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Saudi Tourism Commission Starts Implementing Heritage Projects Worth $115Mn

Saudi Commission for Tourism and National Heritage
Saudi Commission for Tourism and National Heritage
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Saudi Tourism Commission Starts Implementing Heritage Projects Worth $115Mn

Saudi Commission for Tourism and National Heritage
Saudi Commission for Tourism and National Heritage

The Saudi Commission for Tourism and National Heritage (SCTH) announced that nine projects will be awarded across the Kingdom at costs amounting to more than SR433 million ($115.4 million).

The commission said that another five projects will also be awarded within the SCTH cultural heritage projects that will cost more than SR1.4 billion ($373 million).

SCTH President Prince Sultan bin Salman sponsored the signing of the contracts with a number of national companies.

These new projects include the establishment of new museums, development of existing ones, expansion of the National Museum, maintenance, fencing and posting of awareness notices in the archaeological and heritage sites in addition to other projects to rehabilitate a number of archaeological sites across the Kingdom.

They come in the framework of Custodian of the Two Holy Mosques King Salman’s program for cultural heritage in the Kingdom that has now 230 projects. These projects cover antiquities, museums, sites of Islamic history, urban heritage and handicrafts in addition to other aspects of the Kingdom’s heritage.

The new projects also included the design of museum exhibitions; executive plans for the rehabilitation of Al-Saqqaf Palace in the Makkah region; expansion and development of the National Museum (first phase); design and preparation of the executive plans of the SCTH regional museums in Dammam, Tabuk, Baha, Hail, Jouf, Najran and Asir; museum projects in Al-Qasim, Arar, Tima and Ahsa, and the railway museum in Madinah; the rehabilitation project of Khuzam Palace and other historic and heritage buildings in Ahsa; and the rehabilitation of ten heritage buildings in Yanbu (first phase).

The projects also include the rehabilitation of the archaeological sites in al-Jouf Region, including five sites in Skaka Province and another two in Domat-al-Jandal Province.

The maintenance, fencing and posting notices projects cover 300 sites across the Kingdom.

The signing of operation and engineering contracts for museums and archaeological sites covered more than 130 locations in order to raise the efficiency and level of archaeological and heritage sites and museums throughout Saudi Arabia.

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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.