A new terminal for the international airport at the Red Sea resort of Hurghada in Egypt has been announced after the Civil Aviation Ministry signed contracts with a Saudi Arabian development group to construct the new terminal.

It will increase capacity from some 6.7m to 7.5m passengers annually and will cost an estimated £66m to construct, with completion scheduled for 2011. The airport is located five kilometres from downtown Hurghada.

The Post Office calculated which currencies have moved most in favour against sterling over the last year, and Egypt is placed in the top three as the British Pound strengthened against the Egyptian pound by +14%.