عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Cluster 2 Airports Inaugurates First Flight from Cairo to Arar Airport in Saudi Arabia

Inauguration of the first flight from Cairo to Arar International Airport
Inauguration of the first flight from Cairo to Arar International Airport
TT
TT

Cluster 2 Airports Inaugurates First Flight from Cairo to Arar Airport in Saudi Arabia

Inauguration of the first flight from Cairo to Arar International Airport
Inauguration of the first flight from Cairo to Arar International Airport

Cluster 2 Airports Company announced the launch of the first international flights from Cairo International Airport to Saudi Arabia’s Arar International Airport on Saturday evening.
Achieved under the supervision of Governor of the Northern Borders Region Prince Faisal bin Khalid bin Sultan bin Abdulaziz, the event was attended by senior officials from Cluster 2 Airports Company, representatives from Nile Air, and several government agencies operating at the airport, the Saudi Press Agency said.
CEO of Cluster 2 Airports Company Eng. Ali Masrahi stated that the launch is a significant achievement that reflects commitment to achieving one of the targets of the transportation and logistics strategy, as well as the National Aviation Strategy derived from Saudi Vision 2030.
It is aimed at developing the infrastructure of Saudi airports to provide the best services to travelers, Masrahi said. He noted that the flight underscores their ongoing efforts to enhance the status of Saudi airports as key hubs for air transportation in the region.
Eng. Masrahi extended appreciation to the Governor of the Northern Borders Region, for his continuous support and oversight and for his ongoing efforts to attract additional international flights to Arar International Airport. He also acknowledged the governor’s role in enhancing the passenger experience across all airports in the Northern Borders Region.
This flight is expected to facilitate passenger movement between the Kingdom and Egypt and strengthen the close trade and cultural exchange between the two brotherly countries.
Cluster 2 Airports Company manages 22 domestic and international airports within the Kingdom and continues to work on expanding the international flight network from the various airports it operates.

Most Viewed

 
 
Business

Gold Headed for Weekly Gain as Sept US Rate Cut Views Firm

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
TT
TT

Gold Headed for Weekly Gain as Sept US Rate Cut Views Firm

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)

Gold prices edged up on Friday and were set for a weekly gain on growing optimism about a September US rate cut, although expectations the Federal Reserve will ease aggressively have been tempered ahead of Chair Jerome Powell's upcoming speech.

Spot gold was up 0.3% at 2,462.82 per ounce, as of 1002 GMT and has gained more than 1% so far this week. US gold futures rose 0.3% to $2,500.50.

"Gold traders are proceeding with caution this week because US data has greatly lowered the chances of a 50 bps interest rate cut in September," said Zain Vawda, market analyst at MarketPulse by OANDA, Reuters reported.

US. inflation data indicates that gold may need additional catalysts to surpass $2,500, while this level could eventually be reached, it's unlikely in the near term, with gold expected to remain within the $2,360 to $2,480 range, Vawda added.

Recent data restored confidence that had been shaken by a surprisingly weak employment report earlier this month. It also bolstered optimism regarding improving inflation, as evidenced by the July releases of the producer price index and consumer price index this week.

Traders are convinced the Fed will slash rates on Sept. 18, but had debated the size of the reduction. Odds currently stand at 25% for a 50 basis-point cut, down from 36% a day earlier, according to the CME Group's FedWatch Tool.

A low interest rate environment tends to boost non-yielding bullion's appeal.

Minutes of the Fed's July policy meeting are due on Wednesday and Powell will speak on the US economic outlook next Friday at the Jackson Hole symposium.

Elsewhere, spot silver fell 0.6% to $28.22 per ounce, and platinum dipped 0.2% to $951.05 after gaining as much as 4% to hit a two-week high on Thursday. Palladium shed 0.6% to $941.19.

All metals were on track for weekly gains.