Latest news with #AsharqBloomberg
See - Sada Elbalad
15 hours ago
- Business
- See - Sada Elbalad
Egypt's Hotel Occupancy Hits 80% Amid Rise in Tourist Arrivals
Ahmed Emam Egypt's tourism sector is witnessing robust growth in 2025, with hotel occupancy averaging more than 80% across major tourist destinations and international arrivals up 23% since the start of the year compared with 2024, Tourism Minister Sherif Fathy said. Speaking to Asharq Bloomberg, Fathy projected that tourist arrivals will grow between 15% and 20% for the full year, noting that last year's 15.8% increase relative to available rooms was already considered a strong performance. He revealed that the upcoming inauguration of the Grand Egyptian Museum (GEM) will serve as a major new attraction to draw additional visitors. Fathy revealed that 6,000 new hotel rooms were added during the first half of 2025, with further capacity expected to open later this year. He said the government will on Monday review the master plan for the Giza Plateau area stretching from Sphinx International Airport to Saqqara, prepared by a global consultancy firm. The plan will determine the number and type of hotel rooms to be developed in the area. According to the numbers of the government, Tourism revenues climbed 22% year-on-year in the first half of 2025, reaching $8 billion, the minister said earlier this month. In 2024, Egypt launched a 50 billion Egyptian pound ($1 billion) initiative to support tourism companies in expanding hotel capacity. The program offers loans at a declining interest rate of 12%, with a financing cap of 1 billion pounds per company and 2 billion pounds for related entities, on the condition that beneficiaries sell 40% of their foreign-currency revenues to local banks. Applications for financing under the initiative have far exceeded its allocations, surpassing 200 billion pounds—four times the original envelope. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
Egypt Today
07-05-2025
- Business
- Egypt Today
Egypt's New Partnership with BRICS: NDB Eyes Investment Opportunities
CAIRO - 7 May 2025: The New Development Bank (NDB), the financial arm of the BRICS group, is actively considering financing projects in Egypt following the country's recent accession to the bloc. This was disclosed by Anand Kumar Srivastava, Chief Procurement Officer of NDB, in an interview with Asharq Bloomberg. Egypt's official inclusion in the BRICS group in 2024 marks a new chapter in its economic journey, positioning the nation alongside other global players such as Saudi Arabia and the UAE. This move is anticipated to bring significant investment opportunities and enhance Egypt's global influence. At the second expanded plenary session of the BRICS Summit, President Abdel Fattah El-Sisi underscored Egypt's commitment to advancing development through innovative strategies, especially in response to the growing debt challenges faced by developing countries and the shortage of financing required to meet sustainable development goals. He also emphasized the vital role of the New Development Bank in providing concessional financing to support development projects in these nations. The president further stressed the importance of enhancing cooperation frameworks, particularly in financial transactions using local currencies, to foster more balanced and sustainable economic relations.
Egypt Today
23-03-2025
- Business
- Egypt Today
Kuwait sets sights on expanding investments in Egypt to $5.3B by end of 2025
CAIRO – 23 March 2025: Kuwait is on track to increase its investments in Egypt to $5.3 billion by the end of 2025, reflecting a 20 percent rise in total capital inflow, according to government sources speaking to Asharq Bloomberg. This strategic step signals Kuwait's growing confidence in Egypt's economic prospects and further solidifies the economic partnership between the two nations. Looking beyond 2025, Kuwait has outlined a long-term ambition to raise its total investments in Egypt to $10 billion. While this goal reflects a strong commitment, sources noted that a specific timeline for reaching this milestone has not yet been determined. As part of its broader investment approach, Kuwaiti stakeholders are currently evaluating opportunities to acquire stakes in Egyptian state-owned enterprises. Although the companies under review have not been named, it remains unclear whether these entities are among the ten firms designated by the Egyptian government for strategic sales and EGX listings in the coming year. Kuwaiti interest spans a diverse range of high-priority sectors, including pharmaceuticals, food security, tourism, agriculture, automotive manufacturing, banking, renewable energy, public transport, and green hydrogen. A notable portion of the upcoming investments will be funneled into tourism infrastructure, particularly along the North Coast and Red Sea, with plans to develop new hotel projects. In addition, Kuwaiti investors are keeping a close eye on Egypt's airport privatization initiative. One of the sources revealed that Kuwait is actively monitoring the process as the International Finance Corporation (IFC) collaborates with Egyptian authorities to privatize the management of 11 airports. The final agreement is expected to be reached within the month, with a comprehensive rollout of the IFC's plan anticipated by July.
Al-Ahram Weekly
28-01-2025
- Business
- Al-Ahram Weekly
Air Cairo to expand fleet to 40 aircraft within 3 months: Aviation minister - Economy
Egyptian Minister of Civil Aviation Sameh ElHefny announced Sunday that Air Cairo, an Egyptian low-fare carrier, will expand its fleet to 40 aircraft within three months. The minister made his remarks during the Sunday 95th-anniversary celebration of Egyptian aviation. ElHefny said reaching 40 aircraft is a key part of ِAir Cairo's strategy to boost tourism from Arab and European countries and increase air traffic to Egypt. He added that the company would receive three aircraft in February and two others in March and April. The minister also highlighted Air Cairo's success story, revealing that despite the challenges posed by the global COVID-19 pandemic and geopolitical instability, which affected international tourism, the airline has doubled its fleet in recent years. EgyptAir's fleet modernization Similarly, EgyptAir is upgrading its fleet by leasing 18 Boeing 737 Max 8 aircraft and purchasing 10 Airbus A350-900 wide-body planes. The airline's accumulated losses decreased to EGP 16 billion by the end of FY2023/2024, significantly improving from EGP 30 billion in previous years. Despite global challenges, including delays in aircraft engine production, EgyptAir continues to focus on improving operational reliability. In October 2024, EgyptAir and Air Cairo signed a code-sharing agreement, expanding their networks and maximizing benefits for passengers. The move is part of a broader strategy to integrate the two carriers and offer travellers a wider range of destinations. Airport privatization According to Asharq Bloomberg, Egypt offered to privatize the management of 11 airports, excluding Cairo International Airport. This decision followed Prime Minister Mostafa Madbouly's December 2024 announcement, which outlined plans to privatize airport management and involve public-private partnerships (PPPs) through a contract with the International Finance Corporation. This aligns with a broader strategy to attract private sector investment in the country's aviation industry. According to the government's plan for 2024/2025-2026/2027, Egypt aims to increase the capacity of its airports to 72.2 million passengers annually and expand EgyptAir's fleet to 97 aircraft, including six cargo planes. The goal is to receive 30 million tourists annually and 100 million passengers by 2030. The ongoing efforts are expected to strengthen Egypt's position as a regional and global logistics hub for civil aviation and support the country's tourism and investment growth. ElHefny also outlined plans to expand EgyptAir's fleet by 2029 significantly. However, he noted that this expansion could be delayed due to supply chain issues. Egypt was supposed to receive 12 aircraft, but it will only receive one in September. In addition, he emphasized that Egypt's civil aviation sector is undergoing a comprehensive modernization and digital transformation aimed at improving service quality, enhancing airport infrastructure, and increasing capacity. As part of Egypt's Vision 2030, the ministry focuses on improving performance efficiency and attracting investments while upholding the sector's highest safety and security standards. Modernizing air travel ElHefny said Egypt has an ambitious vision for developing and modernizing its airports to meet the growing travel demand and align with its expanding tourism and investment sectors. He asserted that the ministry remains committed to improving air navigation systems, redesigning Egypt's airspace, and planning flight routes to shorten travel times, boost air traffic capacity, and enhance the country's air services efficiency and flexibility. These efforts aim to reduce carbon emissions while maintaining the highest safety and security standards per international civil aviation regulations through infrastructure enhancements, technical upgrades, and airspace reorganization. This includes a strategic partnership with Orange Egypt to offer free Wi-Fi at Cairo International Airport and the introduction of interactive touchscreen displays and virtual assistant kiosks to enhance the passenger experience. The Egyptian Holding Company for Airports and Air Navigation aims to increase passenger traffic at Egyptian airports by raising capacity to 100 million passengers annually by 2030, compared to 66.2 million passengers in FY2023/2024. It also focuses on strengthening Cairo International Airport's position as a key hub for long-haul travel in Africa. Moreover, the holding company seeks to transform Egyptian airports into a sustainable global aviation centre that blends rich heritage with innovative services, making it the country's primary gateway to Africa. Last week, ElHefny also reviewed efforts to develop Egypt's airspace, including upgrading the radar network and outlining expansion plans to increase Cairo International Airport's capacity from 28 to 40 million passengers annually. Short link:
