Egypt Reopens Slowly, Extends Trading Hours to Revive Economy

Egypt has loosened a strict curfew for the Muslim holy month of Ramadan in an effort to kickstart North Africa's largest economy- AFP
Egypt has loosened a strict curfew for the Muslim holy month of Ramadan in an effort to kickstart North Africa's largest economy- AFP
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Egypt Reopens Slowly, Extends Trading Hours to Revive Economy

Egypt has loosened a strict curfew for the Muslim holy month of Ramadan in an effort to kickstart North Africa's largest economy- AFP
Egypt has loosened a strict curfew for the Muslim holy month of Ramadan in an effort to kickstart North Africa's largest economy- AFP

Egypt's economy had just started to recover after years as the novel coronavirus crisis impacted its vital tourism sector. The government has loosened a strict curfew for the Muslim holy month of Ramadan in an effort to economy as it brings back many state workers to work and extends the trading hours of shops and malls. Shops and cafes were shut in late March and millions were forced of civil servants to stay home.

"Twenty-five percent of the workforce is in agriculture, which remains unaffected," said Angus Blair, a business professor at the American University in Cairo.

"Many other businesses continue to remain open, albeit with reduced staff, and construction is continuing," he added, AFP reported.

Egypt's main sources of foreign currency have been tourism, remittances sent home from workers abroad, and Suez Canal revenues -- which have all dropped sharply during the global lockdown in travel and trade.

Mahmoud al-Dabaa, a travel agent in the popular seaside resort of Sharm el-Sheikh, said he was shocked at how the once bustling travel destination had turned into a ghost town with deserted beaches. "It's the first time I see Sharm completely empty like this," he told AFP.

Dabaa had expected this season to also be profitable, but a string of cancelled bookings signals a bumpy road to recovery. Slow growth and fewer jobs may have "a temporary impact on poverty rates in the country", warned Alia El-Mahdi, former dean of Cairo University's faculty of economics and political science.

"The state must encourage the private sector on a macroeconomic scale so that it can overcome the crisis."

The government approved a 100 billion pound ($6 billion) aid package to stem the fallout of the coronavirus, which has caused 400 deaths and nearly 7,000 infections according to official data.

This included payments of 500 pounds a month to informal workers who lack any social insurance to fall back on. Cairo also sought a fresh loan from the International Monetary Fund last month and cut its interest rates in March to encourage lending for individuals and businesses.

The biggest cash-cow, tourism, has however taken a heavy blow as the COVID-19 pandemic shuttered travel worldwide.

It was all the more painful after the country famed for the Pyramids, Nile river cruises and Red Sea resorts had last year booked tourism revenues topping $12.6 billion, the highest in a decade.

On Sunday, the government announced that hotels may start operating again for domestic tourists, provided they stick to a limit of 25 percent of capacity until the end of May.

From the start of June, this will rise to 50 percent, reflecting the authorities' confidence they can keep infections under control while jump-starting the tourism sector.

Egypt hopes to get back to the relatively better times of recent years, which saw annual economic growth rates above five percent.

The government has been implementing financial reforms since 2016 when it secured a $12 billion IMF loan, and investors have flocked back in recent years, driving a booming construction sector.

As recently as January, Egypt was ranked among the top ten countries in Morgan Stanley's Emerging Markets Index.



Diriyah Company Awards Major Contract for Landmark Arena Project

The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)
The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)
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Diriyah Company Awards Major Contract for Landmark Arena Project

The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)
The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events. (SPA)

Saudi Arabia’s Diriyah Company has awarded a contract worth SAR5.75 billion to the branch of China Harbour Engineering Company Ltd. for the construction works of the Arena Block, a district that includes the multi-purpose indoor Diriyah Arena, three mixed-use office buildings, and a parking facility.

Diriyah Arena will have a gross floor area of approximately 74,000 square meters and is designed as a flexible and scalable venue to accommodate events such as concerts, sporting events, esports competitions, exhibitions, and live shows, said a statement from Diriyah Company on Wednesday. With a seating capacity of 20,000 spectators, it aims to attract residents and visitors from around the world.

Designed by the renowned global architecture firm HKS Inc., the Diriyah Arena’s design draws inspiration from the natural geology surrounding Diriyah, while honoring traditional Najdi architectural elements, to create a harmonious blend of heritage and modernity.

The Diriyah Arena will boost the quality of life in Diriyah by providing a space for residents and visitors to enjoy events, fostering a sense of community spirit, and contributing to the overall well-being of the area.

In addition to the Diriyah Arena, the Arena Block development will include three mixed-use office plots designed by international architects John McAslan + Partners, covering approximately 114,000 square meters, supported by state-of-the-art technology and infrastructure. The contract also includes over 4,000 parking spaces to support both Diriyah Arena events and office facilities.

Diriyah Company Group CEO Jerry Inzerillo stated: “The Diriyah Arena will be a landmark entertainment complex in Diriyah that reinforces the City of Earth’s growing global role in shaping Saudi Arabia’s artistic and cultural future, in alignment with Vision 2030.”

“By attracting both residents and global visitors to experience world-class sports and performances, the Diriyah Arena firmly demonstrates our commitment to creating a world-leading gathering place,” he added.

General manager of China Harbour Engineering Company Ltd. (Middle East) Yang Zhiyuan said: “This award marks a significant milestone for CHEC in the Kingdom. CHEC will bring to the project a wealth of global experience, technical expertise, and a proven track record of delivering successful projects.”

“We will mobilize the best resources and talents from across our international network and strive for excellence to ensure the successful and timely delivery of this world-class Arena. We will continue to deliver excellence in support of Vision 2030. We are deeply proud to be part of this initiative,” he remarked.

The contract is the latest in a series of major announcements so far in 2025 as Diriyah Company continues to accelerate its development program for Diriyah, realizing milestone after milestone.

The Diriyah Arena will join world-class cultural and entertainment assets in Diriyah, including the Royal Diriyah Opera House, nine museums, and academies, all featuring Najdi architectural elements inspired by the At-Turaif UNESCO World Heritage Site.