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Red Sea Global Announces Reopening of Al Wajh International Airport

The airport’s architectural design draws inspiration from the historic urban character of Al Wajh - SPA
The airport’s architectural design draws inspiration from the historic urban character of Al Wajh - SPA
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Red Sea Global Announces Reopening of Al Wajh International Airport

The airport’s architectural design draws inspiration from the historic urban character of Al Wajh - SPA
The airport’s architectural design draws inspiration from the historic urban character of Al Wajh - SPA

Red Sea Global (RSG) has announced the reopening of Al Wajh International Airport (EJH) in northwestern Saudi Arabia following a comprehensive two-year redevelopment and modernization program, culminating in the official resumption of commercial flight operations on May 24, 2026.

According to a press release issued by the RSG on Monday, commercial services commenced with five scheduled weekly flights operated by Saudia, including three flights from Riyadh and two from Jeddah, meeting current connectivity requirements for the region while paving the way for future international services, SPA reported.

This milestone reinforces Red Sea Global’s role as a key contributor to national infrastructure development beyond its tourism projects, reflecting its growing commitment to strengthening regional connectivity, enhancing public services, and supporting economic growth.

CEO of Red Sea Global Group John Pagano said: "This project goes far beyond upgrading an existing airport. It represents an investment in connecting communities, supporting economic development, and creating new opportunities for local residents. Today, Tabuk Region has an airport capable of receiving international flights, strengthening links with the rest of the Kingdom and the world."

Following the upgrade, Al Wajh International Airport is now capable of accommodating and operating most narrow-body commercial aircraft, including the Airbus A320 and Boeing 737, as well as seaplanes, providing operational flexibility to support future aviation growth.

The release added that passenger terminal capacity has increased from 100,000 to 500,000 passengers annually, with the airport capable of handling 330 passengers per hour during peak periods through four arrival and departure gates.

The airport’s architectural design draws inspiration from the historic urban character of Al Wajh and the coastline of Tabuk Region, reflecting local identity and celebrating the area’s cultural heritage.

The modernization program also included significant upgrades to passenger facilities, featuring expanded parking facilities. In addition, the airport is equipped to support seaplane and helicopter operations, further enhancing the integrated mobility ecosystem serving AMAALA.

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Egypt's January-March Current Account Deficit Widens to $5.1 billion

The headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
The headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
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Egypt's January-March Current Account Deficit Widens to $5.1 billion

The headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
The headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)

Egypt's current account deficit more than doubled to $5.1 billion in the January-March quarter from $2.3 billion a year earlier, central bank data showed on Sunday.

Net foreign direct investment inflows edged down to $3.7 billion from $3.8 billion in the same period of 2025, Reuters reported.

The central bank attributed the wider July-March current account deficit mainly to a larger merchandise trade deficit, partly offset by higher remittances, tourism revenue and Suez Canal receipts.

Remittances from Egyptians working abroad rose to $12.8 billion from $9.3 billion in the same quarter last year, Reuters reported.

Tourism revenue increased to $4.2 billion from $3.8 billion in the same period last year. Suez Canal revenues rose to $1 billion from $800 million a year earlier.

Oil imports increased to $5.7 billion in the same quarter, from $4.8 billion a year earlier, while exports rose slightly to $1.6 billion from $1.2 billion.

Business

Focus Turns to Building Stronger Institutions in Africa to Speed Shift to Renewable Energy

A solar power plant in Burkina Faso (Reuters)
A solar power plant in Burkina Faso (Reuters)
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Focus Turns to Building Stronger Institutions in Africa to Speed Shift to Renewable Energy

A solar power plant in Burkina Faso (Reuters)
A solar power plant in Burkina Faso (Reuters)

Africa’s biggest clean energy challenge is shifting from building projects to building the institutions, markets and regulatory systems needed to deliver them at scale, experts say.

That challenge is emerging even as clean energy reaches a historic milestone globally.

Renewables generated 34% of the world’s electricity in 2025, overtaking coal’s 33% share. Together with nuclear power, renewables are expected to provide half of global electricity by 2030.

As industrialization, artificial intelligence and electrification push demand higher, experts say the bottleneck in transitioning to cleaner energy has shifted from technology to the systems supporting it, including funding.

Overcoming such obstacles is vital for securing access to power for the 600 million people in Africa who are yet to be connected.

“Clean energy is now cheaper than fossil fuels in virtually every part of the world,” former New York City Mayor Michael R. Bloomberg, the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions, said in late June while announcing a new $285 million Bloomberg Philanthropies initiative to strengthen clean energy industries in emerging and developing economies.

“But fixable obstacles are still slowing down deployment, and with energy demand rising at an unprecedented speed, we can’t allow those obstacles to continue standing in the way,” The Associated Press quoted him as saying.

Rather than financing solar farms or wind projects directly, the initiative will invest in strengthening market design, regulatory capacity, technical expertise and industry institutions, areas increasingly viewed as essential for attracting private investment and accelerating use of renewable energy.

It reflects a growing consensus that Africa’s energy transition is constrained less by a lack of renewable resources or viable technologies than by the institutional capacity needed to turn those advantages into financially viable projects and electricity on the grid.

Many projects remain delayed by weak market design, limited grid planning, slow permitting processes and fragmented regulatory systems.

“What has been missing is not the potential, but the institutional infrastructure and capabilities to unlock it,” said Saliem Fakir, executive director of the African Climate Foundation.

“Philanthropy that targets those gaps directly is the kind of intervention that can shift the trajectory of a continent’s energy system.”

Across Africa, renewable energy costs have fallen sharply while investment appetite continues to grow. However, investors say policy uncertainty, slow permitting processes and limited regulatory capacity are hindering projects.

Wangari Muchiri, founder and chief executive of RE.Think Energy, said the commitment signals that “the next phase of the energy transition is not about proving clean energy works, it’s about removing the barriers preventing it from scaling fast enough.”

The Bloomberg initiative is looking beyond ambitious renewable energy targets to focus on helping projects attract long-term investments and connect to national grids.

“The next chapter of Africa's renewable energy story will not be only by the projects it builds, but the institutions that make these projects possible,” Muchiri said.

Business

Volkswagen CEO Looks to Avoid Plant Closures as Automaker Moves to Cut Costs

FILE PHOTO: Oliver Blume, CEO of Volkswagen AG and Porsche AG, speaks during the annual Volkswagen Group press conference in Wolfsburg, Germany March 11, 2025. REUTERS/Liesa Johannssen/File Photo
FILE PHOTO: Oliver Blume, CEO of Volkswagen AG and Porsche AG, speaks during the annual Volkswagen Group press conference in Wolfsburg, Germany March 11, 2025. REUTERS/Liesa Johannssen/File Photo
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Volkswagen CEO Looks to Avoid Plant Closures as Automaker Moves to Cut Costs

FILE PHOTO: Oliver Blume, CEO of Volkswagen AG and Porsche AG, speaks during the annual Volkswagen Group press conference in Wolfsburg, Germany March 11, 2025. REUTERS/Liesa Johannssen/File Photo
FILE PHOTO: Oliver Blume, CEO of Volkswagen AG and Porsche AG, speaks during the annual Volkswagen Group press conference in Wolfsburg, Germany March 11, 2025. REUTERS/Liesa Johannssen/File Photo

Volkswagen's CEO indicated in comments published Sunday that he's trying to avoid closing plants as he seeks to turn around the automaker's performance.

The Wolfsburg, Germany-based company faces pressure to cut costs at home and increasingly intense competition in the lucrative Chinese market, in particular.

Last week, Volkswagen said its “fundamental realignment” over the past three years had reached its next phase, announcing plans to streamline the model lineup by up to half.

It didn't provide specifics, and questions remain over how else it will cut costs. There has been renewed speculation about the future of several plants in Germany.

“There are more intelligent solutions than closing plants,” CEO Oliver Blume told the Bild am Sonntag newspaper, according to The Associated Press.

He added that a cost-cutting program in Germany already is producing effects. “We were able to improve our factory costs in Germany by an average 20% last year alone,” he said, describing that as “strong progress.”

Blume argued that Volkswagen's products are very popular, but “we just earn too little money with them. So we must continue to reduce our costs. In all kinds of costs.”