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Egypt Announces Measures to Boost Tourism

Egypt’s Minister of Tourism and Antiquities Ahmad Essa (Ministry of Tourism Facebook account)
Egypt’s Minister of Tourism and Antiquities Ahmad Essa (Ministry of Tourism Facebook account)
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Egypt Announces Measures to Boost Tourism

Egypt’s Minister of Tourism and Antiquities Ahmad Essa (Ministry of Tourism Facebook account)
Egypt’s Minister of Tourism and Antiquities Ahmad Essa (Ministry of Tourism Facebook account)

As part of an endeavor to boost tourism and secure 30 million visitors annually, Egypt announced on Monday certain measures under the emergency visa system.

The measures give citizens of China and India, and certain segments of the Turkish population, the possibility to obtain a visa upon arrival through one of the Egyptian ports, while allowing citizens of Iran and Israel to enter certain regions of the country with a visa upon arrival, but after coordination with tourism companies.

In a press conference on Monday, Egypt’s Minister of Tourism and Antiquities Ahmad Essa said that the new system would allow Chinese citizens to obtain a single-entry visa upon arrival through the various Egyptian ports and airports.

He added that citizens of India will also be allowed to obtain an emergency visa upon arrival, if they have residency in the Gulf countries, or have an entry visa to the United States, Britain, the European Union, Australia or New Zealand.

According to the new facilities, an emergency visa is granted upon arrival to tourists coming from the Arab Maghreb countries (Morocco, Algeria and Tunisia).

As for Israel and Iran, the minister said that their citizens would be allowed to enter certain areas in Egypt, in coordination with tourism companies, where they can obtain an emergency visa upon arrival.

Essa added that the visits of Iranian tourists were limited to the cities of South Sinai, while Israeli citizens were allowed to visit the cities of the Red Sea and Hurghada.

Moreover, citizens of Türkiye, with the exception of some segments, will be granted an entry visa at Egyptian airports, instead of obtaining it at the Egyptian embassy in their country, according to the minister.

Under the system, emergency entry visas will be given to Iraqi tourists upon their arrival at Egyptian ports and airports, provided that they have a valid visa to enter America, Britain, or European Union countries. This does not apply, however, to Iraqi tourists under 16 and over 60, who will have to obtain electronic visas to enter the country.

The minister also revealed the approval of issuing a multiple-entry visa for a period of five years, with a $700 fee, for citizens of 180 countries.

Tourism expert Ahmed Abdelaziz said the new measures announced by the Egyptian government were aimed at “reviving tourism” and attracting more visitors, but called for more steps.

Egypt aims to increase tourist visitation rates by up to 30 percent annually. In this context, Essa said: “The ministry has begun implementing a national strategy for the advancement of the sector, which relied on three axes."

Those include improving the tourism experience, supporting aviation, and strengthening the investment climate.

“The ministry aims to double spending on museums and antiquities, to improve the tourism experience, and to reach 30 million tourists annually by 2028,” the minister underlined, expecting the number of tourists during 2023 to reach 15 million.

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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.