عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt's Pound Weakens to New Low of 30/USD 

People buy fruits and vegetables in Cairo, Egypt, 10 January 2023. (EPA)
People buy fruits and vegetables in Cairo, Egypt, 10 January 2023. (EPA)
TT
TT

Egypt's Pound Weakens to New Low of 30/USD 

People buy fruits and vegetables in Cairo, Egypt, 10 January 2023. (EPA)
People buy fruits and vegetables in Cairo, Egypt, 10 January 2023. (EPA)

Egypt's pound weakened on Wednesday to a new low of 30 against the US dollar after fluctuating in morning trading, Refinitiv data showed. 

Egypt committed to a flexible currency, a greater role for the private sector and a range of monetary and fiscal reforms when it agreed to a $3 billion financial support package with the International Monetary Fund, according to an IMF staff report released on Tuesday. 

The country was already under financial pressure before the war in Ukraine hurt tourism revenues and raised commodity import bills. 

Egyptian annual urban consumer inflation in December rose to 21.3%, the highest since the end of 2017, exceeding analyst expectations, data from the statistics agency CAPMAS showed on Tuesday.  

Most Viewed

 
 
Business

Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
TT
TT

Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Riyadh is set to host the third edition of the Saudi Tourism Forum from January 7 to 9 at Roshn Front.

Organized in partnership with the Ministry of Tourism, the Saudi Tourism Authority, and the Tourism Development Fund, the event will run under the theme "To Discover."

This year’s forum serves as a dynamic platform to highlight new and unique tourist destinations across the Kingdom, offering visitors innovative experiences while showcasing Saudi Arabia’s diverse tourism potential. With over 100 exhibitors, the forum provides an expansive space to explore the latest developments in the tourism sector, spotlight major investment projects, and foster skill development and partnerships to drive tourism growth.

Chief Executive Officer of 4M Event and Chairman of the Forum’s Organizing Committee Eng. Hamza Nasser emphasized the forum’s role in advancing collaboration within the tourism sector. "Through the forum, we aim to promote the beauty of Saudi tourist destinations, enhance cooperation among stakeholders, and raise awareness about investment and development opportunities. This aligns with the goals of the Kingdom’s Vision 2030,” he said.
Since its inception, the Saudi Tourism Forum has significantly advanced efforts to promote the Kingdom's rich cultural heritage and distinctive tourist sites. Supported by prominent partners and sponsors, the event underscores a shared commitment to developing this vital sector.
The program will feature a variety of seminars and workshops, offering insights into the latest trends and developments in tourism. Attendees will have the opportunity to engage with keynote speakers, decision-makers, and industry professionals, enhancing their skills and knowledge.
The forum is expected to attract a diverse audience, including business leaders, investors, officials, and dignitaries, creating fertile ground for collaboration and partnerships.