Egypt, Türkiye Boost Cooperation Through Air Travel, Tourism

Turkish Airlines’ celebration on Friday marking 75 years since its first flights to Cairo. (Egyptian Ministry of Civil Aviation)
Turkish Airlines’ celebration on Friday marking 75 years since its first flights to Cairo. (Egyptian Ministry of Civil Aviation)
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Egypt, Türkiye Boost Cooperation Through Air Travel, Tourism

Turkish Airlines’ celebration on Friday marking 75 years since its first flights to Cairo. (Egyptian Ministry of Civil Aviation)
Turkish Airlines’ celebration on Friday marking 75 years since its first flights to Cairo. (Egyptian Ministry of Civil Aviation)

Egypt and Türkiye are strengthening their cooperation and “strategic partnership” by boosting air traffic and tourism as the two countries mark 75 years since the first flight between them.

Egyptian Minister of Civil Aviation Sameh el-Hefny said on Friday that the celebration sent “a positive message reflecting the depth of the historic and strategic relations between Egypt and Türkiye.”

He said the ties were seeing “remarkable development”, opening broader prospects for more partnerships in civil aviation, expanding operations and exchanging expertise in a way that serves the two countries’ shared economic interests.

Egyptian-Turkish relations have grown over recent years, witnessing a significant improvement, exchanges of presidential visits and the expansion of economic activities.

The minister of civil aviation took part on Friday in a celebration organized by Turkish Airlines to mark 75 years since the launch of its first flights to Cairo. The event was attended by Türkiye’s ambassador to Egypt, Salih Mutlu Sen, and aviation sector leaders from both countries.

According to a statement by the Egyptian government, the occasion comes amid the remarkable recent development witnessed by Egyptian-Turkish relations, reflecting continued coordination and a shared will to expand areas of cooperation, particularly in air transport, tourism and investment, which are key pillars for supporting regional integration and achieving sustainable development.

El-Hefny said the Turkish national carrier’s continued operation in the Egyptian market for more than seven decades “is clear testimony to the strength of bilateral relations and mutual confidence in opportunities for growth and expansion.”

The civil aviation sector is a vital track for supporting Egyptian-Turkish relations because of the opportunities it provides to boost tourism and trade, he added.

The Ministry of Civil Aviation attaches great importance to strengthening cooperation with various international airlines, in line with the Egyptian state’s vision to attract more air traffic and expand its network of links with regional and international markets, helping consolidate Egypt’s position as a key civil aviation hub in the region, he stressed.

Egypt relies on tourism as one of its most important sources of national income. The government announced last week that “monthly growth in the tourism sector has reached 20 percent since the beginning of the current year compared with the same period last year, 2025.”

The Ministry of Tourism and Antiquities also said at the time that “2025 ended with notable growth in tourism movement, reaching 21 percent compared with 2024.”

Karam Saeed, an expert on regional affairs and deputy editor-in-chief of Democracy Magazine, said the celebration marking 75 years since the first flight, preceded by celebrations of 100 years since the establishment of diplomatic relations between Egypt and Türkiye, as well as the convening of the Higher Strategic Council, were important indicators at carefully chosen times.

“Türkiye is one of the countries with abundant production of aircraft fuel, and I believe this cooperation is not separate from Egypt’s desire to benefit from this,” he told Asharq Al-Awsat.

“Türkiye may lose part of Gulf tourism because of the repercussions of the Iranian war, and therefore the Egyptian market represents an important alternative or tributary to compensate for a potential decline in Gulf and Iranian tourism to Türkiye,” he added.

Egypt and Türkiye are promising markets for tourism exchanges because of their historic and cultural proximity, he went on to say. Egypt is a suitable destination for Turkish tourists, while Türkiye offers an attractive climate for Egyptian tourists, in addition to the use of flights for commercial purposes.

The Turkish ambassador to Cairo said on Friday that “Turkish Airlines’ continued presence in the Egyptian market throughout these years reflects the strength and solidity of relations between the two countries, and demonstrates the great confidence enjoyed by the Egyptian market as one of the most important strategic markets for the Turkish national carrier in the region.”

He explained that Turkish Airlines’ journey in the Egyptian market has seen notable growth since the launch of its first flights to Cairo on May 14, 1951, at a rate of two flights per week, reaching today about 32 weekly flights from Cairo, in addition to a daily flight to Egypt’s top tourist destination, reflecting growing demand for travel between the two countries.

Turkish President Recep Tayyip Erdogan visited Cairo last February and witnessed the signing of several agreements in various fields.

During a joint press conference, his Egyptian counterpart, Abdel Fattah al-Sisi, said: “There is a convergence of views on various regional and international issues between Egypt and Türkiye.”



China, US Agree to $30 Billion Tariff Cut, AI Dialogue

WASHINGTON, DC - SEPTEMBER 25: US President Donald Trump (R) and President of China Xi Jinping (L) speak as they depart following a tour of the National Archives Museum on September 25, 2026 in Washington, DC. Win McNamee/Getty Images/AFP
WASHINGTON, DC - SEPTEMBER 25: US President Donald Trump (R) and President of China Xi Jinping (L) speak as they depart following a tour of the National Archives Museum on September 25, 2026 in Washington, DC. Win McNamee/Getty Images/AFP
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China, US Agree to $30 Billion Tariff Cut, AI Dialogue

WASHINGTON, DC - SEPTEMBER 25: US President Donald Trump (R) and President of China Xi Jinping (L) speak as they depart following a tour of the National Archives Museum on September 25, 2026 in Washington, DC. Win McNamee/Getty Images/AFP
WASHINGTON, DC - SEPTEMBER 25: US President Donald Trump (R) and President of China Xi Jinping (L) speak as they depart following a tour of the National Archives Museum on September 25, 2026 in Washington, DC. Win McNamee/Getty Images/AFP

China and the US have agreed to a $30 billion reciprocal tariff-reduction arrangement and to launch dialogue on AI, under an eight-point consensus reached during Chinese President Xi Jinping's visit to the US, China's Ministry of Foreign Affairs said.

The two sides recognized the work of their economic teams and endorsed steps including the establishment of a trade council, the tariff-reduction arrangement and an extension of outcomes from earlier talks in Kuala Lumpur, the ministry said.

The United ⁠States and China ⁠had earlier agreed to extend by two months a trade truce that was due to expire on November 10, allowing more time to work on a potentially bigger trade deal, US Treasury Secretary Scott Bessent said on Wednesday.

The leaders of ⁠the world's two largest economies ended a three-day summit that showcased personal diplomacy rather than big public breakthroughs. Xi has since landed in Beijing, Chinese state media Xinhua reported on Saturday.

On artificial intelligence, the two sides agreed to establish a dialogue to discuss the technology's risks and benefits, with the next round of discussion set for November, and to set up a communication channel for AI-related incidents, according to the ⁠ministry.

They ⁠also agreed to support each other in hosting the Asia-Pacific Economic Cooperation leaders' meeting and the Group of Twenty summit, with both leaders signaling their intention to attend the gatherings hosted by the other, Reuters reported.

On foreign policy, the leaders agreed that Iran should fulfil its commitment not to develop nuclear weapons, and that no country or entity should impose transit tolls on international waterways, the ministry said. They also recalled that China and the United States fought as allies in World War Two.


Gold Rises, but on Track for Weekly Loss as Fed Rate Hike Expectations Build

FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo
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Gold Rises, but on Track for Weekly Loss as Fed Rate Hike Expectations Build

FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: A raw gold bar is displayed at Nigeria’s booth at the 8th China International Import Expo (CIIE) venue in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov/File Photo

Gold prices rose on Friday but was on track for a weekly loss, as rising US Treasury yields and growing expectations of Federal Reserve rate hikes weighed on the metal.

Spot gold was up 0.6% at $4,303.19 per ounce by 1210 GMT, but was down about 1.7% so far this week. US gold futures rose 1% to $4,339.

US and Iranian negotiators in New York are seeking a deal that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said.

"Gold finds support today as oil prices pull back on renewed hopes for a US-Iran deal," said Nikos Tzabouras, a senior market analyst at Jefferies-owned Tradu.com.

"That said, the precious metal is heading for weekly losses, as higher Fed rates and bond yields raise the opportunity cost of holding gold."

The Fed raised interest rates by a quarter-point last week, its first hike in three years, and flagged more hikes follow. Traders are pricing in a 71% chance of an October hike and a 95% chance of an increase in December, according to the CME FedWatch Tool.

Although gold is traditionally seen as a hedge against inflation, higher rates dampen demand as investors shift to yield-bearing assets.

Gold demand in India picked up modestly this week as lower prices drew in buyers ahead of the festive season.

Oil prices fell, and the dollar eased about 0.3%, making greenback-priced bullion more affordable for holders of other currencies.

"Lingering deficit fears could revive the debasement trend that drives investors toward hard assets like gold. Alongside persistent central bank demand, the precious metal has a credible case for a strong fourth-quarter recovery, should the macro winds begin to shift," said Tzabouras.

Spot silver gained 1.4% to $64.82 per ounce, platinum added 1.7% to $1,777.38 and palladium fell 0.4% to $1,269.77. All three metals were poised for weekly losses.


Dollar Falls as Oil Eases, Yen Rallies on Japan Remarks

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)
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Dollar Falls as Oil Eases, Yen Rallies on Japan Remarks

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)

The dollar fell on Friday as oil prices eased, but was poised for a second straight weekly advance on growing rate hike bets, while the yen rallied after Japan said Tokyo and Washington remain committed to the stance behind July's joint intervention.

The dollar was on track to snap a four-day streak of gains as crude prices fell more than 1%.

Global oil prices have eased but still they remain above $100 a barrel, maintaining upward pressure on inflation.

Comments from central bank officials flagging inflation concerns and support for more rate increases after last week's rate hike of 25 basis points have boosted market expectations for a more aggressive path of monetary policy and helped spark a jump in US Treasury yields.

"We've had like a pretty aggressive rally in the dollar over the last couple of days and maybe it's a little stretched, just taking a little breather. So I wouldn't really say that the dollar is really weakening materially today," said Eugene Epstein, head of trading and structured products at Moneycorp in Stamford, Connecticut.

"It's just a combination of those factors that you have not only a slight increase in odds of a second hike before year-end, but also just general bond yields going up and the market getting a bit concerned about that, so that's really what we have, what's been driving the dollar stronger overall."

DOLLAR INDEX POISED FOR BIGGEST DROP IN THREE WEEKS

The dollar index, which measures the dollar against five other currencies, fell 0.34% and was on track for its biggest daily percentage drop since September 3, to 100.95. The euro was up 0.2% at $1.1402 but on pace for a third straight weekly decline.

Expectations for a rate hike from the Fed at its October meeting stood at about 66%, according to CME FedWatch, up from about 58% a week earlier.

On the data front, new orders for US-manufactured capital goods increased more than expected in August and data for the prior month was revised sharply higher, pointing to another quarter of robust growth in business spending as part of artificial intelligence infrastructure is created.

In a separate report, the University of Michigan's Surveys of Consumers said its Consumer Sentiment Index ticked up to 48.1 from the prior reading of 47.8, above the 47.6 estimate of economists polled by Reuters.

Sterling strengthened 0.24% to $1.3247, supported by hawkish comments from Bank of England Governor Andrew Bailey. Yet it remained close to a three-month low hit on Thursday.

YEN STRENGTHENS AS JAPAN STEPS UP INTERVENTION WARNINGS

The Japanese yen strengthened 1.09%, on pace to snap a four-day streak of declines and its biggest daily gain against the dollar since September 7, to 157.13.

The currency rose after Japan's Finance Minister Satsuki Katayama said US President Donald Trump raised concern about yen weakness during a summit with Japanese Prime Minister Sanae Takaichi earlier this week.

Katayama said this reaffirmed the shared US-Japan stance behind July's joint intervention, adding she and Treasury Secretary Scott Bessent would stay in close contact as policymakers stepped up warnings over renewed yen weakness.

Still, the yen was on track for a second weekly fall, after markets judged the Bank of Japan's rate hike last week to a 31-year high and its latest guidance as insufficiently hawkish.

Elsewhere, the dollar strengthened 0.14% to 6.725 versus the offshore Chinese yuan, as a Trump-Xi summit in Washington showed no signs of breakthroughs at a closed-door meeting on thorny issues such as AI, trade, Taiwan and the Iran war.