Rumors on Selling Egypt’s Airports Spread on Social Media

Egyptian Prime Minister Mostafa Madbouly during his recent visit to Borg El Arab Airport in Alexandria (Ministry of Aviation)
Egyptian Prime Minister Mostafa Madbouly during his recent visit to Borg El Arab Airport in Alexandria (Ministry of Aviation)
TT

Rumors on Selling Egypt’s Airports Spread on Social Media

Egyptian Prime Minister Mostafa Madbouly during his recent visit to Borg El Arab Airport in Alexandria (Ministry of Aviation)
Egyptian Prime Minister Mostafa Madbouly during his recent visit to Borg El Arab Airport in Alexandria (Ministry of Aviation)

Rumors spread on social media in Egypt amid claims that the country’s airports are being sold to foreign parties, prompting the cabinet to deny the reports on Saturday.
In an official statement on its Facebook page, Egypt’s government stressed that the goal is to “offer the management and operation of airports to the private sector.”
According to the Egyptian Council of Ministers, “Egyptian airports are fully owned by the state and subject to Egyptian sovereignty.”
It added that the state is implementing an integrated strategy based on raising the efficiency of airports and increasing their capacity, through a number of infrastructure development projects, as well as upgrading security systems and modernizing all security devices at Egyptian airports.
Additionally, the state is expanding flight networks by opening new markets and supporting low-cost aviation activities, the cabinet underlined in a statement.
Member of Parliament’s Tourism and Aviation Committee, MP Mohamed Taha Al-Khouly, told Asharq Al-Awsat that the government submitted a plan to Parliament last month to allow the private sector to provide some services inside airports.
This matter “will not happen randomly,” but within “an organized framework, and may require legal amendments regarding the controls regulating the private sector companies that will be present to provide some services at Egyptian airports,” he added.
According to the deputy, these services include receiving tourists, organizing the movement of taxis in the vicinity of airports, in addition to providing assistance services upon arrival, and other matters that do not directly or remotely affect Egyptian sovereignty over the airports.
Last month, the Central Bank of Egypt announced an increase in tourism sector revenues by 5.3 percent during the first 9 months of the 2023-2024 fiscal year, reaching $10.9 billion, compared to $10.3 billion in the same period of the previous year.
In 2023, Egypt received about 14.9 million tourists, an increase of 27 percent over 2022, according to a statement by the Egyptian Council of Ministers at the beginning of this year.

 



Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
TT

Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

Bitcoin rose to a record high above $94,000 as a report that Donald Trump's social media company was in talks to buy crypto trading firm Bakkt boosted expectations of a crypto-friendly regime under his incoming administration.
Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year. It was last at $93,521 on Wednesday, having hit a high of $94,078 in early Asian trading hours.
The Financial Times said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
"Trump's seeming interest to push further into crypto on a personal level has contributed to optimism that crypto will be a top priority when Trump takes office," said Stéphane Ouellette, chief executive officer of crypto trading firm FRNT Financial.
Earlier this week, the Wall Street Journal reported Trump was meeting privately with the crypto exchange CEO Brian Armstrong, further aiding sentiment.
Cryptocurrencies have soared since the Nov. 5 US election as traders bet President-elect Trump's promised support for digital assets would lead to a less restrictive regulatory regime.
Options trading over BlackRock's spot bitcoin ETF on the Nasdaq made a strong debut on Tuesday with a bullish call-to-put ratio of 4.4:1, according to QCP Capital.
"We expect these options to be popular and, in turn, may positively influence trading volumes of these ETPs (exchange traded products) as the underlying," said Kenneth Worthington, analyst at J.P.Morgan.
The growing excitement has taken the global cryptocurrency market's value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko.
US spot bitcoin exchange traded products have attracted about $4.2 billion in inflows since Trump's election victory, about 15% of the total inflows since the products were launched on US stock exchanges in January, Reuters reported.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and "another kick higher should bring in a fresh chase from those who like to buy what's strong".