Turkish Tourism Sector Suffers Huge Losses

The most renowned Istiklal Street in Istanbul is almost deserted due to the low number of visitors and lockdown measures amid COVID-19 pandemic. AP
The most renowned Istiklal Street in Istanbul is almost deserted due to the low number of visitors and lockdown measures amid COVID-19 pandemic. AP
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Turkish Tourism Sector Suffers Huge Losses

The most renowned Istiklal Street in Istanbul is almost deserted due to the low number of visitors and lockdown measures amid COVID-19 pandemic. AP
The most renowned Istiklal Street in Istanbul is almost deserted due to the low number of visitors and lockdown measures amid COVID-19 pandemic. AP

Turkey’s tourism sector has incurred huge losses during Q1 2021, in light of the remarkable decline in foreign tourist arrivals and revenues, data showed on Friday.

Turkey’s tourism revenues fell 40.2 percent and foreign visitor arrivals dropped 53.9 percent during the period between January and March, Turkish Statistical Institute (TurkStat) said.

In the first quarter, revenues dropped to $2.45 billion, TurkStat noted.

In 2020, tourism revenues fell by 65 percent to $12.059 billion, which highlights the impact of the coronavirus-driven travel restrictions on the sector.

Meanwhile, the number of Turkish people who travelled abroad during the past tourism season also dropped during Q1 2021 by 84 percent.

The measures aimed at containing the pandemic in Turkey proved to have negative implications on tourism, which is crucial to foreign currency flows.

According to data published by the Organization for Economic Cooperation and Development (OECD), tourism directly accounted for 7.7 percent of total employment in 2018. “Total tourism income represented 3.8 percent of GDP,” it added.

Earlier this week, Turkey announced “full lockdown” to curb the COVID-19 spread.

“Turks will be required to stay mostly at home under a nationwide full lockdown starting on April 29 and lasting until May 17,” President Recep Tayyip Erdogan announced on Monday.

Under the restrictions, which span the holy Muslim month of Ramadan and the three-day Eid holiday, residents are banned from leaving their homes except to shop for groceries or to meet other essential needs. Intercity travel requires special permits.

However, millions of people were exempted from the stay-at-home order. In addition to health sector workers and law enforcement officers, they include factory and agriculture workers as well as supply chain and logistics company employees. Tourists were also exempted, while restaurants are allowed to deliver food.

The Confederation of Progressive Trade Unions of Turkey estimated that some 16 million workers in the country of 84 million would continue to be on the move during the lockdown.

The streets of Ankara and Istanbul were quieter than usual. Nevertheless, workers exempted from the bans filled subways and buses in Istanbul, broadcaster Halk TV reported.

Police patrolled the streets and set up checkpoints at main intersections to ensure that residents who were out and about had documents proving they are exempted from the stay-home order.

Gendarmerie police were, meanwhile, stopping vehicles to ensure passengers had the necessary permits for intercity travel, causing long lines of vehicles.

The lockdown is the first to be implemented nationwide and lasting nearly three weeks. Erdogan’s government had previously imposed partial, shorter-term lockdowns or weekend curfews in a bid to reduce the closures’ impact on the economy.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.