Egypt Inflation Unexpectedly Quickens to 26.2% in August

An aerial view shows a motorway in Egypt's capital Cairo on September 9, 2024. (Photo by AFP)
An aerial view shows a motorway in Egypt's capital Cairo on September 9, 2024. (Photo by AFP)
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Egypt Inflation Unexpectedly Quickens to 26.2% in August

An aerial view shows a motorway in Egypt's capital Cairo on September 9, 2024. (Photo by AFP)
An aerial view shows a motorway in Egypt's capital Cairo on September 9, 2024. (Photo by AFP)

Egypt's annual urban consumer price inflation rate unexpectedly accelerated to 26.2% in August from 25.7% in July, data from statistics agency CAPMAS showed on Tuesday.
Month-on-month, prices jumped by 2.1%, speeding up from a 0.4% rise in July. Food prices climbed by 1.8% in August after having eased by 0.3% in July and were 29.0% higher than a year ago.
A poll of 19 analysts had expected August urban inflation to ease to a median of 25.1%.
Sara Saada of CI Capital was one of the few analysts who had predicted inflation would accelerate.
"We expected this, as the August reading reflects energy price hikes that were announced in the last week of July. This included diesel, that has a broad-based effect," she said, speaking to Reuters after the figure was announced.
Prices rose over the last month due to higher summer produce prices, fuel hikes of 10-15% near the end of July, a 25-33% jump in metro tickets at the beginning of August and a 21-31% increase in electricity tariffs, partly in August.
Inflation had been declining gradually from September's record high of 38.0%, turning the central bank's real overnight borrowing rate, at 27.25%, positive in July for the first time since January 2022.



Nissan CEO to Asharq Al-Awsat: Saudi Arabia Is ‘Golden Jewel’ Driving Regional Growth 

Nissan Chief Executive Ivan Espinosa. (Asharq Al-Awsat)
Nissan Chief Executive Ivan Espinosa. (Asharq Al-Awsat)
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Nissan CEO to Asharq Al-Awsat: Saudi Arabia Is ‘Golden Jewel’ Driving Regional Growth 

Nissan Chief Executive Ivan Espinosa. (Asharq Al-Awsat)
Nissan Chief Executive Ivan Espinosa. (Asharq Al-Awsat)

Nissan Chief Executive Ivan Espinosa has singled out Saudi Arabia as a cornerstone of the automaker’s global ambitions, calling the kingdom and the wider Middle East a “golden jewel” in the company’s international portfolio, driven by strong brand equity, steady profitability, and a deep, loyal customer base.

Speaking to Asharq Al-Awsat, Espinosa said Nissan has long enjoyed a solid foothold in Saudi Arabia and across the region, noting that Middle Eastern markets contribute a significant share of the company’s global earnings.

“We have a large base of supporters and loyal customers in the region, which makes it a pivotal market for both our present and our future,” he stressed.

Speaking during his first visit to the region as Nissan’s president, Espinosa said the company will continue investing in products tailored to local needs.

He cited the Nissan Patrol as a model born and developed to suit Gulf markets, particularly in its latest generations, which benefited from in-depth studies of user behavior and expectations.

He revealed that his visit was not limited to attending the recent Formula E event, but also aimed at gaining a deeper understanding of the Saudi market and strengthening Nissan’s position there. The company is working to expand its lineup and introduce more diverse products to serve a wider range of customers, he added.

Saudi visit

Espinosa described Saudi Arabia as “a wonderful place” where he continues to discover new facets reflecting the depth of its culture and the vibrancy of its society. The positive energy he sensed in the country reflects an ambitious and optimistic spirit, he said.

The Formula E event in which Nissan participated is a clear example of the Kingdom’s dynamism and its growing role in launching globally influential initiatives, underscoring its rising presence and confidence in shaping the future, he remarked.

Espinosa said Saudi Arabia’s ambitions under Vision 2030 intersect strongly with Nissan’s future vision, particularly in autonomous driving, artificial intelligence, and vehicles powered by new energy sources. The company sees promising opportunities for cooperation in the coming years.

With a long history and broad customer base in the Kingdom, Nissan aims to continue meeting expectations with innovative products, he said, noting that Saudi Arabia is a growing market with significant potential in technology and mobility solutions, reinforcing the company’s commitment to long-term investment in the region.

Strategic hub

Espinosa said Nissan is currently implementing its recovery plan, Re:Nissan, while preparing a strategic vision for the next phase. Regions have been classified according to growth priorities, with the Middle East among those given high priority.

He said describing the region as a “golden jewel” reflects the strength of the brand, the company’s long history there, and its solid profitability. Nissan aims to expand its market share through sustainable organic growth, he added.

Formula E

On Nissan’s participation in the Formula E World Championship, which concluded in Jeddah, Espinosa said it reflects the company’s competitive heritage and serves as a platform to showcase its electric vehicle technologies.

The championship serves as a real-world laboratory for transferring technology from race cars to production models.

He pointed to expertise in battery management and traction control derived from the Nissan Leaf, as well as the movement of engineers from the Formula E program into the development of future performance models, strengthening knowledge exchange between the track and the production line.

Three pillars

Espinosa said Nissan’s three-to-five-year plan rests on three pillars.

The first is completing the recovery plan by recalibrating the cost structure. So far, the company has achieved savings of about 160 billion yen, roughly $1 billion, in fixed costs, and launched more than 5,000 initiatives to reduce variable costs with potential savings of up to 240 billion yen, or about $1.5 billion.

Third-quarter results showed operating profit of 17 billion yen, or $114 million, despite tariff-related pressures, reflecting the company’s resilience and improved operational efficiency, he said.

The second pillar focuses on products and technology to accelerate the rollout of new models. The third aims to cement Nissan’s position as a leader in smart vehicles, he added.

Espinosa said the industry's future requires automakers to embrace technology without losing their core identity. Artificial intelligence has become central to design processes, with generative AI significantly shortening early design phases while enhancing creativity without replacing designers.

In autonomous driving, he cited Nissan’s partnership with a British software company that provides self-driving algorithms, while Nissan leverages its vehicle engineering expertise to deliver a natural driving experience that mimics human behavior.

He outlined a longer-term ambition for vehicles to learn their owners' driving styles and adapt their autonomous mode accordingly, whether dynamic or conservative, thereby enhancing trust and reducing anxiety.

Reshaping the industrial base

As part of the Re:Nissan plan, Espinosa said restructuring the industrial base is a key element of the transformation. The company will reduce the number of global plants from 17 to 10 to improve capacity utilization and boost profitability.

Among the most notable steps was the agreement to sell Nissan’s South Africa plant to Chery South Africa. The process was carried out with a high degree of responsibility and precision, he said, stressing that protecting jobs and ensuring employment continuity were core conditions of the deal.

A similar approach was adopted in Japan when the Oppama plant was closed. Nissan began early talks with employees and offered multiple options, including transfers to future operations in Kyushu, opportunities within other group units, and voluntary separation programs with attractive terms when necessary.

Plant reductions are being handled with great care while maintaining uniform global quality standards across production sites, supported by standardized control systems and specialized teams to ensure supply chain stability, particularly for semiconductors and electronic chips, said Espinosa.

Espinosa said the Re:Nissan plan is progressing on schedule, with clear signs of performance improvement paving the way for a smarter and more sustainable growth phase in global markets, led by the Middle East and Saudi Arabia.

Strategic flexibility

On hybrid and electric powertrains, Espinosa said Nissan is keeping pace with customer preferences while maintaining the view that electric vehicles will gradually become the dominant option.

The company offers a range of technologies, including internal combustion engines, e-Power systems, and fully electric vehicles, while shortening model development cycles to improve responsiveness to market demand.

The e-Power technology is expanding globally after its launch in Japan and Europe and is nearing entry into the US market, he went on to say. It will reach the Middle East in due course, particularly in mid-size segments.

Hybrid solutions for larger vehicles are also under study to meet regional towing requirements, he said.


Dammam Airport Launches Saudi Arabia’s First Category III Automatic Landing System  

Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
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Dammam Airport Launches Saudi Arabia’s First Category III Automatic Landing System  

Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)
Prince Saud bin Naif bin Abdulaziz, Governor of the Eastern Region, inaugurates the General Aviation Terminal and the upgraded automatic landing system at King Fahd International Airport in Dammam. (SPA)

Prince Saud bin Naif bin Abdulaziz, Governor of Saudi Arabia’s Eastern Region, inaugurated on Monday two major aviation projects at King Fahd International Airport in Dammam: a dedicated General Aviation Terminal for private flights and the Kingdom’s first Category III Instrument Landing System (ILS), which enables fully automatic aircraft landings in low-visibility conditions.

The ceremony was attended by Minister of Transport and Logistics Services and Chairman of the General Authority of Civil Aviation (GACA) Saleh bin Nasser Al-Jasser and President of GACA and Chairman of the Saudi Airports Holding Company Abdulaziz bin Abdullah Al-Duailej.

Prince Saud said the projects represent a qualitative leap in strengthening the aviation ecosystem in the Eastern Region, boosting the airport’s operational readiness and its regional and international competitiveness.

The introduction of a Category III automatic landing system for the first time in Saudi Arabia reflects the advanced technological progress achieved by the national aviation sector and its commitment to the highest international standards, he stressed.

The General Aviation Terminal marks a significant upgrade to airport infrastructure. Spanning more than 23,000 square meters, the facility is designed to ensure efficient operations and fast passenger processing.

The main terminal covers 3,935 square meters, while aircraft parking areas extend over 12,415 square meters with capacity to accommodate four aircraft simultaneously. An additional 6,665 square meters are allocated to support services and car parking, improving traffic flow and delivering a premium travel experience for private aviation users.

The upgraded Category III ILS, considered among the world’s most advanced air navigation systems, allows aircraft to land automatically during poor visibility, ensuring flight continuity while enhancing safety and operational efficiency.

The project includes rehabilitation of the western runway, extending 4,000 meters, along with a further 4,000 meters of aircraft service roads. More than 3,200 lighting units have been installed under an integrated advanced system to meet modern operational requirements and support all aircraft types.

Al-Jasser said the inauguration of the two projects translates the objectives of the Aviation Program under the National Transport and Logistics Strategy into concrete achievements.

The developments bolster airport capacity and efficiency, support the sustainability of the aviation sector, and strengthen the competitiveness of Saudi airports, he added.

Al-Duailej, for his part, said the initiatives align with Saudi Vision 2030 by positioning the Kingdom as a global logistics hub and a leading aviation center in the Middle East.

The new terminal reflects high standards of privacy and efficiency for general aviation users, he remarked, noting the selection of Universal Aviation as operator of the general aviation terminals in Dammam and Jeddah.

Dammam Airports Company operates three airports in the Eastern Region: King Fahd International Airport, Al-Ahsa International Airport, and Qaisumah International Airport.


Saudi Arabia to Launch Real Estate Indicators, Expand ‘Market Balance’ Program Nationwide

The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
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Saudi Arabia to Launch Real Estate Indicators, Expand ‘Market Balance’ Program Nationwide

The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 
The Minister of Municipalities and Housing addresses attendees during the government press conference (Asharq Al-Awsat). 

Saudi Arabia will roll out real estate market indicators in the first quarter of this year and expand the Real Estate Market Balance program to all regions of the Kingdom, following its initial implementation in Riyadh, Minister of Municipalities and Housing Majed Al-Hogail announced on Monday.

Al-Hogail, who also chairs the General Real Estate Authority, made the remarks during a government press conference in Riyadh attended by Minister of Media Salman Al-Dossary, President of the Saudi Data and Artificial Intelligence Authority (SDAIA) Abdullah Alghamdi, and other senior officials.

Al-Hogail said the housing and social ecosystem now includes more than 313 non-profit organizations supported by over 345,000 volunteers working alongside the public and private sectors.

He highlighted tangible outcomes, including housing assistance for 106,000 social security beneficiaries and the prevention of housing loss in 200,000 cases.

Development Initiatives

He noted that the non-profit sector is driving impact through more than 300 development initiatives and over 1,000 services, while empowering 100 non-profit entities and activating supervisory units across 17 municipalities.

Among key programs, Al-Hogail highlighted the Rental Support Program, which assisted more than 6,600 families last year, expanding the reach of housing aid.

He also traced the growth of the “Jood Eskan” initiative, which began by supporting 100 families and has since evolved into a nationwide program that has provided homes to more than 50,000 families across the Kingdom.

Since its launch, the initiative has attracted more than 4.5 million donors, with total contributions exceeding SAR 5 billion ($1.3 billion) since 2021.

Al-Hogail added that the introduction of electronic signatures has reduced the homeownership process from 14 days to just two.

In 2025 alone, more than 150,000 digital transactions were completed, and the needs of over 400,000 beneficiary families were assessed through integrated national databases. A mobile application for “Jood Eskan” is currently being deployed to further streamline services.

International Support and Economic Growth

Minister of Media Salman Al-Dossary said the Saudi Program for the Development and Reconstruction of Yemen launched 28 new development projects and initiatives worth SAR 1.9 billion ($506.6 million), including fuel grants for power generation and support for health, energy, education, and transport sectors across Yemeni governorates.

He also reported strong growth in the communications and information technology sector, which created more than 406,000 jobs by the end of 2025, up from 250,000 in 2018, an 80 percent cumulative increase. The sector’s market size reached nearly SAR 190 billion ($50.6 billion) in 2025.

Industry, Localization, and Philanthropy

In the industrial sector, investments exceeded SAR 9 billion ($2.4 billion), alongside five new renewable energy projects signed under the sixth phase of the National Renewable Energy Program.

Industrial and logistics investments worth more than SAR 8.8 billion ($2.34 billion) were also signed by the Saudi Authority for Industrial Cities and Technology Zones.

Al-Dossary said the Kingdom now hosts nearly 30,000 operating industrial facilities with total investments of about SAR 1.2 trillion ($320 billion), while the Saudi Export-Import Bank has provided SAR 115 billion ($30.6 billion) in credit facilities since its establishment.

On workforce development, nearly 100,000 social security beneficiaries were empowered through employment, training, and productive projects by late 2025, with localization rates in several specialized professions reaching as high as 70 percent.

Alghamdi said total donations through the “Ehsan” platform have reached SAR 14 billion ($3.7 billion) across 330 million transactions, reflecting the rapid growth of digital philanthropy in the Kingdom.