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Cairo Reports 'Positive Indicators' for Inbound Tourism Movement

Tourists take a photo in front of the Great Giza pyramids on the outskirts of Cairo (Reuters)
Tourists take a photo in front of the Great Giza pyramids on the outskirts of Cairo (Reuters)
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Cairo Reports 'Positive Indicators' for Inbound Tourism Movement

Tourists take a photo in front of the Great Giza pyramids on the outskirts of Cairo (Reuters)
Tourists take a photo in front of the Great Giza pyramids on the outskirts of Cairo (Reuters)

Egyptian Minister of Tourism and Antiquities, Ahmed Issa, stated that Egypt has achieved a record performance in the tourism industry over the past 6 months, with an increase in the number of incoming tourists.

The Minister reviewed during a meeting of the Board of Directors of the Tourism and Antiquities Support Fund, on Thursday, the "positive indicators of inbound tourism movement to Egypt," which has positively reflected on the financial performance and revenues of the fund.

This period saw the highest rates of inbound tourism movement in Egypt's history of tourism, compared to the same period in 2010, which was the highest rate at that time, according to a statement from the Egyptian Ministry of Tourism and Antiquities.

The Minister stressed the need to measure and follow up on the performance, quality, and accuracy of available data regarding the sector and its activity, which is crucial for making fact-based decisions contributing to its development and advancement.

Last year, 11.7 million tourists arrived in Egypt, compared to eight million in 2021, according to official statistics.

The Minister announced last month that Egypt received about seven million tourists during the first five months of the year and aims to receive 15 million by the end of the year.

Egypt is seeking 18 to 20 million tourists in 2024.

The head of the Committee for Promotion of Cultural Tourism in Luxor, Mohamed Othman, believes that several reasons resulted in positive indicators in inbound tourism.

Othman explained to Asharq Al-Awsat that the successful archaeological discoveries during the last period, the development of Sphinx and Bernice airports, and new government facilities to obtain tourist visas helped increase tourism movement into the country.

The expert echoed the Minister's predictions, agreeing that the country is expected to attract 15 million tourists until the end of the year, coming mainly from China, India, and Japan.

Meanwhile, an Egyptian private plane made an "emergency" landing at the Aktobe International Airport in Kazakhstan, following a false alarm in the luggage storage area, according to the Egyptian Ministry of Civil Aviation.

A source stated that the Egyptian plane was heading from Sharm el-Sheikh Airport to Nur-Sultan Airport in Kazakhstan, and alarms went off three and half hours after takeoff.

"Immediately, this warning was addressed seriously, and all internationally applicable air safety rules were followed, which required extinguishing the fire and landing at the nearest airport," the statement added.

The source confirmed that the pilot and co-pilot activated the fire extinguishing system, and all alarm warnings on the plane stopped. They headed towards Aktobe Airport, the nearest airport for landing, and the aircraft landed safely.

The passengers were evacuated, and the baggage stores were evacuated.

According to the Ministry of Civil Aviation, the airport authorities reviewed all the procedures taken by the company and re-authorized take off again after ensuring that they applied all international standards for air maintenance and safety procedures.

A malfunction of the fire detection system in the cockpit was confirmed, and there was no trace of fire or smoke in any of the luggage stores.

The plane continued its flight to Nur-Sultan Airport in Kazakhstan.

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Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
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Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)

Daily crude loadings at Saudi Arabia's Red Sea port of Yanbu are close to maximum levels this week, according to data and industry sources.

Shipments from Yanbu reached 4.7 million barrels per day around July 13, up from 3.36 million bpd around July 10 and broadly in line with 4.6 million bpd around July 2, ⁠according to Signal Ocean data.

Loadings have averaged above four million bpd since June, compared with 973,000 bpd around the same period 2025, the data showed.

Kpler data also show daily loadings averaging around four million barrels in recent weeks.

Saudi Arabia has relied increasingly on Yanbu to export crude amid disruptions to shipping through the Strait of Hormuz during the US-Iran conflict.

Business

BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
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BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)

BP expects its oil trading result to be slightly higher in the second quarter after an exceptionally strong first quarter, as it continues to profit from a surge in oil prices caused by the Iran war.

The British major flagged higher oil realizations said stronger prices were expected to add a $1.8 billion to $2.1 billion boost to earnings in its oil production and operations business compared with the first quarter.

In its gas and low carbon energy segment, realizations are expected to add a further $500 million to $700 million, it said on Tuesday.

Gas trading results are expected to be broadly unchanged from the previous quarter.

Global benchmark Brent crude prices hit multi-year highs and averaged around $97 per barrel during the April-to-June quarter, up from around $78 in the first quarter and about $67 a year earlier.

BP said refining margins averaged $29.6 per barrel, versus $16.9 in the first quarter.

The company expects upstream production to fall in the second quarter to between 2.17 million and 2.22 million barrels of oil equivalent per day from around 2.34 million boed in the previous three months, due in part to the effects of the crisis.

BP expects net debt to stand at $22 billion to $23 billion at end-June, down from $25.3 billion at the end of March, with a target to reduce this further to $14 billion to $18 billion by the end of next year.

The company made a $2.9 billion payment to redeem €2.5 billion of perpetual hybrid bonds, leaving it with a total of about $13 billion outstanding. It also paid $1.1 billion in Gulf of Mexico settlement liabilities.

Overall, BP expects net debt, hybrid bonds and Gulf of Mexico settlement liabilities to decrease by around a combined $6.3 billion to $7.3 billion from the previous quarter.

Exploration write-offs are seen totaling around $500 million in the second quarter, primarily related to the sale of its stake in the Bay du Nord project offshore Canada.

Business

China's Economy Grew at 4.3% Annual Pace in the 2nd Quarter, Slowest Since Late 2022

People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO
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China's Economy Grew at 4.3% Annual Pace in the 2nd Quarter, Slowest Since Late 2022

People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO

China’s economy slowed sharply to a 4.3% annualized pace of growth in the April-June quarter, the government said Wednesday, the weakest in over three years.

The official data fell short of forecasts and was far below the economy's strong 5% pace of growth in January-March, despite a surge in exports driven partly by the boom in artificial intelligence, and by robust global demand for Chinese electric vehicles.

China has largely shrugged off wider economic impacts from the Iran war as soaring energy prices pushed up global inflation. Exports rose 17.6% in the first half of the year from a year earlier, and 27% in June, according to customs data.

But domestic spending and investment have lagged, limiting the boost from export manufacturing for an economy that has struggled to regain momentum since parts of China were locked down during the COVID-19 pandemic, The Associated Press reported.

“This was the slowest growth in any quarter since the lockdown-impacted fourth quarter of 2022,” said Lynn Song, chief economist for Greater China at ING Bank in a note.

Some economists say China’s economy is becoming increasingly unbalanced as heavy state support and private investments pour into frontier technologies like AI, computer chips and robotics while other areas such as lower-value manufacturing and jobs creating services industries languish.

Exports of high-tech products such as electric vehicles, computer chips and other electronic equipment have risen sharply, helped by hefty government support since China’s leaders have made development of advanced technologies a top priority.

China ran a record $1.2 trillion global trade surplus last year, drawing complaints from policymakers in other countries over their trade imbalances with the world’s second-largest economy. Many have pointed to those heavy state subsidies, which they say contribute to an oversupply of manufactured goods that end up being exported overseas.

As is true in many countries, the expansion of AI and robotics has also raised worries at home over whether businesses will create enough jobs to sustain growth in the longer term.

Chinese families have cut back on big purchases, their appetite for spending constrained by a prolonged property slump and uncertainties over jobs and wages.

As China remains reliant on its exports to sustain overall growth, “China’s growth model has become increasingly imbalanced,” said Eswar Prasad, a professor of economics and trade policy at Cornell University. Substantially increasing domestic demand will be tough as confidence remains weak, he added.

Mao Shengyong, deputy head of China's National Bureau of Statistics, told reporters that given the increasingly unstable and uncertain global situation, the imbalance between strong supply and weak demand “remains acute” at home.

As China focuses on high-tech manufacturing and pursues “higher-quality economic growth,” it will work to build a robust domestic market and offer support to keep employment stable, he said.

China’s economy is going through a “significant transition,” said Wei Li, Head of Multi-Asset Investments at BNP Paribas Securities (China).

For the whole of 2026, Chinese leaders have set a growth target of 4.5% to 5%, slower than last year’s 5%. Overall economic growth for the first half of the year was at 4.7%, the data released Wednesday showed.

The International Monetary Fund recently raised its forecast for China’s annual growth by 0.2 percentage point to 4.6%. It expects China’s economy to expand just 4.1% in 2027.