Egypt Denies Selling Airports, Ports to Foreign Parties

Cairo International Airport in Cairo, Egypt (File photo: Reuters)
Cairo International Airport in Cairo, Egypt (File photo: Reuters)
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Egypt Denies Selling Airports, Ports to Foreign Parties

Cairo International Airport in Cairo, Egypt (File photo: Reuters)
Cairo International Airport in Cairo, Egypt (File photo: Reuters)

The Egyptian government denied “selling ports and airports to foreign parties,” stressing that such rumors circulating on some websites and social media are baseless.

The cabinet issued a statement asserting that none of the Egyptian ports or airports will be sold to foreign parties, either at the present time or in the future.

It urged all media outlets to be careful and accurate before reporting such news that could undermine national projects.

Ministries of Transport and Civil Aviation stressed that “Egyptian ports and airports are wholly owned by the state and subject to Egyptian sovereignty and will remain so.”

The two ministries explained that the state is implementing an integrated strategy to develop the maritime transport system in accordance with the latest global systems, with the aim of maximizing its competitiveness.

The strategy also aims to keep pace with global developments in transportation, saying it includes raising the efficiency of the infrastructure and superstructure and applying the latest information technology systems.

The government also has a plan to comprehensively develop Egyptian airports, by implementing a number of infrastructure development projects, raising the level of services provided to travelers, as well as upgrading the security systems at all airports.

The cabinet affirmed that top international health measures are applied at the airports to ensure the safety of passengers and workers.

The Ministry of Civil Aviation said it used the period during which travel restrictions were imposed at airports to limit the spread of the coronavirus to implement extensive maintenance, including all departure and arrival halls in the airports.

The authorities also indicated that all communication networks, electricity and security devices, and the facilities infrastructure were included in the maintenance operations.

In addition, a number of new airports have been established most notably Sphinx, the New Administrative Capital, Berenice, and Bardawil.



Bank of Israel Keeps Rates on Hold as Inflation Stays Just Above Target Range

The Bank of Israel building in Jerusalem - Reuters
The Bank of Israel building in Jerusalem - Reuters
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Bank of Israel Keeps Rates on Hold as Inflation Stays Just Above Target Range

The Bank of Israel building in Jerusalem - Reuters
The Bank of Israel building in Jerusalem - Reuters

The Bank of Israel left short-term interest rates unchanged on Monday citing "geopolitical uncertainty" and saying inflation remained above the target range despite it easing in May.

The central bank left its benchmark rate at 4.50% for the 12th meeting in a row.

"In view of the geopolitical uncertainty, the interest rate path will be determined in accordance with the convergence of inflation to its target range, stability in the financial markets, economic activity, and fiscal policy," the bank said in a statement announcing the decision, Reuters reported.

Its last move was to reduce the rate by 25 basis points in January 2024 after inflation eased and economic growth slowed in the early days of the Gaza war. It has kept policy steady since then and said it is in no rush to ease again while inflation remains above target.

Ten of 11 analysts polled by Reuters had expected no rate move on Monday. One predicted a 25 bps rate cut due to the end of a 12 day Israel-Iran war that saw Israel's risk premium slide and the shekel appreciate sharply.

The annual inflation rate eased to 3.1% in May from 3.6% in April but remained above the government's 1-3% annual target.

The bank said that it forecast inflation would ease to within its target range in coming months and be around the midpoint of that range in a year's time.

However, it noted that risks remained that could affect the inflation outlook.

"In the Committee’s assessment, there are several risks for a possible acceleration of inflation or for it not converging to the target range: geopolitical developments and their impact on economic activity, an increase in demand alongside supply constraints, and worsening global terms of trade," the bank said.

The economy grew by an annualised 3.7% in the first quarter after a 1% expansion for all of 2024 due to the war.

Economic uncertainty has lingered due to the 21-month-old conflict between Israel and Palestinian group Hamas in Gaza.

Israeli Prime Minister Benjamin Netanyahu is due to meet with US President Donald Trump at the White House on Monday, while Israeli officials hold indirect talks with Hamas, aimed at a US-brokered Gaza hostage-release and ceasefire deal.