Egypt to offer Hurghada airport to private sector by end of 2025

The plan supports Egypt Vision 2030, the country’s national development blueprint, which includes transforming airports into regional aviation hubs equipped with the latest global systems. Shutterstock
The plan supports Egypt Vision 2030, the country’s national development blueprint, which includes transforming airports into regional aviation hubs equipped with the latest global systems. Shutterstock
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Updated 29 June 2025

Egypt to offer Hurghada airport to private sector by end of 2025

Egypt to offer Hurghada airport to private sector by end of 2025
  • President El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships
  • Plan supports Egypt Vision 2030

RIYADH: Egypt plans to offer Hurghada International Airport to the private sector by the end of 2025 as part of a broader strategy to modernize its aviation sector and attract foreign investment, President Abdel Fattah El-Sisi said.  

The announcement came during a meeting in Al-Alamein City with Minister of Civil Aviation Sameh El-Hefny and EgyptAir In-Flight Services Chairperson Soheir Abdullah, where El-Sisi reviewed the national roadmap for enhancing civil aviation infrastructure and operations. 

The move forms part of a national strategy designed in partnership with the International Finance Corp., which is advising on a new public-private participation model for the country’s airports. The framework is expected to be finalized by summer 2025 and will target 11 major airports while maintaining public ownership. 

In an official post, Ambassador Mohamed El-Shenawy, spokesman for the presidency, said the meeting reviewed the comprehensive strategic vision for the advancement of the entire civil aviation sector, including air navigation, aircraft fleet development, airport upgrades, and enhancement of human resource capabilities. 

“These efforts are part of the state’s broader plan to improve the efficiency of the aviation sector, increase its capacity, and enhance the quality of services provided to travelers, in support of the national goal to raise the number of tourists to 30 million,” the post added. 




Egyptian President Abdel Fattah El-Sisi meets with Minister of Civil Aviation Sameh El-Hefny and EgyptAir In-Flight Services Chairperson Soheir Abdullah. Facebook/Spokesman for the Egyptian Presidency

El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships centered on efficiency and sustainability, while ensuring an attractive investment environment that guarantees economic feasibility and long-term growth. 

The plan supports Egypt Vision 2030, the country’s national development blueprint, which includes transforming airports into regional aviation hubs equipped with the latest global systems.  

El-Sisi also reviewed the “New Republic Air Gateway” project at Terminal 4 of Cairo International Airport. Once completed, the new terminal will increase the airport’s capacity by at least 30 million passengers, pushing total throughput beyond 60 million annually.

The project is designed in line with international standards for safety, security, and environmental sustainability. 

The meeting also touched on Egypt’s achievements in air navigation, especially during recent regional airspace closures that increased daily traffic to over 1,600 flights. 

According to the presidential spokesman, organizations including Eurocontrol, the International Civil Aviation Organization, and the International Air Transport Association praised Egypt’s air traffic controllers for maintaining operational stability and service continuity. 

Additionally, the meeting highlighted EgyptAir’s recent successes. The national carrier was named “Best Airline Staff in Africa” for 2025 by Skytrax at the Paris Air Show. 

Other accolades included Best Economy Class Meals, Most Improved Airline in Africa for a second consecutive year, and Best Cabin Crew in Africa. 

The airline advanced 20 positions in the global ranking to 68th place out of more than 325 carriers. 

The minister said EgyptAir plans to expand its fleet to 97 aircraft by 2028-29. Efforts are also underway to upgrade in-flight services, infrastructure, and ground operations, as well as enhance lounge amenities and punctuality. 

These initiatives are aimed at strengthening the airline’s global competitiveness and overall passenger experience. 


Cybersecurity not ‘compliance checkbox’ but enabler of trust for investment, GCF experts say 

Cybersecurity not ‘compliance checkbox’ but enabler of trust for investment, GCF experts say 
Updated 5 sec ago

Cybersecurity not ‘compliance checkbox’ but enabler of trust for investment, GCF experts say 

Cybersecurity not ‘compliance checkbox’ but enabler of trust for investment, GCF experts say 

RIYADH: On the second day of the Global Cybersecurity Forum, discussions focused sharply on the critical role of cybersecurity in influencing foreign direct investment. 

“Investors want to know that leaders both in government and in business take cybersecurity seriously at the very top, they want to see budgets allocated, regulations enforced, and results reported,” Bocar A. Ba, CEO of SAMENA Telecommunications Council, said. 

“That visible prioritization is what gives them confidence that risks are managed, opportunities are sustainable, and the capital, most importantly, is protected,” he added.

In a session focused on securing investment, experts emphasized that cyber readiness directly shapes investor confidence and national risk profiles, urging top-level prioritization of cybersecurity, noting that nations and companies able to demonstrate robust cyber defenses are better positioned for economic success.

In what he called the single most important action, Ba stated: “Making cybersecurity a leadership priority and not a cost to be managed quietly in an IT department, and not a box to tick for compliance but a central pillar for national and corporate economic strategy.”

During the session, he stressed that “cybersecurity is not the enemy of investment, it is the enabler of trust in investment.” 

He added: “Cybersecurity has been the guarantor of stability and the foundation of investment trust.”

The SAMENA Telecommunications Council called for joint action on several fronts, “first by developing a cyber readiness framework with measurable benchmarks ... practising more transparency, and third by creating regulatory sandboxes where cybersecurity solutions could be tested in partnerships with regulators.”

Speaking alongside Ba on the panel were Wael Fattouh, chief of advisory at SITE, and Christopher Steed, CIO and managing director of Paladin Capital Group. 

The panelists discussed how strengthening cyber resilience, governance, and transparency can attract investment and position economies as secure hubs in an interconnected world.

Fattouh stated: “The Saudi market has reached a level of maturity and capability that we are now looking to be cocreators, co-investors, in innovation, innovators with the IP.” 

During the forum, Site stated that they are preparing to launch “the first Saudi IP for next generation firewall and HDR.” 

This marks the fifth Global Cybersecurity Forum, which convened global decision-makers and experts in Riyadh Oct. 1-2 to shape the future of cyberspace under the theme “Scaling Cohesive Advancement in Cyberspace.”


Closing Bell: Saudi main index closes in red at 11,495 

Closing Bell: Saudi main index closes in red at 11,495 
Updated 22 min 5 sec ago

Closing Bell: Saudi main index closes in red at 11,495 

Closing Bell: Saudi main index closes in red at 11,495 

RIYADH: ’s Tadawul All Share Index dipped on Thursday, losing 33.64 points, or 0.29 percent, to close at 11,495.72. 

The total trading turnover of the benchmark index was SR6.49 billion ($1.72 billion), as 96 of the listed stocks advanced, while only 148 retreated. 

The MSCI Tadawul Index also decreased, down 6.68 points, or 0.44 percent, to close at 1,499.76. 

The Kingdom’s parallel market Nomu lost 283.31 points, or 1.11 percent, to close at 25,306.09. This comes as 37 of the listed stocks advanced, while 56 retreated. 

The best-performing stock was Sport Clubs Co., with its share price surging by 5.24 percent to SR10.64. 

Other top performers included Almoosa Health Co., which saw its share price rise by 4.37 percent to SR179, and Sustained Infrastructure Holding Co., which saw a 4.30 percent increase to SR34.48. 

Al Moammar Information Systems Co. jumped 4.21 percent to SR143.60, while Rabigh Refining and Petrochemical Co. gained 4.13 percent to SR7.81. 

On the downside, Bupa Arabia for Cooperative Insurance Co. recorded the steepest drop of the day, falling 4.36 percent to SR158.10. 

Al Gassim Investment Holding Co. fell 3.24 percent to SR18.23, while Walaa Cooperative Insurance Co. slipped 2.68 percent to SR11.97. 

Nahdi Medical Co. fell 2.65 percent to SR121, while Dar Alarkan Real Estate Development Co. slipped 2.52 percent to SR19.35. 

On the announcements front, the Saudi Telecom Co., known as stc, said that its subsidiary, the Public Telecommunications Co. — Specialized, has secured a SR5.5 billion Islamic Murabaha facility. 

According to a Tadawul statement, the 12-year financing agreement, effective from Oct. 1, includes a SR3.5 billion participation from the Saudi National Bank and SR2 billion from the Arab National Bank. 

Secured by a corporate guarantee from stc, the funds will be used to finance the capital and operating expenditures for building, operating, and providing telecommunications infrastructure services. 

Shares of stc rose 1.45 percent in the session on the main market, closing at SR44.64. 


’O𲹱 taps as global beauty innovation launchpad

’O𲹱 taps  as global beauty innovation launchpad
Updated 02 October 2025

’O𲹱 taps as global beauty innovation launchpad

’O𲹱 taps  as global beauty innovation launchpad
  • has become a strategic hub for ’O𲹱’s global beauty tech innovation, driven by high digital penetration and a vibrant beauty culture
  • ’O𲹱’s socio-economic footprint in the Kingdom includes 8,765 jobs supported and more than 35,000 individuals reached through empowerment and education programs

RIYADH: As accelerates its transformation under Vision 2030, the beauty industry is not only keeping pace — it is helping to lead the charge. 

At the forefront of this dynamic is ’O𲹱, whose latest socio-economic impact study, conducted by Asteres, reveals a commitment to shaping the future of beauty.

Speaking on the sidelines of the report’s release, Vismay Sharma, President of ’O𲹱’s South Asia Pacific, Middle East and North Africa division, shared how is fast becoming a global epicenter for beauty innovation, digital transformation, and youth empowerment.

“ is one of the fastest growing and most dynamic beauty markets worldwide. ’O𲹱 views the Kingdom as a cornerstone of our future, a $2 billion market with immense growth potential,” said Vismay.

With 99 percent internet penetration and 134 percent mobile connectivity, stands among the most digitally connected societies in the world. This connectivity is revolutionizing the consumer landscape, making multichannel retail and beauty tech standard practice rather than futuristic fantasy.

“A typical Saudi woman uses nine makeup products every day — more than the average of seven in Europe,” Vismay noted. “Saudi consumers are digitally-savvy and highly connected, and this is driving growth in social commerce and interest in beauty tech.”

From artificial intelligence-powered hair diagnostics to augmented reality virtual try-ons, ’O𲹱 is embedding cutting-edge tech into everyday routines. The Lancome website already offers such immersive experiences, allowing customers to find their ideal foundation, lipstick or mascara with just a click.

“Three-quarters of Saudi consumers buy beauty products both online and offline, reflecting this ‘omnichannel’ shopping trend,” said Vismay. “We partner with leading e-commerce players to create outstanding experiences.”

With nearly 50 percent of the population under the age of 30, ’s youth are not only the largest consumer segment but also the future workforce of the beauty industry.

“Gen Z consumers are redefining cultural shifts and consumption trends, demanding personalized, digital-first experiences,” said Vismay.

Campaigns like Garnier’s “Ramadaniyat,” a culturally relevant talk show that engaged young Saudis during Ramadan, exemplify how ’O𲹱 is speaking the language of the next generation. On the workforce side, the ’O𲹱 Professional Hairdressing Academy has already trained over 100 Saudi women, with an ambitious goal of 1,000 graduates by 2029.

’O𲹱’s influence is not only economic, but social. The group’s initiatives have reached over 35,000 individuals, with programs supporting women’s empowerment, education, upskilling and entrepreneurship.

“We’re incredibly proud that to date, over 100 Saudi women have already graduated from five academies across the Kingdom,” Vismay shared. 

“These programs directly support Saudi Vision 2030’s goal of increasing female workforce participation,” he added.

FASTFACT

Key figures from ’O𲹱’s socio-economic impact study:

• 8,765 jobs supported in via the ’O𲹱 value chain

• SR3.2 billion in total sales generated

• 35,000+ individuals impacted by social programs

• 348 tons of waste recycled through the Garnier Green Beauty initiative

• 100+ Saudi women trained through the ’O𲹱 Professional Hairdressing Academy

• 57 Arab female scientists supported since 2014, including 16 from  as part of the ’O𲹱-UNESCO For Women in Science Middle East Regional Young Talents

The Kingdom is not just a market — it is a testing ground for global innovation.
“Driven by Vision 2030 and events like LEAP, is a leading incubator for tech innovation. For ’O𲹱, we see the Kingdom as a gateway to scale beauty innovation,” said Vismay.

’O𲹱’s presence at LEAP 2025, where it was the only beauty company exhibiting over 20 AI-driven innovations, underscored ’s role as a launchpad for beauty tech across emerging markets.

FASTFACT

Other standout initiatives in the region include:

• 30,000+ people trained via the Stand-Up Against Street

• Harassment program in partnership with Himayah Organization

• 600+ women supported through the Safe Homes initiative in partnership with ’O𲹱

• 1,000 chemotherapy patients assisted by the Fight With Care program, a partnership between La Roche-Posay and King Faisal Specialist Hospital Foundation

• 16 Saudi female scientists supported via the ’O𲹱-UNESCO For Women in Science awards

“Our journey in the Kingdom is grounded in our belief that business performance and positive impact must go hand-in-hand,” said Laurent Duffier, managing director of ’O𲹱 Middle East and ’O𲹱 .

As continues to reimagine its future, ’O𲹱’s presence offers a compelling model for how the beauty industry can drive economic inclusion, social progress, and sustainable innovation — from the Kingdom and far beyond.


Bahri signs deal with IMI for first Saudi-built large-scale fleet

Bahri signs deal with IMI for first Saudi-built large-scale fleet
Updated 02 October 2025

Bahri signs deal with IMI for first Saudi-built large-scale fleet

Bahri signs deal with IMI for first Saudi-built large-scale fleet

RIYADH: ’s national shipping carrier Bahri has ordered six Ultramax bulk carriers from International Maritime Industries, marking the Kingdom’s first large-scale commercial vessel project. 

The ships will be built at IMI’s Ras Al-Khair yard, the largest maritime facility in the Middle East, and are designed for efficiency and access to ports with limited infrastructure, according to a press release. 

The move to build its first Saudi-made vessels comes as part of Bahri’s ongoing fleet modernization program. 

The initiative recently saw a significant boost in August, when the company signed a $1 billion deal to purchase nine very large crude carriers from Greece-based Capital Maritime and Trading Corp.

Ahmed Ali Al-Subaey, CEO of Bahri, said: “This agreement marks a strategic milestone for Bahri and a defining moment for the maritime industry in the Kingdom.” 

He added: “Through our partnership with International Maritime Industries to launch the first large-scale national shipbuilding program, we are not only modernizing our fleet but also laying the foundations for a sustainable and globally competitive maritime sector.” 

Al-Subaey noted that the construction of these new carriers will allow the company to expand into strategic markets, elevate service levels, strengthen supply chain resilience, and create long-term value for customers and stakeholders. 

The newly designed Ultramax carriers are engineered for high levels of flexibility and operational efficiency. A key feature is their ability to access ports with limited infrastructure, which will allow Bahri’s dry bulk sector to expand into specialized markets and emerging trade routes. 

This capability is expected to reduce exposure to market volatility and enhance the resilience, competitiveness, and sustainability of the rapidly evolving shipping industry. 

The agreement reflects Bahri’s support for the Kingdom’s maritime industry and its role in strengthening the national economy and supply-chain capabilities to enhance ’s trade competitiveness.

The company posted solid financial results in the first quarter of 2025, with net profits increasing 18 percent year on year to SR533 million ($142 million), supported by fleet efficiency, proceeds from vessel sales, and diversified shipping operations.


Kuwait raises $11.25bn in first global bond sale since 2017 

Kuwait raises $11.25bn in first global bond sale since 2017 
Updated 02 October 2025

Kuwait raises $11.25bn in first global bond sale since 2017 

Kuwait raises $11.25bn in first global bond sale since 2017 

RIYADH: Kuwait secured $11.25 billion through a three-part sovereign bond as it returned to global debt markets for the first time in eight years. 

The move drew strong demand and was priced at some of the tightest spreads for an emerging-market issuer this year. 

The deal comprised $3.25 billion of three-year notes, $3 billion of five-year bonds, and $5 billion of 10-year debt. The tranches are priced at 40 basis points over Treasuries for the shorter maturities and 50 basis points for the 10-year, tighter than Kuwait’s 2017 debut, according to a press release. 

The transaction was 2.5 times oversubscribed, with the order book peaking at $28 billion. More than 66 percent of the allocations went to investors outside the Middle East and North Africa region, including 26 percent from the US, 30 percent from Europe and the UK, and 10 percent from Asia. 

The broad investor base reflects Kuwait’s increasing integration into global capital markets and the strength of its credit fundamentals. 

Kuwait’s Minister of Finance, Sobeen Al-Mukhaizim, said the issuance underscores investor confidence in “Kuwait’s fiscal strength, prudent policies, and enduring financial buffers.” 

He added: “This transaction reinforces Kuwait’s credibility in global markets and deepens our partnership with international investors as we advance our Vision 2035.” 

A recent report by Fitch Ratings affirmed Kuwait’s long-term foreign-currency issuer default rating at AA- with a stable outlook, underpinned by the country’s large financial buffers and robust external balance sheet. 

However, the agency also highlighted risks stemming from Kuwait’s reliance on hydrocarbons, a large public sector, and comparatively weak governance indicators. 

The latest offering is one of the largest sovereign bond deals of 2025 and includes one of the biggest order books of the year. 

The transaction was led by Citi, Goldman Sachs International, HSBC, J.P. Morgan, and Mizuho as Joint Global Coordinators. Bank of China and Industrial and Commercial Bank of China acted as Passive Joint Lead Managers. 

The issuance follows the passage of Kuwait’s new public debt law in March, which lifted the borrowing ceiling to 30 billion Kuwaiti dinars ($98.1 billion) and enabled longer-term borrowing, a report by Reuters found.