Egyptian Officials Make Local Inspection Tours to Reassure Tourists

A man wearing a face mask is seen in front of the Great Pyramids of Giza after reopening for tourist visits, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt (Reuters)
A man wearing a face mask is seen in front of the Great Pyramids of Giza after reopening for tourist visits, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt (Reuters)
TT

Egyptian Officials Make Local Inspection Tours to Reassure Tourists

A man wearing a face mask is seen in front of the Great Pyramids of Giza after reopening for tourist visits, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt (Reuters)
A man wearing a face mask is seen in front of the Great Pyramids of Giza after reopening for tourist visits, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt (Reuters)

Egyptian ministers toured various resorts and airports in the country that began receiving visitors earlier this month while maintaining health measures to confront the COVID-19 pandemic.

The government aims to reassure tourists arriving to Egypt over the health situation and the measures taken to contain the pandemic.

Minister of Tourism and Antiquities Khaled Anani and Minister of Civil Aviation Mohamed Manar met with investors in Taba and Nuweiba to discuss proposals to overcome obstacles facing tourism investors in both cities.

Anani stressed that the government spared no effort to promote the tourism sector, considering it a pillar of the national income. He indicated that flights will be resumed in Taba Airport, provided that investors contribute to these flights until tourism returns to its normal levels.

The minister visited Taba and Sharm el-Sheikh airports and inspected the departure and arrival halls, the thermal camera system, and measures for maintaining social distance at the airport.

Sharm el-Sheikh International Airport received more than 3,000 tourists aboard 16 flights from Ukraine and Belarus, since the beginning of July.

Taba Airport is preparing to receive tourists with the first flight arriving from Poland on July 29.

Anani also inspected a number of hotels in Sharm El-Sheikh, Dahab and Nuweiba to ensure that health measures are being followed, as instructed by the Ministry.

The Ministry issued an official statement indicating that the occupancy rate of Dahab reached about 45 percent, most of which are Egyptian visitors. The city has 28 hotels with an occupational capacity of 2,326 hotel rooms, as well as 110 tourist bazaars.

Whereas Nuweiba has 14 hotels, with a capacity of 1,643 rooms, and seven bazaars.

The Minister also reviewed health precautionary measures followed by the hotel upon the guest’s arrival.

He also monitored the procedures on the reception desk and foyer area, as well as all parts of the hotel including the restaurant, kitchen area, swimming pools, and the beach area.



Lucid Beats Estimates for EV Deliveries

A Lucid Motors facility is pictured in Costa Mesa, California, US, November 1, 2023. (Reuters)
A Lucid Motors facility is pictured in Costa Mesa, California, US, November 1, 2023. (Reuters)
TT

Lucid Beats Estimates for EV Deliveries

A Lucid Motors facility is pictured in Costa Mesa, California, US, November 1, 2023. (Reuters)
A Lucid Motors facility is pictured in Costa Mesa, California, US, November 1, 2023. (Reuters)

Lucid Group reported record fourth-quarter deliveries on Monday, surpassing Wall Street expectations for quarterly deliveries, as the Saudi Arabia-backed maker of luxury electric vehicles lowered prices and offered cheaper financing to drive demand.

The company’s shares rose 7.6% before trading began on Monday.

The EV maker has lowered prices and offered incentives including cheaper financing to woo customers away from cheaper hybrid vehicles amid high interest rates.

The company handed over 3,099 vehicles in the fourth quarter ended Dec. 31, compared with estimates of 2,637, according to six analysts polled by Visible Alpha.

That represented growth of 11% over the third quarter and 78% higher than the fourth quarter a year earlier.

Production rose about 42% year-over-year to 3,386 vehicles in the reported quarter, surpassing estimates of 2,904 units.

For 2024, production rose 7% to 9,029 vehicles, topping the company's target of 9,000 vehicles. Annual deliveries grew 71% to 10,241 vehicles.

Lucid started taking orders for its Gravity SUV in November, in a bid to enter the lucrative SUV sector and take some market share from Rivian and Tesla.

Rivian on Friday topped analysts' estimates for quarterly deliveries and said its production was no longer constrained by a component shortage.

But Tesla reported its first fall in yearly deliveries, in part due to the company's aging lineup.

Saudi Arabia’s Public Investment Fund (PIF) first invested in Lucid in 2018, and steadily accumulated more shares until it held a majority ownership when the startup went public in 2021 through a combination with a special purpose acquisition company.

Lucid raised $3 billion from an offering of common stock and an investment by PIF announced in May of last year.

The company also raised $1.75 billion in October through a stock sale that CEO Peter Rawlinson believes will provide Lucid with a "cash runway well into 2026".

Lucid is scheduled to report its fourth-quarter results on Feb. 25.