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.

 



Oil Down $2 as Investors Digest Weak US Job Data

FILE - This Nov. 6, 2013 file photo shows a Whiting Petroleum Co. pump jack pulling crude oil from the Bakken region of the Northern Plains near Bainville, Mont. (AP Photo/Matthew Brown, File)
FILE - This Nov. 6, 2013 file photo shows a Whiting Petroleum Co. pump jack pulling crude oil from the Bakken region of the Northern Plains near Bainville, Mont. (AP Photo/Matthew Brown, File)
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Oil Down $2 as Investors Digest Weak US Job Data

FILE - This Nov. 6, 2013 file photo shows a Whiting Petroleum Co. pump jack pulling crude oil from the Bakken region of the Northern Plains near Bainville, Mont. (AP Photo/Matthew Brown, File)
FILE - This Nov. 6, 2013 file photo shows a Whiting Petroleum Co. pump jack pulling crude oil from the Bakken region of the Northern Plains near Bainville, Mont. (AP Photo/Matthew Brown, File)

Oil prices slid by more than $2 on Friday, on track for a fourth successive weekly drop after data showed that the US economy added fewer jobs than expected in July and weak Chinese economic data further weighed.

Brent crude futures fell $2.61, or 3.28%, to $76.91 a barrel by 11:52 a.m. ET. US West Texas Intermediate crude futures were down $2.82, or 3.7%, at $73.49, Reuters reported.

US crude futures fell by more than $3 per barrel during the session.

US job growth slowed more than expected in July as unemployment increased to 4.3%, pointing to possible weakness in the labor market and greater vulnerability to recession.

"We moved from a demand-driven market to a geopolitical one for maybe two days then we absolutely nosedived on all this economic data," said Tim Snyder, chief economist at Matador Economics, citing bearish Chinese data and Friday's weak US job data.

Economic data from top oil importer China and a survey showing weaker manufacturing activity across Asia, Europe and the United States raised the risk of a sluggish global economic recovery that would weigh on oil consumption.

Falling manufacturing activity in China also inhibited prices, adding to concerns about demand growth after June data showed imports and refinery activity lower than a year earlier.

Asia's crude oil imports in July fell to their lowest in two years, sapped by weak demand in China and India, data from LSEG Oil Research showed.

Oil investors are monitoring developments in the Middle East, where the killing of senior leaders of Iran-aligned militant groups Hamas and Hezbollah stoked fears that the region could be on the brink of all-out war, threatening to disrupt supplies.
Lebanon's Hezbollah said its conflict with Israel had entered a new phase and pledged a response after its top military commander was killed in an Israeli strike.