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(Bloomberg) — Egyptian President Abdel-Fattah El-Sisi appealed to his US counterpart Donald Trump to find a way to end to an Iran war that’s sent global energy prices soaring and threatens developing nations’ economies.
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“I’m saying to President Trump, no one can stop the war in our region, in the Gulf, except for you,” El-Sisi said in televised comments at an energy conference in Cairo on Monday.
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“Please help us end the war,” he added. “You are capable of that.”
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Egypt, a US ally, has been among nations working to mediate between Washington and Tehran as the Middle Eastern conflict rages for a fifth week. Authorities in the North African country have voiced hopes for direct talks and a diplomatic solution.
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El-Sisi described Trump’s direct intervention as the main driver behind last year’s ceasefire in the war between Israel and Hamas in neighboring Gaza. The US leader could similarly bring an end to the Iran war, he said.
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The Egyptian president also spotlighted bleak projections on how surging oil and gas prices will impact the global economy and potentially affect the stability of poorer nations.
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“The consequences of wars have always been loss, destruction and damage. No one gets out happy or a winner,” Sisi said. “I hope that we all work as much as we can to stop these crises.”
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The shockwaves stemming from the Iran war are posing a stress test for Egypt’s economy, which authorities had been trying to revamp after a global bailout and a 40% devaluation two years ago.
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Egypt’s pound weakened to a fresh record of 54 per dollar on Monday, posting its biggest intraday decline since March 9, according to data compiled by Bloomberg. Some portfolio investors have exited the country’s local debt market since the war began.
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Gulf countries, in particular the United Arab Emirates, have been key financial supporters of Egypt in recent years, providing tens of billions of dollars in direct investment, including on tourism megaprojects.
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Egypt had gradually improved oft-frosty ties with Iran in the years before the US and Israel launched the war against the Islamic Republic on Feb. 28. The government has consistently condemned Iranian attacks on Gulf soil over the past month.
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