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Egypt is losing about USD 310 million a day, a French investment bank has reported.

Credit Agricole also said that it was revising down its forecast for Egypt’s economic growth to 3.7 percent from 5.3 percent in 2011.

Since the beginning of anti-Mubarak protests in Egypt 11 days ago, banks and the stock exchange have been closed in the country. Many factories and businesses have also been shuttered in main cities.

The political crisis has also damaged Egypt’s tourism sector, which accounts for an estimated 11 percent of the country’s total gross domestic product (GDP).

According to Reuters, in the third quarter of 2010, Egypt was making about 280 million US dollars a week from tourism.

The Organization for Economic Cooperation and Development (OECD), a Paris-based think-tank, had earlier said that the Egyptian government’s decision to cut off the Internet and other communications services is likely to have cost Egypt USD 18 million a day.

PressTV

Egyptian president Hosni Mubarak has named Sheikh Ahmed Mohammed Ahmed al-Tayeb as head of Al-Azhar, the country’s most prestigious seat of Islamic learning.

Mubarak, who is recovering from gall bladder surgery in Germany, appointed Tayeb on Friday, nine days after the death of Sheikh Mohamed Sayed Tantawi, the previous head of the institution.

Al-Azhar institution, which includes a 10th century mosque, a university and several affiliated schools, is Sunni Islam’s highest seat of learning. Its role is to propagate Islamic teachings and culture around the world.

The grand imam of Al-Azhar has been appointed by presidential decree since 1961 and the institution receives most of its funding from the state, opening up the post to criticism of being too close to the government.

Sunni Islam is the faith’s majority sect.

The Sheik of Al-Azhar is highly respected throughout the Muslim world, offering guidance on issues of faith in Egypt and other Islamic nations. He oversees an extensive network of Islamic schools, a university and religious institutes that open their doors to Muslims from around the world.

The sheik also advises the state on religious matters.

Viewed as a moderate Muslim who has encouraged dialogue with Western countries, el-Tayeb has outwardly criticized hard-line Islamists, saying the focus on rituals and outward manifestations of piety — such as Islamic garb or beards — comes at the expense of true spiritual development.

The 64 year old Tayeb is also known for his tough stance against the Muslim Brotherhood, Egypt’s largest and most organized opposition group, which remains officially banned despite popular support.

Sources: Al-Jazeera and LA Times

The government of Egypt banned Inside Egypt in 2008–the first time a book on Egyptian politics had been banned in the country in decades–and quickly rescinded it after the media firestorm that followed.

Most experts believe that in the next year or so, Hosni Mubarak will step down and that his son, Gamal is the favorite to take the reins. In Inside Egypt, John Bradley examines the junctions of Egyptian politics and society as they slowly disintegrate under the twin pressures of a ruthless military dictatorship at home and a flawed Middle East policy in Washington.

“Terrifically well told and extremely sobering” –Kirkus

“In this highly readable and thoughtful volume, Bradley provides a devastating critique of Egypt’s current dictatorial government.”–Library Journal

“An interesting and eye-opening look into the minds of the average Egyptian.”—The Oklahoman

“Insightful and eye-opening…a must read for anyone interested in Egyptian politics.”—The Daily News, Egypt

“Inside Egypt is an original, angry, brilliant, subtle, and highly readable expose of contemporary Egyptian politics and society.”–Peter Bergen, author of Holy War Inc. and The Osama bin Laden I Know

“Egypt is the next domino to fall and, as they say, so goes Egypt so goes the Middle East. John R. Bradley hits the nail on the head, explaining why a pillar of American dominance in that part of the world is about to crumble.” –Robert Baer, former Middle East-based CIA operative, author of See No Evil and Sleeping with the Devil

Praise for Saudi Arabia Exposed:
“A highly informed, temperate, and understanding account of a country that. . . is an enigma.”–The New York Times

“Contributes substantially to the debate.”–Los Angeles Times
“[A] thoughtful, incisive portrait of a fractured nation….a remarkable volume.”–Newsweek

“The book is a devastating critique of almost every aspect of Egyptian governance since 1952… A must read for anyone interested in Egyptian politics.” –The Daily News

“An interesting and eye-opening look into the minds of the average Egyptian.” –NewsOk.com

President Hosni Mubarak, in remarks made after touring Aswan province where many Nubians live, said his government’s plans to relocate many Nubians from their traditional dwellings along the Nile does not entail any ill will toward the population. His comments come as Nubians, fearing displacement, have begun to step up their opposition to the government’s resettlement plans.

Mubarak’s statement is the first by such a high-ranking government official publicly acknowledging the simmering dispute.

In the 1960s Egypt relocated hundreds of thousands of Nubians outside their historic homeland when the newly built Aswan High Dam flooded their traditional homelands.

Under a UNESCO plan, international efforts helped salvage several monuments from flooding including the famed Abu Simbol temple. However, over the years, many Nubians quietly moved back into the area, living along the lake. The government is now trying to relocate them.

Some pro-government media accuse the Nubians of wanting independence.

Nubians are believed to be descendants of an ancient African civilization that flourished in what is now southern Egypt and northern Sudan.

Taiwan News