Etihad introduces Entebbe service

Updated 02 May 2015
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Etihad introduces Entebbe service

Etihad Airways, the national airline of the UAE, has strengthened its presence in East Africa with the launch of new services between Abu Dhabi and Entebbe in central Uganda.
A delegation consisting of senior representatives from the airport, government officials and local dignitaries welcomed the inaugural flight.
Operated by a two-class Airbus A320 aircraft with 16 Business Class and 120 Economy Class seats, the new service is designed to provide business and leisure travelers with a direct four-times-per-week service between Entebbe and Abu Dhabi, with onward connections to key destinations in the GCC region, Europe, Indian Subcontinent, North Asia, Southeast Asia and Australia.
The new service also provides access to the nearby Ugandan capital of Kampala. Uganda has a total population of nearly 40 million, and is the world's second most populous landlocked country after Ethiopia.
James Hogan, president and CEO of Etihad Airways, said: “Uganda is one of the continent’s fastest-growing business and tourism destinations and the launch of services to Uganda is consistent with our strategy of targeting areas of strong growth in emerging markets. Not only does this service provide our guests with direct access to an exciting new business and tourism destination, it also further strengthens our presence in East Africa and across the African continent.”
“The UAE is a major trading partner with Uganda and our new point-to-point services strengthen the two-way flow of trade and commerce between the two countries. The flights are also scheduled to offer onward connections to key destinations across our global network, such as Ahmedabad and Mumbai in India or Beijing and Shanghai in China.”
Etihad Airways currently operates scheduled services to eight other destinations in Africa and the Indian Ocean, including Cairo, Casablanca, Dar es Salaam (Dec. 2015), Johannesburg, Khartoum, Lagos, Nairobi and Mahe in the Seychelles.


Moody’s upgrades Egypt’s rating to B2, expects more economic growth

Updated 18 April 2019
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Moody’s upgrades Egypt’s rating to B2, expects more economic growth

  • Moody’s believes Egypt’s large domestic funding base would support its resilience to refinancing shocks
  • The ratings agency expects energy price hikes as part of Egypt’s fuel subsidy reform

CAIRO: Rating agency Moody’s has upgraded Egypt’s sovereign rating, saying ongoing economic reforms will help improve its fiscal position and boost economic growth.
Moody’s upgraded the long-term foreign and local currency issuer ratings of Egypt to B2 from B3. The outlook was changed to stable from positive.
The decision was based on “Moody’s expectation that ongoing fiscal and economic reforms will support a gradual but steady improvement in Egypt’s fiscal metrics and raise real GDP growth,” the agency said in a statement late on Wednesday.
Moody’s also said it believed Egypt’s large domestic funding base would support its resilience to refinancing shocks despite the government’s very high borrowing needs and interest costs.
Moody’s said it expected a steady improvement of Egypt’s fiscal position, “albeit from very weak levels.”
Maintained primary budget surpluses combined with strong nominal GDP growth would help reduce the general government debt/GDP ratio to below 80 percent by the 2021 fiscal year from 92.6 percent in the 2018 fiscal year, it said.
Egypt’s fiscal year runs from July to June.
Moody’s also said it expected energy price hikes as part of Egypt’s fuel subsidy reform, which it believed would be completed in the 2019 fiscal year. This, along with the fiscal reforms implemented in the last few years, would allow the government to maintain the primary budget balance in surplus in the next few years, Moody’s said.
The upgraded rating was expected, but still good news for Egypt, said Allen Sandeep, head of research at Naeem Brokerage.
“It should help its case for new international bond issuances as we move forward,” he said.
Egypt is pushing ahead with tough economic reforms as part of a three-year $12 billion IMF loan deal signed in 2016.
The reforms, aimed at attracting investors who fled during the 2011 uprising, have included new taxes, deep cuts to energy subsidies and a currency devaluation. The reforms have helped the economy recover, but have also put the budgets of tens of millions of Egyptians under strain.