Egypt Souvenir Market Pins Hopes on New Lease of Economic Life

A technician paints a replica of an ancient Egyptian statue at the Konouz (Treasures) factory in Cairo - AFP
A technician paints a replica of an ancient Egyptian statue at the Konouz (Treasures) factory in Cairo - AFP
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Egypt Souvenir Market Pins Hopes on New Lease of Economic Life

A technician paints a replica of an ancient Egyptian statue at the Konouz (Treasures) factory in Cairo - AFP
A technician paints a replica of an ancient Egyptian statue at the Konouz (Treasures) factory in Cairo - AFP

Pyramids, Tutankhamun masks, Nefertiti busts -- Egypt's souvenir-makers are pinning their hopes on a new lease of economic life, after tourism was battered by the coronavirus pandemic.

In the shadow of the magnificent Giza Pyramids, Eid Yousri manufactures polyester Pharaonic figurines from a humble workshop erected on the roof of his family home.

"We've lost nearly 70 percent of our business," he told AFP, lamenting the plunge in visitors to one of the seven wonders of the ancient world.

Before the pandemic, "we had about 15 workers -- compared to five today," he said, noting that even the remaining staff were not full-time.

He sells his products from as little as 20 Egyptian pounds (about $1.30, or one euro) to 200 pounds.

Hundreds of small business owners and artisans have been forced to mothball much of their activity, choked by cancelled flights and movement restrictions around the world.

Yousri hopes that foreign tourists are lured back to Egypt in the latter part of the year, "especially Americans", with some groups from the US expected in September.

In 2019, the last full year before the pandemic struck, tourism made up about 12 percent of Egypt's GDP.

After a long period of political instability dented earnings, revenues from the sector reached $13 billion that year.

But in 2020, a year when Egypt had initially eyed a further rebound to $16 billion, takings collapsed to $4 billion.

In a recent interview with AFP, Tourism Minister Khaled El-Enani welcomed a partial recovery in visitor numbers.

Around 500,000 have flown in monthly since April this year, more than double the number in January and up from an average of just 200,000 tourists per month in 2020.

On the other side of town, in the narrow and labyrinthine alleys of Khan el-Khalili in Islamic Cairo, tourist Caroline Bucher is on the hunt for "locally made" products to bring back home to her native Dominican Republic.

"We're looking for hand made and quality souvenirs, that are about local culture," she told AFP. "It has to be a memory of the trip."

In a souvenir market that was for many years flooded by cheap Chinese imports, the government is seeking to meet demand for quality products sought out by tourists like Bucher.

On the eastern outskirts of Cairo, a new antique reproduction factory has since March been preparing to capitalize on the much hoped for post-pandemic era.

The factory, named Konouz (treasures in Arabic), produces furniture, statuettes and paintings that retrace four major periods of Egyptian heritage: Pharaonic, Greco-Roman, Coptic and Islamic.

Reproductions, in 1:1 scale or miniaturized, are accompanied by an official government-issued certificate of authenticity.

The vast 10,000 square metre (approximately 107,650 square foot) factory is run by Hisham Sharawi, a retired general, who supervises around 150 workers, painters, cabinetmakers, sculptors and designers.

"We opened a gift shop at the National Museum of Egyptian Civilization" in April, he told AFP.

Other Konouz gift shops will open at museums and key archaeological sites later on.

"When tourists come back, we will be ready," pledged Ahmed Aboul Gheir, who is also working on the 'Made in Egypt' initiative.

Government-driven investment under the scheme totals 80 million Egyptian pounds and focuses on quality production.

In 2015, the ministry of industry prohibited "the imports of goods and products of a popular art nature", including "models of Egyptian Antiquities" as a protective measure to safeguard its home-grown crafts industry from cheaper foreign competition.

Most of the factory's replica objects are cast in polyester, plaster or metal. Specialized machines give a "final touch" to the replicas before they are painted by hand or covered with gold leaf.

But the cheaper items created under the initiative also risk crowding out local craftsmen who are unable to produce in such high volumes.

Items at Konouz range from a small amulet selling for 50 Egyptian pounds to a three-meter statue setting back customers thousands of pounds.

Tourism expert Elhamy al-Zayat calls the government initiative a "smart marketing exercise".

But he warned against flooding the replica goods market.

"You mustn't produce too much, otherwise it loses value," he noted.



Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 


IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.