Egypt Confirms Drop in Unemployment

An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
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Egypt Confirms Drop in Unemployment

An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)
An employee arranges freshly baked flatbread in front of a bakery in the downtown district of Cairo, on March 12, 2023. (AFP)

Egypt announced that unemployment rates dropped to the lowest in nearly 19 years, citing several international institutions that projected further job growth in the coming years.

The Cabinet Media Center published a report noting a positive change in the international view of the country's unemployment and employment levels.

The World Bank expected unemployment to continue to decline, reaching seven percent, by the year 2023/2024, noting that the impact of the initial shock of the coronavirus pandemic on unemployment has started to recede.

The report reviewed the quarterly unemployment rate in Egypt and stated that it is at its lowest level since 2004.

The unemployment rate reached 7.2 percent in the first, second, and fourth quarters of 2022, 7.4 percent during the third quarter, 7.4 percent in the first and fourth quarters of 2021, 7.3 percent in the second quarter, and 7.5 percent in the third quarter.

The center attributed the decline to state efforts in adopting a national strategy to confront unemployment. The strategy aims to achieve sustainable development plans and work through systematic foundations to address the needs of the labor market, qualify the working cadres and raise their efficiency and readiness.

It quoted the "Oxford Business Group" as saying that Egypt could benefit from its economic potential within the framework of generating considerable and sustainable social benefits, evident through the drop in unemployment rates.

The Group said Egypt needed to reduce unemployment, which reached 12.6 percent in 2016 and should focus on vocational training to prepare skilled workers.

The report reviewed the most important indicators of the labor market, with the labor force increasing by 9.4 percent, or 30.3 million individuals, in the fourth quarter of 2022, compared to 27.7 million in the fourth quarter of 2014.

The number of workers increased by 17 percent, or 28.2 million individuals, in the fourth quarter of 2022, compared to 24.1 million in the fourth quarter of 2014.

Unemployed individuals decreased by 38.9 percent, reaching 2.2 million in the fourth quarter of 2022, compared to 3.6 million in the fourth quarter of 2014.

The report discussed the most important economic activities contributing to creating new job opportunities, reviewing the most important economic activities to which the most significant number of workers shifted during the fourth quarter of 2022.

Moreover, about 233,000 workers shifted to work in agriculture and forest exploitation, 126,000 to education, 66,000 to electricity and gas supply, and 62,000 changed their occupation to construction.



Foreign Tourist Spending in Saudi Arabia Tops $13 Bln in Q1

Foreign tourists visit AlUla, one of Saudi Arabia’s top heritage sites (Asharq Al-Awsat)
Foreign tourists visit AlUla, one of Saudi Arabia’s top heritage sites (Asharq Al-Awsat)
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Foreign Tourist Spending in Saudi Arabia Tops $13 Bln in Q1

Foreign tourists visit AlUla, one of Saudi Arabia’s top heritage sites (Asharq Al-Awsat)
Foreign tourists visit AlUla, one of Saudi Arabia’s top heritage sites (Asharq Al-Awsat)

Saudi Arabia recorded a sharp rise in inbound visitor spending in the first quarter of 2025, with international tourists spending 49.4 billion riyals ($13.2 billion), up 9.7% from the same period last year, according to the Ministry of Tourism.

 

The kingdom also posted a surplus of 26.8 billion riyals ($7.14 billion) in its travel account balance, marking an 11.7% year-on-year increase, driven by a surge in tourism activity and government-led initiatives to diversify the economy beyond oil.

 

The data, published in the central bank’s balance of payments for May, reflects the success of Saudi Arabia’s broader tourism strategy under Vision 2030, which aims to position the kingdom as a global travel destination.

 

Tourism reforms yield results

 

The Ministry of Tourism said the strong surplus was the result of continued national efforts to boost tourism’s contribution to economic growth. It added that the figures reflect “clear progress” in the sector’s development.

 

The rapid growth highlights the effectiveness of reforms across the tourism ecosystem, including improved services, upgraded infrastructure, and enhanced collaboration between public and private stakeholders to meet Vision 2030 targets.

 

Industry experts say government initiatives launched in recent years are starting to bear fruit, as evidenced by rising international arrivals and spending.

 

E-visas widen access

 

Speaking to Asharq Al-Awsat, tourism investor and businessman Majed Al-Hokair said Saudi Arabia’s recent achievements underscore its growing appeal to international visitors.

 

He credited the introduction of electronic tourist visas for travelers from across the globe with significantly boosting arrivals, allowing visitors to explore the country’s diverse offerings — from historical and cultural sites to leisure and beach destinations.

 

Al-Hokair added that Saudi Arabia’s tourism appeal spans all seasons, drawing visitors for entertainment, heritage, business travel, and conferences, all of which have generated new job opportunities for Saudis in the sector.

 

Legal reforms fuel tourism boom

 

Nasser Al-Ghilan, founder and CEO of Amla Tourism Investment, told Asharq Al-Awsat that regulatory changes have also played a key role in attracting foreign tourists and driving up domestic tourism spending.

 

He said several new tourism and entertainment projects launched under Vision 2030 helped the kingdom surpass its goal of 100 million visitors in 2023, with new targets now set at 150 million annual visitors by the end of the decade.

 

Record tourism surplus in 2024

 

In 2024, Saudi Arabia posted a record 50 billion riyals ($13.3 billion) surplus in its travel account - a 7.8% increase over 2023 - driven by a 13.8% jump in international visitor spending.

 

Inbound tourism spending rose to 153.6 billion riyals ($40.9 billion) in 2024, compared to 135 billion riyals ($36 billion) the previous year, reflecting the kingdom’s growing status as a global travel hub.