authority President Mahmoud Abbas released a statement condemning the terrorist act as "cowardly and criminal" and offering his condolences to Mubarak and the Egyptian people.

Ehud Olmert, Israeli prime minister-designate, called Mubarak to offer his condolences and those of Israelis. The two leaders discussed the need to work together to fight terrorism, according to Olmert’s office. Israel shares a border with the Sinai Peninsula.

In Amman, Jordanian government spokesman Nasser Judeh joined the chorus of condemnation, calling the acts "another tragic and horrific example for the need to have a collective effort of the international community to combat terrorism."

U.S. President George W. Bush, at a fundraiser for Rep. Jon Porter in Las Vegas, Nevada, said: "I strongly condemn the killings that took place."

"The innocent life lost in Egypt is a heinous act against innocent civilians," Bush said.

"I assure the enemy this: We will stay on the offense," he said. "We will not waver."

Secretary of State Condoleezza Rice said in a written statement that U.S. officials "have been in contact with the Egyptian government to extend our condolences and to offer whatever assistance they may need."

ECO-MIDEAST-JAPAN
Mideast forum convenes in Sharm El-Sheikh May 20-22

GENEVA, April 12 (KUNA) — The World Economic Forum announced Wednesday that its Middle East Forum will take place in Sharm El Sheikh, Egypt May 20-22. WEFORUM manager for the Middle East Daniel Davies told the Kuwait News Agency (KUNA) that the meeting will focus on the issues of Job creation as a must at the heart of the region’s future, and that the business agenda and labor market issues will form the core of a stimulating and comprehensive program. He added that other sub-themes will cover the rule of law, peace, security and international relations, and issues of youth, culture and identity. Davies stressed that the Middle East is experiencing an oil-driven boom that has generated substantial liquidity for investment and driven equity and property prices to record highs. Spokesperson for the WEFORUM Yann Zopf noted that Global companies are emerging from the region in industries such as ITC, media, logistics and transport, and tourism, while international firms look to embrace new possibilities and engage in driving the economic growth of the region. "These developments, supplemented by new positive dynamics in the region’s politics, have given much cause for optimism. This optimism is matched by the challenge of meeting the needs and expectations of the next generation of young people who represent the future of the Middle East," he added.

Zopf noted that participants will be drawn from the highest level of government and business, as well as top experts and civil society representatives. He added that the meeting will be chaired by Chairman and Managing Director, Artoc Group for Investment, Egypt M. Shafik Gabr , Chairman, easyGroup (UK), United Kingdom Stelios Haji-Ioannou, Founder, President and Chief Executive Officer, Investcorp, United Kingdom Nemir A. Kirdar, Vice Chairman and Chief Executive Officer, Saudi Basic Industries Mohamed H. Al Mady, Chairman, Chief Executive Officer and President, Citicorp Holdings and Citibank, USA William R. Rhodes, and President and Chief Executive Officer, CA, USA John A. Swainson .

Director, Middle East and Arab Business Council Sherif El Diwany noted that dramatic political changes in 2005 and in the first months of 2006 have raised new questions about the future path of peace and reform. Meanwhile, the societies of the Middle East are faced with new risks and opportunities. The WEFORUM on the Middle East will concentrate on the main theme of "The Promise of a New Generation". Senior Media Manager Isabelle Tornare announced today that the World Economic Forum, in partnership with Keizai Doyukai (Japan Association of Corporate Executives), will host in Tokyo on 15 and 16 June 2006. She added that this is the first ever regional event in Japan that will bring together 250 top global leaders from business, politics, government, academia, civil society and the media. The gathering in Tokyo will focus on how to address Asia’s most important economic and business challenges in an informal, peer-to-peer setting. Prime Minister Junichiro Koizumi will host a welcoming reception for participants at the Kantei, his official residence. Communications Forum Director Mark Adams noted that this year’s theme in Japan is about creating a New Agenda for Asian Integration , which reflects the growing need for regional institutions to explore the future viability of Asia’s current growth model and to adapt to the global forces reshaping Asia’s business environment in such sectors as IT, telecommunications, finance and energy. The Forum’s Asia Director Lee Howell said that strong growth in China and India, coupled with Japan’s recent recovery, forces us to rethink today how the East Asian community is likely to evolve in the coming years. "New issues, both global and regional in origin, are emerging that require stakeholders to take another look at Asia’s existing institutional architecture to address them", added Howell.

"Keizai Doyukai is delighted to co-host the World Economic Forum on East Asia as we celebrate our 60th anniversary this year," remarked its Chairman Kakutaro Kitashiro. "As Japan ’s recovery continues, it is important for the country’s business and political leaders to refocus their attention on the importance of deepening regional integration," added Kitashiro.

The Co-Chairs for the World Economic Forum on East Asia are Hassan Marican , President and Chief Executive Officer, PETRONAS (Petroliam Nasional), Malaysia; Henry A. McKinnell, Chairman and Chief Executive Officer, Pfizer, USA; Kunio Nakamura, President, Matsushita Electric Industrial Co., Japan; Nandan M. Nilekani, President, Chief Executive Officer and Managing Director, Infosys Technologies, India; Sir Martin Sorrell, Group Chief Executive, WPP, United Kingdom; Junichi Ujiie, Chairman, Nomura Holdings, Japan; and Yun Jong-Yong, Vice-Chairman and Chief Executive Officer, Samsung Electronics, Republic of Korea.

RIYADH (AFP) - Saudi Arabia will fund the construction of a permanent seat for Arab summits in the Egyptian Red Sea resort of Sharm el-Sheikh, an Arab diplomat said.

Egypt will offer the land for the building, the Riyadh-based diplomat told AFP, requesting anonymity.

The decision comes after Saudi Arabia declined during the annual Arab summit in Khartoum last week to host next year’s gathering in Riyadh. It argued that such meetings should take place in Egypt, which hosts the headquarters of the 22-member Arab League.

Saudi Arabia and Egypt, backed by several other Arab countries, have agreed that both regular and consultative Arab summits should be held in the league’s host country, according to the diplomat.

Saudi Foreign Minister Prince Saud al-Faisal told reporters Tuesday that Riyadh favors turning Sharm el-Sheikh into the permanent venue of Arab summits.

The Saudi-Egyptian agreement to hold annual summits and other major Arab meetings there could solve many political, security and financial problems, an Arab official told AFP.

Arab leaders often stay away from summits because of differences with the government of the host country, the official noted.

This is one of the problems which can be overcome by designating a permanent venue for summits, he said.

Another issue relates to security concerns. Some of the Arab leaders who stayed away from the latest summit in the Sudanese capital are believed to have done so because of security fears.

The official said establishing a permanent seat for Arab summits will also reduce the expenses of staging the gatherings. The cost can be taxing for some of the poor Arab states, which then seek financial assistance from richer Arab countries.

Egyptian President Hosni Mubarak said his country would intensify contacts with the Palestinian and Israeli sides as well as world powers to create the suitable atmosphere for the resumption of peace talks.

In an interview with the Egyptian Akhbar Al-Youm newspaper to be published Saturday, Mubarak congratulated the new Israeli Prime Minister Ehud Olmert, noting that the results of the Israeli elections reflected Israelis’ anticipations for peace.

Mubarak called on the Palestinian and Israeli sides to practice self-discipline, stressing that violence in the occupied territories should be stopped.

He asserted that stopping aid to Palestinian people after Hamas winning in the elections would mean punishing Palestinian people for their democratic decision, which would create an atmosphere of disappointment and mistrust in the Palestinian public.

Regarding the next Arab Summit, Mubarak welcomed holding it in the Sharm El-Sheikh, stressing that his country would intensify its efforts to implement the resolutions of Khartoum Summit.

Asked if Arab Summits would be permanently held in Sharm El-Sheikh, he said that the Arab League accord stated that the summits shall be held in Arab capitals in turn or in the league’s headquarters in Cairo; therefore, the summits cannot be exclusively held in Egypt.

Concerning Darfur issue, he said that the African Union has been playing a vital role, noting that deploying international peace forces in Darfur before reaching a peace agreement would escalate violence in the Sudanese region.

SHARM EL SHEIKH, Egypt (5 Mar 2006)

If you can’t wait any longer for the weather to warm up, you don’t have to - just five hours on a plane will get you to a luxurious paradise.

A fascinating blend of old and new, the Red Sea Riviera is a land of dramatic contrast, from the spectacular desert landscape and colourful mountain scenery to the breathtaking marine life. Home to golden sandy shores, intricate coral reefs and world-class diving, not to mention year-round good weather, this friendly and exotic destination promises an unforgettable holiday.

Sharm el Sheikh is known as the ‘Pearl’ of the Red Sea Riviera. It’s located at the southernmost point of the spectacular Sinai Peninsular, where the chain of Red Sea mountains provide a spectacular backdrop to the desert sand as it meets the clear, tropically rich waters of the Red Sea.

Visit the town centre for gold and jewellery and cotton clothing which can be found in lavish malls or haggled over in the Souk. Nightlife is mainly centred around Na’ama Bay, which has a fantastic relaxed atmosphere, with a handful of cosmopolitan terrace bars and plenty of shisha cafés along the main streets. It also offers beachfront restaurants along the promenade and a small selection of casinos and nightclubs.