Rumors on Selling Egypt’s Airports Spread on Social Media

Egyptian Prime Minister Mostafa Madbouly during his recent visit to Borg El Arab Airport in Alexandria (Ministry of Aviation)
Egyptian Prime Minister Mostafa Madbouly during his recent visit to Borg El Arab Airport in Alexandria (Ministry of Aviation)
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Rumors on Selling Egypt’s Airports Spread on Social Media

Egyptian Prime Minister Mostafa Madbouly during his recent visit to Borg El Arab Airport in Alexandria (Ministry of Aviation)
Egyptian Prime Minister Mostafa Madbouly during his recent visit to Borg El Arab Airport in Alexandria (Ministry of Aviation)

Rumors spread on social media in Egypt amid claims that the country’s airports are being sold to foreign parties, prompting the cabinet to deny the reports on Saturday.
In an official statement on its Facebook page, Egypt’s government stressed that the goal is to “offer the management and operation of airports to the private sector.”
According to the Egyptian Council of Ministers, “Egyptian airports are fully owned by the state and subject to Egyptian sovereignty.”
It added that the state is implementing an integrated strategy based on raising the efficiency of airports and increasing their capacity, through a number of infrastructure development projects, as well as upgrading security systems and modernizing all security devices at Egyptian airports.
Additionally, the state is expanding flight networks by opening new markets and supporting low-cost aviation activities, the cabinet underlined in a statement.
Member of Parliament’s Tourism and Aviation Committee, MP Mohamed Taha Al-Khouly, told Asharq Al-Awsat that the government submitted a plan to Parliament last month to allow the private sector to provide some services inside airports.
This matter “will not happen randomly,” but within “an organized framework, and may require legal amendments regarding the controls regulating the private sector companies that will be present to provide some services at Egyptian airports,” he added.
According to the deputy, these services include receiving tourists, organizing the movement of taxis in the vicinity of airports, in addition to providing assistance services upon arrival, and other matters that do not directly or remotely affect Egyptian sovereignty over the airports.
Last month, the Central Bank of Egypt announced an increase in tourism sector revenues by 5.3 percent during the first 9 months of the 2023-2024 fiscal year, reaching $10.9 billion, compared to $10.3 billion in the same period of the previous year.
In 2023, Egypt received about 14.9 million tourists, an increase of 27 percent over 2022, according to a statement by the Egyptian Council of Ministers at the beginning of this year.

 



China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.