CAIRO: Egypt said on Thursday it would invest 5.23 billion Egyptian pounds ($315 million) in the Sinai Peninsula in fiscal 2019-20, a 75% rise on the year, in a venture officials say is intended to stabilize a region hit by violence from armed groups.
The Planning Ministry, which directed 2.986 billion pounds in investments to Sinai in the 2018-19 fiscal year, said in response to a Reuters question that the 2019-20 investments would be “general investments directed to all sectors.”
Egypt has been fighting an insurgency led by Daesh and concentrated in the peninsula’s north since the military overthrew President Mohamed Mursi of the Muslim Brotherhood in mid-2013 after mass protests against his rule.
The government hopes investing in the region will help curb extremism and bring stability by reducing higher-than-average unemployment.
North Sinai will receive 2.85 billion pounds of the investments, while South Sinai will take 2.38 billion pounds, Planning Minister Hala Al-Saeed said in a statement.
“The investments in North Sinai are in education, water, agriculture, irrigation, transport, storage, real estate activities and construction projects,” Saeed said.
South Sinai investments will be “in the agriculture, irrigation, transport, education and other services sectors,” she said.
An aide to President Abdel Fattah El-Sisi said last year that the Sinai development plan is expected to cost 275 billion Egyptian pounds and be completed by 2022, calling it “a project for national security.”
Egypt raises Sinai investment by 75% in 2019-20
Egypt raises Sinai investment by 75% in 2019-20
- North Sinai will receive 2.85 billion pounds of the investments, while South Sinai will take 2.38 billion pounds, Planning Minister Hala Al-Saeed said
- An aide to President Abdel Fattah El-Sisi said last year that the Sinai development plan is expected to cost 275 billion Egyptian pounds and be completed by 2022
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
