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Tunisia Witnesses Slight Improvement in Tourism Indicators

People walk past shops in the Medina, in the Old City of Tunis, Tunisia, July 27, 2021. Picture taken July 27, 2021. (Reuters)
People walk past shops in the Medina, in the Old City of Tunis, Tunisia, July 27, 2021. Picture taken July 27, 2021. (Reuters)
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Tunisia Witnesses Slight Improvement in Tourism Indicators

People walk past shops in the Medina, in the Old City of Tunis, Tunisia, July 27, 2021. Picture taken July 27, 2021. (Reuters)
People walk past shops in the Medina, in the Old City of Tunis, Tunisia, July 27, 2021. Picture taken July 27, 2021. (Reuters)

Tourism sector revenues in Tunisia have slightly improved and were estimated at around 1.9 billion Tunisian dinars (about $678 million) in the first 10 months of 2021, according to the financial and monetary indicators released by the Central Bank of Tunisia (BCT).

Tunisia received about 1.94 million tourists, an increase of 7.2 percent, with a six percent rise in revenues, which may provide a stock of foreign exchange the economy desperately needs during this period.

However, these figures are still far from the records achieved in 2019, when Tunisian tourist facilities received about 9.5 million tourists, with five billion dinars ($1.8 billion) in revenues.

This makes tourism one of the key pillars of the Tunisian economy.

Meanwhile, the Foreign Investment Promotion Agency (FIPA-Tunisia) recorded a slight decline in the flow of foreign investments into Tunisia. It reported a drop by two percent during the first nine months of 2021, estimated at 1.383 billion dinars ($494 million).

Foreign investments have witnessed sharp fluctuations in recent years.

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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.