Egypt’s Trade Deficit Narrows by 13.3%

The Great Pyramids in Giza in Egypt. March 2020. (Reuters)
The Great Pyramids in Giza in Egypt. March 2020. (Reuters)
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Egypt’s Trade Deficit Narrows by 13.3%

The Great Pyramids in Giza in Egypt. March 2020. (Reuters)
The Great Pyramids in Giza in Egypt. March 2020. (Reuters)

Egypt’s trade deficit narrowed by 13.3 percent YoY to $3.1 billion in April from $3.5 billion, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Sunday.

The North African nation’s exports surged by 47.4 percent to $2.84 billion in April. The rise was ascribed to higher exports of medicines and pharmaceuticals, by 77.2 percent, and fresh fruits, by 60.2 percent.

Egypt's imports increased by 8.1 percent to $5.92 billion in April, with higher imports of passenger cars by 58.9 percent, and iron raw materials and condensates by 58.6 percent.

On another note, Egypt’s Suez Canal revenue rose to a record $5.84 billion in its 2020-21 financial year, up from $5.72 billion in the previous year.

The Suez Canal Authority said the revenues in the first six months of this year increased to about $3 billion compared with $2.76 billion in the same period last year.

In the meantime, an Egyptian government official told Reuters that Egypt withdrew in one year around 2 million square meters of lands from tourism companies over their failure to meet their commitments.

The lands are located in Marsa Alam, which overlooks the Red Sea.

The official, who preferred to remain anonymous, said that more withdrawals are expected in the future.

He added that the country withdrew around 27 million square meters of the Red Sea lands and Quseer in the period between June 2013 and June 2021.

The reason behind this decision is the companies’ failure to commit to the timeline of the projects. This means that any company that implemented 10 percent or less of the project had its land withdrawn.

Major Egyptian investors whose lands were withdrawn are Hamada Abo El Enein, chairman and managing director of Sharm Dreams Company for Tourist Investment, the Egyptian Resorts Company SAE (ERC), and businessman Mohammed Al-Baker.



Saudi Arabia: GEOSA Launches Geospatial Licensing and Permitting System

GEOSA President Dr. Mohammed bin Yahya Al Sayel during the launch of the Geospatial Licensing and Permitting System. Photo: GEOSA
GEOSA President Dr. Mohammed bin Yahya Al Sayel during the launch of the Geospatial Licensing and Permitting System. Photo: GEOSA
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Saudi Arabia: GEOSA Launches Geospatial Licensing and Permitting System

GEOSA President Dr. Mohammed bin Yahya Al Sayel during the launch of the Geospatial Licensing and Permitting System. Photo: GEOSA
GEOSA President Dr. Mohammed bin Yahya Al Sayel during the launch of the Geospatial Licensing and Permitting System. Photo: GEOSA

The General Authority for Survey and Geospatial Information (GEOSA) has launched the Geospatial Licensing and Permitting System, an essential initiative designed to organize and promote geospatial economic activities.

The system aims to enhance the role of geospatial information in supporting and facilitating various sectors and national development initiatives.

The Geospatial Licensing and Permitting System seeks to create a unified regulatory and investment framework that encourages economic growth, localizes geospatial technologies, develops national geospatial capabilities, and enhances the efficiency and quality of geospatial services and products.

It also aims to foster geospatial innovation, optimize the use of geospatial information for informed decision-making, and increase the Kingdom's attractiveness as a premier investment destination for a sustainable and thriving economy.

In a speech on this occasion, GEOSA President Dr. Mohammed bin Yahya Al Sayel expressed his gratitude to the Saudi leadership for its support and commitment to empowering the surveying and geospatial information sector.

He also lauded the minister of defense and chairman of the GEOSA board of directors for his consistent support, which has been crucial in helping the authority achieve its goals.