CAIRO: Egypt will halt all air traffic at its airports from Thursday until March 31 to prevent the spread of coronavirus, Prime Minister Mostafa Madbouly said on Monday.
Egypt will sanitize hotels and tourist sites during the closure, he said in a news conference, adding that tourists now in the country would be able to complete their vacations.
Madbouly said Egypt’s strategic reserves of key commodities would last for months and there was no need for people to stock up.
He said local firms in the aviation sector would suffer losses of 2.25 billion Egyptian pounds ($143 million) due to the latest measures. The last plane allowed to depart would leave on Thursday, March 19, at noon.
Tourism is a key sector for the most populous Arab country. Tourism revenue rose to a record high of $12.57 billion in the financial year that ended in July.
Revenue continued to rise in the July-Sept quarter, the latest data published by the central bank, to $4.19 billion, the country’s best quarter ever.
Egypt closed schools and universities for two weeks on Sunday to prevent the spread of coronavirus. The number of cases rose to 150, information minister Osama Haikal said on Monday, up from 126 reported by Sunday.
Three people in Egypt have died from the virus.
Analysts have hailed Egypt for reforms tied to a $12 billion loan program with the International Monetary Fund agreed in 2016, which included devaluing the currency by about half, cutting energy subsidies and introducing a value-added tax.
Analysts say the spread of the virus makes Egypt, with its large tourism industry, vulnerable. A global trade downturn could also hurt Suez canal revenues, which came to $5.7 billion in 2019.
Lower oil prices will likely be neutral, since Egypt’s bill for hydrocarbon imports, at $15.5 billion, is virtually equal to what it earns from exports, mainly natural gas.
Worker remittances worth $25 billion annually could fall if Gulf countries, the biggest employer of expatriate Egyptians, scale back projects.
Several Gulf oil producers have halted or restricted international passenger flights to combat coronavirus. ($1 = 15.7500 Egyptian pounds)
Egypt to halt flights from Thursday to stem spread of coronavirus
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Egypt to halt flights from Thursday to stem spread of coronavirus
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
