ABU DHABI — Shaikha Fatima bint Mubarak, Chairperson of the Family Welfare Foundation, received a delgation of diplomats’ wives from Dubai and the Northern Emirates here yesterday. They had come to extend Eid greetings to Shaikha Fatima.

By Kate Gaier 6:45 pm January 1, 2007 An arrest is made in a year old murder case in Cairo... but the motive is still anyone's guess. Neighbors say Pearl Johnson was a kind-hearted woman. Even though she was disabled, she would help anyone.

Al-Qaida's number two man is aiming some New Year's criticism at the leaders of Egypt and the Palestinians. But Ayman al-Zawahri's statement hasn't been authenticated.

Panaji, Jan 1 Muslim brethren celebrated Bakr-Id with ritualistic fervour in Goa. Friends and relatives besides people from other faiths wished the members of Muslim community Eid Mubarak on the auspicious occasion. Prayers were offered at mosques throughout Goa during the day.

Israeli officials on Monday denied claims that they were close to a deal that would secure the release of a captured soldier held by Palestinian militants, citing excessive demands by the Islamic Hamas.

Economy

Egypt's economy depends mainly on agriculture, media, petroleum exports, and tourism; there are also more than 5 million Egyptians working abroad, mainly in Saudi Arabia, the Gulf area like UAE, and Europe. The United States as well has a large population of Egyptian immigrants.

The completion of the Aswan High Dam in 1971 and the resultant Lake Nasser have altered the time-honored place of the Nile River in the agriculture and ecology of Egypt. A rapidly growing population (the largest in the Arab world), limited arable land, and dependence on the Nile all continue to overtax resources and stress society.

The government has struggled to ready the economy for the new millennium through economic reform and massive investment in communications and physical infrastructure, much financed from U.S. foreign aid (since 1979, an average of 2.2 billion dollars per year). Egypt is the third largest recipient of such funds from the United States following the Iraq war. Economic conditions are starting to improve considerably after a period of stagnation due to the adoption of more liberal economic policies by the government, as well as increased revenues from tourism and a booming stock market.

A series of International Monetary Fund arrangements, coupled with massive external debt relief resulting from Egypt's participation in the Gulf War coalition, helped Egypt improve its macroeconomic performance during the 1990s. Through sound fiscal and monetary policies, Cairo tamed inflation, slashed budget deficits, and built up foreign reserves. Although the pace of structural reforms, such as privatization and new business legislation, has been slower than the IMF envisioned, Egypt's steps toward a more market-oriented economy have prompted increased foreign investment. Lower combined hard currency inflows - from tourism, worker remittances, oil revenues, and Suez Canal tolls - in 1998 and the first half of 1999 resulted in pressure on the Egyptian pound and sporadic dollar shortages, but external payments were not in crisis. Despite ample reserves, the Central Bank did not provide sufficient hard currency to commercial banks and Cairo restricted imports for a short period; these developments confirmed to some investors and currency traders that government financial operations lack sufficient coordination and openness. Monetary pressures have since eased, however, with the continued oil price recovery starting in mid-1999 and a moderate rebound in tourism. Increased gas exports are a major plus factor in future growth.