Tunisia Receives €400 Million in Loans

Passengers stranded at Tunis Carthage airport wait for flights on March 16, 2020. (Getty Images)
Passengers stranded at Tunis Carthage airport wait for flights on March 16, 2020. (Getty Images)
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Tunisia Receives €400 Million in Loans

Passengers stranded at Tunis Carthage airport wait for flights on March 16, 2020. (Getty Images)
Passengers stranded at Tunis Carthage airport wait for flights on March 16, 2020. (Getty Images)

The Tunisian parliamentary finance committee has okayed five sealed deals with donors that allow it to receive loans amounting to nearly EUR400 million to implement a number of government projects.

The International Bank for Reconstruction and Development (IBRD) approved a EUR98.2 million loan to help finance an e-governance program and support digital transformation in administrative services. IBRD also approved a loan of EUR66.9 million to support emerging companies and SMEs.

The parliament approved the government’s request for loans, totaling EUR238 million, from the from the African Development Bank (AfDB). One loan, worth EUR108 million, will go to the Tunisian Company of Electricity and Gas (STEG) to fund the electric power transmission project this year.

A second, worth EUR100 million, will be dedicated to SMEs and active institutions in various sectors, and a third will finance the electric power transmission project in 2021.

According to the Ministry of Finance, the economy needs around TND11 billion (around USD3.8 billion) in foreign and domestic loans to fund the 2020 budget. The country’s economic woes have been compounded by the coronavirus and ensuing lockdowns.

Tunisia’s economy is expected to contract by 4.3 percent in 2020 amid the coronavirus crisis, the deepest contraction since its independence in 1956, the International Monetary Fund (IMF) said earlier this month.



Boeing: Building a Strategic Partnership to Cement Saudi Arabia as a Global Aviation, Tourism Hub

Omar Arekat, Boeing’s vice president for commercial sales and marketing in the Middle East (The company) 
Omar Arekat, Boeing’s vice president for commercial sales and marketing in the Middle East (The company) 
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Boeing: Building a Strategic Partnership to Cement Saudi Arabia as a Global Aviation, Tourism Hub

Omar Arekat, Boeing’s vice president for commercial sales and marketing in the Middle East (The company) 
Omar Arekat, Boeing’s vice president for commercial sales and marketing in the Middle East (The company) 

Boeing is seeking to strengthen its presence in Saudi Arabia, citing significant opportunities to support its regional expansion and stressing that cooperation has evolved beyond aircraft sales into a long-term partnership aimed at transforming the Kingdom into a global aviation and tourism hub.

Omar Arekat, Boeing’s vice president for commercial sales and marketing in the Middle East, said Saudi Arabia is among the company’s most important markets outside the United States, amid rising demand for fleet modernization and expanded air connectivity.

Supporting Transformation

In remarks to Asharq Al-Awsat, Arekat underscored Boeing’s role in supporting the transformation underway in Saudi Arabia’s aviation sector, noting that the partnership, which spans more than 80 years, has entered a deeper and more strategic phase as the goals of Vision 2030 accelerate.

He said one of the clearest signs of that cooperation is orders for more than 140 aircraft across several models, including the 787 Dreamliner and 737-8, reflecting the rapid expansion of the Kingdom’s aviation sector and its growing role in boosting global connectivity while supporting sustainability through more fuel-efficient, lower-emission aircraft.

Arekat added that Vision 2030 has reshaped the aviation sector into an integrated strategic ecosystem driven by economic diversification and higher local content targets, fueling demand for maintenance and repair services and paving the way for the development of local supply chains and aviation-related industries.

Localizing Maintenance

He further underlined that Boeing has expanded its local partnerships to include the localization of maintenance operations and engine repair, as well as exploring opportunities for the initial manufacturing of materials used in the sector, including aluminum and titanium, in cooperation with Saudi companies — a move aimed at strengthening industrial self-sufficiency and building sustainable local capabilities.

On the delivery of Dreamliner aircraft to Riyadh Air, Arekat described the move as a milestone in building the Kingdom’s future aviation network. He said the aircraft offer long-range capabilities and high operational efficiency, supporting the launch of direct flights linking Riyadh with destinations worldwide and reinforcing the Saudi capital’s position as a global travel hub.

He stressed that expanding air connectivity is a major economic driver, contributing to tourism growth, attracting investment and facilitating trade, while also creating direct and indirect jobs as passenger and business traffic into the Kingdom increases.

Global Hub

Arekat said the partnership with Riyadh Air is a key factor in accelerating the Kingdom’s ambitions to become a global aviation hub, despite challenges related to infrastructure, workforce development and regulatory frameworks. He added that such challenges represent opportunities to strengthen cooperation between the public and private sectors, as well as academic institutions.

Addressing geopolitical tensions, he noted that demand for air travel in Saudi Arabia and the wider region continues to grow strongly, supported by major infrastructure investments and long-term development strategies. He added that the sector’s economic fundamentals remain solid despite global volatility.

Human Capital

On workforce development, Arekat stressed that investment in human capital is a cornerstone of the company’s strategy, noting Boeing’s support for education and scientific research through academic partnerships and local training programs that have achieved 100 percent Saudization, in addition to investments exceeding SAR 60 million ($16 million) in community initiatives since 2012.

He added that partnerships with Saudi carriers are playing a key role in strengthening the Kingdom’s position within global supply chains through the use of digital solutions, data analytics and operational expertise, helping improve efficiency, enhance the passenger experience and cement Saudi Arabia’s role as a regional hub for aviation services and industries.

 

 


Saudi Aramco’s Q1 Profit Rises 25% on Higher Sales, Key Pipeline Full

Saudi Aramco's logo during the CERAWeek energy conference 2026 in Houston, Texas, US, March 24, 2026. (Reuters)
Saudi Aramco's logo during the CERAWeek energy conference 2026 in Houston, Texas, US, March 24, 2026. (Reuters)
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Saudi Aramco’s Q1 Profit Rises 25% on Higher Sales, Key Pipeline Full

Saudi Aramco's logo during the CERAWeek energy conference 2026 in Houston, Texas, US, March 24, 2026. (Reuters)
Saudi Aramco's logo during the CERAWeek energy conference 2026 in Houston, Texas, US, March 24, 2026. (Reuters)

Saudi oil giant Aramco reported on Sunday a 25% rise in first-quarter net profit, mainly due to higher sales, while the East-West crude pipeline that circumvents the Strait of Hormuz has reached its full capacity.

The world's top oil exporter reported net profit of $32.5 billion in the three months ended March 31, beating an LSEG consensus estimate of $30.95 billion. Total revenue climbed 11.4% from the previous quarter to $115.49 billion.

Aramco CEO Amin Nasser, who had ‌warned during the ‌company's previous earnings of "catastrophic consequences" if the ‌strait remains ⁠shut, said the ⁠results reflect strong resilience and operational flexibility in a "complex geopolitical environment".

Iran's effective blockade of shipping through the crucial waterway following the US-Israeli war against it prompted Aramco to ramp up crude flows from its production heartland on its east coast to the port of Yanbu on ⁠the Red Sea.

"Our East-West Pipeline, which ‌reached its maximum capacity of ‌7.0 million barrels of oil per day, has proven itself ‌to be a critical supply artery, helping to mitigate ‌the impact of a global energy shock and providing relief to customers affected by shipping constraints in the Strait of Hormuz," Nasser said in a statement.

"Recent events have clearly demonstrated ‌the vital contribution of oil and gas to energy security and the global economy, and ⁠are a ⁠stark reminder that reliable energy supply is critical."

Aramco's adjusted net profit for the quarter was $33.6 billion, beating a company-provided median estimate from 13 analysts of $31.16 billion. The figure strips out $1.06 billion in non-operational accounting items, which were mainly tied to changes in inventory replacement costs, paper gains or losses on energy trading contracts and certain financing expenses.


World Bank Raises Egypt's Package by $300 Million to Counter Iran War Impact

Construction work on buildings in downtown Cairo (Photo: Abdelfattah Farag)
Construction work on buildings in downtown Cairo (Photo: Abdelfattah Farag)
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World Bank Raises Egypt's Package by $300 Million to Counter Iran War Impact

Construction work on buildings in downtown Cairo (Photo: Abdelfattah Farag)
Construction work on buildings in downtown Cairo (Photo: Abdelfattah Farag)

Egypt will receive an extra $300 million as part of a World Bank development financing package to help it confront fallout from the Iran war, Stephane Guimbert, the World Bank's division director for Egypt, Yemen, and Djibouti, told reporters on Saturday.

The package, consisting of $800 million from the World Bank and a $200 million British guarantee, is to support private sector–led job creation, macroeconomic stability, and the green transition. The bank's board approved it on Friday.

The bank's share was increased from $500 million due ⁠to "the uncertainty in ⁠the region and the shock facing Egypt, like other countries, because of the war in Iran," Reuters quoted him as saying.

The financing is on terms unavailable in commercial markets — at around 6% interest, with a maturity of 30 years and a grace period before repayments ⁠begin, Guimbert said.

The operation is the second in a three-part program. The first was approved in June 2024; a third is planned for next year.

Other lenders, including the Asian Infrastructure Investment Bank, are expected to provide complementary parallel financing.

Private investment in Egypt has risen to around 6% of GDP from roughly 4%, Guimbert said, but noted this remained far below peer economies where private investment often exceeds 20% of GDP. ⁠The ⁠bank is also advising Egypt on how to boost foreign direct investment.

Egypt has the potential to achieve 6% annual medium-term growth if macroeconomic stability and structural reforms are maintained, he added. At that pace, Egypt could generate roughly 2 million jobs annually compared with around 600,000 currently.

On social protection, Guimbert said Egypt's Takaful and Karama cash transfers offered more targeted support to poor families than its large-scale bread subsidy program. "In times of crisis, you want to lean heavily on Takaful and Karama," he said.