Egyptian Civil Aviation Minister Mohamed Abbas Helmy said on Monday that Egypt will soon announce international bids for the management and operation of Egyptian airports.
According to Helmy’s statements to CNBC Arabia, these bids will be offered to manage and operate Egyptian airports, and that all airports will be available, including Cairo International Airport, which is located east of the capital.
The Minister of Civil Aviation explained that the goal is to provide a better flying experience for passengers, modernize services, and develop performance, noting that he seeks to integrate the private sector in implementation of state policies.
Helmy did not specify in his statements the date for these auctions.
The new Egyptian announcement comes after the Egyptian government announced, on Friday, the signing of an investment agreement worth $24 billion with the Emirates, focusing on real estate development of the Mediterranean coast.
Under the agreement, ADQ Holding Company, a sovereign fund affiliated with the Abu Dhabi government, will pay $24 billion for land development rights on the Ras El Hekma Peninsula on the northern coast of Egypt, in addition to transferring $11 billion in deposits already in Egypt. To major projects in the country.
Analysts and investors say that the agreement would alleviate the economic problems that Egypt is currently suffering from, represented by a severe shortage of foreign currency. But doubts remain about the prospects for structural reforms and the long-term strength of the economy.
Investors said that the first test is the extent of the devaluation of the local currency after the agreement, and whether Egypt will move to a flexible exchange rate, or will resort again to floating its currency, a step it previously pledged but did not implement.
They added that the second test relates to whether the government will proceed with the sale of other assets, and the extent to which it allows private sector participation in the economy that the state and the army control.
Egyptian dollar sovereign bonds jumped by about five cents on Monday, approaching the gains achieved on Friday, with many dollar-denominated debt instruments reaching their strongest levels in nearly two years.
Egypt’s credit rating has declined several times in the past few months. Moody’s revised its outlook from “stable” to “negative” in January, attributing its decision to the increasing risks represented by the continued weakness of the country’s credit position in light of the difficulty of rebalancing the macroeconomy and the exchange rate.
2024-02-26 14:56:29
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