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.



Gulf Stock Markets Slip Amid Escalating Iran-Israel Conflict and Fed Policy Uncertainty

Traders monitor stock information displayed on screens at the Qatar Stock Exchange. (Reuters)
Traders monitor stock information displayed on screens at the Qatar Stock Exchange. (Reuters)
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Gulf Stock Markets Slip Amid Escalating Iran-Israel Conflict and Fed Policy Uncertainty

Traders monitor stock information displayed on screens at the Qatar Stock Exchange. (Reuters)
Traders monitor stock information displayed on screens at the Qatar Stock Exchange. (Reuters)

Major stock markets across the Gulf declined on Tuesday, as heightened geopolitical tensions between Iran and Israel weighed on investor sentiment and fueled concerns over regional stability. Investors also remained on edge ahead of a key interest rate decision by the US Federal Reserve.

Reports from Iranian state media described a series of explosions and intense anti-aircraft fire lighting up the skies over Tehran. Simultaneously, air raid sirens sounded in Tel Aviv following a barrage of Iranian missile launches.

Amid the growing tensions, US President Donald Trump, speaking after departing early from the G7 summit in Canada, urged civilians to evacuate the Iranian capital.

At the same time, markets are closely watching developments in Washington, where the Federal Reserve is set to begin a two-day policy meeting. The central bank is widely expected to keep interest rates unchanged, but investors are eagerly awaiting signals from Chair Jerome Powell on the future path of monetary policy, particularly any indications of upcoming rate cuts to support a slowing global economy.

Against this backdrop, Gulf equity markets ended the day mixed. Saudi Arabia’s benchmark Tadawul All Share Index slipped 0.41%, while the Abu Dhabi Securities Exchange lost 0.51%. Dubai’s main index was down 0.64%.

Other markets followed suit. Qatar’s index dropped 0.51%, Muscat’s bourse fell 0.33%, and Egypt’s EGX 30 posted the largest regional decline, falling 1.02% amid heightened investor anxiety.

However, a few markets bucked the trend. Kuwait’s exchange rose 0.65%, while Bahrain’s index gained 0.30%, supported by selective buying and relative insulation from the geopolitical fallout.