Egypt Signs 15-Year Contract with French Metro Line Operator

People wait to board a train at Al Shohadaa metro station in Cairo, Egypt, July 24, 2017. (Reuters)
People wait to board a train at Al Shohadaa metro station in Cairo, Egypt, July 24, 2017. (Reuters)
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Egypt Signs 15-Year Contract with French Metro Line Operator

People wait to board a train at Al Shohadaa metro station in Cairo, Egypt, July 24, 2017. (Reuters)
People wait to board a train at Al Shohadaa metro station in Cairo, Egypt, July 24, 2017. (Reuters)

Egypt on Tuesday signed a 15-year, billion-euro contract with French transport operator RATP Dev to manage Cairo's third metro line, the transport ministry said.

The government has sought to expand the run-down network in recent years to ease the burden on the traffic-choked streets of the capital, home to more than 20 million people.

In 2012 its third metro line went into operation, stretching 47 kilometers (29 miles) from east to west.

The new 1.1 billion-euro ($1.4-billion) contract between RATP Dev and the National Tunnels Authority aims "to alleviate the pressure on the Egyptian Company for the Management and Operation of the metro, which is in charge of the first and second lines," the transport ministry said.

Over three million commuters use the Cairo metro every day, but the metro company has been grappling with heavy losses and debts for years.

The government has hiked fares several times in recent years to generate funds for upkeep of the three-decade-old network.

In August, authorities raised the metro tickets covering up to nine stops from three to five Egyptian pounds ($0.32). The fare for up to 16 stops now costs seven pounds ($0.44).



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.