CAIRO: Workers dig and ferry wheelbarrows laden with sand to open a new shaft at a bustling archaeological site outside of Cairo, while a handful of Egyptian archaeologists supervise from garden chairs. The dig is at the foot of the Step Pyramid of Djoser, arguably the world’s oldest pyramid, and is one of many recent excavations that are yielding troves of ancient artifacts from the country’s largest archaeological site.
As some European countries re-open to international tourists, Egypt has already been trying for months to attract them to its archaeological sites and museums. Officials are betting that the new ancient discoveries will set it apart on the mid- and post-pandemic tourism market. They need visitors to come back in force to inject cash into the tourism industry, a pillar of the economy.
But like countries elsewhere, Egypt continues to battle the coronavirus, and is struggling to get its people vaccinated. The country has, up until now, received only 5 million vaccines for its population of 100 million people, according to its Health Ministry. In early May, the government announced that 1 million people had been vaccinated, though that number is believed to be higher now.
In the meantime, authorities have kept the publicity machine running, focused on the new discoveries.
In November, archaeologists announced the discovery of at least 100 ancient coffins dating back to the Pharaonic Late Period and Greco-Ptolemaic era, along with 40 gilded statues found 2,500 years after they were first buried. That came a month after the discovery of 57 other coffins at the same site, the necropolis of Saqqara that includes the step pyramid.
“Saqqara is a treasure,” said Tourism and Antiquities Minister Khaled el-Anany while announcing the November discovery, estimating that only 1 percent of what the site contains has been unearthed so far.
“Our problem now is that we don’t know how we can possibly wow the world after this,” he said.
If they don’t, it certainly won’t be for lack of trying.
In April, Zahi Hawass, Egypt’s best-known archaeologist, announced the discovery of a 3,000-year-old lost city in southern Luxor, complete with mud brick houses, artifacts and tools from pharaonic times. It dates back to Amenhotep III of the 18th dynasty, whose reign (1390–1353 B.C.) is considered a golden era for ancient Egypt.
That discovery was followed by a made-for-TV parade celebrating the transport of 22 of the country’s prized royal mummies from central Cairo to their new resting place in a massive facility farther south in the capital, the National Museum of Egyptian Civilization.
The Red Sea resort of Sharm el-Sheikh is now home to an archaeological museum, as is Cairo’s International Airport, both opened in recent months. And officials have also said they still plan to open the massive new Grand Egyptian Museum next to the Giza Pyramids by January, after years of delays. Entrance fees for archaeological sites have been lowered, as has the cost of tourist visas.
The government has for years played up its ancient history as a selling point, as part of a yearslong effort to revive the country’s battered tourism industry. It was badly hit during and after the popular uprising that toppled longtime autocrat Hosni Mubarak and the ensuring unrest. The coronavirus dealt it a similar blow, just as it was getting back on its feet.
In 2019, foreign tourism’s revenue stood at $13 billion. Egypt received some 13.1 million foreign tourists — reaching pre-2011 levels for the first time. But in 2020, it greeted only 3.5 million foreign tourists, according to the minister el-Anany.
At the newly opened National Museum of Egyptian Civilization, Mahmoud el-Rays, a tour guide, was leading a small group of European tourists at the hall housing the royal mummies.
“2019 was a fantastic year,” he said. “But corona reversed everything. It is a massive blow.”
Tourism traffic strengthened in the first months of 2021, el-Anany, the minister, told The Associated Press in a recent interview, though he did not give specific figures. He was optimistic that more would continue to come year-round.
“Egypt is a perfect destination for post-COVID in that our tourism is really an open-air tourism,” he said.
But it remains to be seen if the country truly has the virus under control. It has recorded a total of 14,950 deaths from the virus and is still seeing more than a thousand new cases daily. Like other countries, the real numbers are believed to be much higher. In Egypt, though, authorities have arrested doctors and silenced critics who questioned the government’s response, so there are fears that information on the true cost of the virus may have been suppressed from the beginning.
Egypt also had a trying experience early on in the pandemic, when it saw a coronavirus outbreak on one of its Nile River cruise boats. It first closed its borders completely until the summer of 2020, but later welcomed tourists back, first to Red-Sea resort towns and now to the heart of the country — Cairo and the Nile River Valley that hosts most of its famous archaeological sites. Visitors still require a negative COVID-19 test result to enter the country.
In a further cause for optimism, Russia said in April that it plans to resume direct flights to Egypt’s Red Sea resort towns. Moscow stopped the flights after the local Islamic State affiliate bombed a Russian airliner over the Sinai Peninsula in October 2015, killing all on board.
Amanda, a 36-year-old engineer from Austria, returned to Egypt in May. It was her second visit in four years. She visited the Egyptian Museum, the National Museum of Egyptian Civilization and Islamic Cairo, in the capital’s historic center.
She had planned to come last year, but the pandemic interfered.
“Once they opened, I came,” she said. “It was my dream to see the Pyramids again.”
El-Rays, the tour guide, says that while he’s seeing tourists starting to come in larger numbers, he knows a full recovery will not happen overnight.
“It will take some time to return to before corona,” he said.
Egypt bets on ancient finds to pull tourism out of pandemic
https://arab.news/8uf74
Egypt bets on ancient finds to pull tourism out of pandemic
- Egypt continues to battle the coronavirus, and is struggling to get its people vaccinated
- The government has for years played up its ancient history as a selling point
Closing Bell: Saudi main index rises to close at 11,202
- Parallel market Nomu gained or 0.72% to close at 27,248.13
- MSCI Tadawul Index rose 1.07% to close at 1,434.07
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 134.37 points, or 1.21 percent, to close at 11,202.64.
The total trading turnover of the benchmark index was SR5.08 billion ($1.35 billion), as 218 of the stocks advanced and 31 retreated.
The Kingdom’s parallel market Nomu gained 195.03 points, or 0.72 percent, to close at 27,248.13. This comes as 57 of the listed stocks advanced while 30 retreated.
The MSCI Tadawul Index gained 15.19 points, or 1.07 percent, to close at 1,434.07.
The best-performing stock of the day was Saudi Industrial Development Co., whose share price increased 10 percent to SR30.14.
Other top performers included Naseej International Trading Co., whose share price rose 9.99 percent to SR 96.00, as well as Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, whose share price rose 9.97 percent to SR 22.39. According to Tadawul, Cenomi Retail’s shares also jumped by 100 percent in two months despite a sell recommendation from research houses.
Specialized Medical Co. recorded the most significant drop, falling 1.88 percent to SR22.92.
Americana Restaurants International PLC — Foreign Co. saw its stock prices fall 1.26 percent to SR2.35.
Nahdi Medical Co. also saw its stock prices decline 1.24 percent to SR127.20.
On the announcements front, Etihad Atheeb Telecommunication Co., also known as GO Telecom, has announced its annual consolidated financial results for the period ending March 31.
According to a Tadawul statement, the firm recorded a net profit of SR223 million during the year, reflecting a 14.36 percent increase compared to the same period a year earlier. The climb is attributed to an increase in revenue of SR446 million, offset by a rise in the cost of revenue of SR320 million, an upsurge in expected credit losses on trade receivables of SR24.6 million, and a growth in general and administrative expenses of SR24 million.
There was also a decrease in financing costs by SR690,000 due to the recognition of commission income on Islamic deposits during the current year, amounting to SR20 million.
GO Telecom has decided to distribute SR10.1 million worth of cash dividends to the company’s shareholders for the fiscal year ending on March 31. According to a Tadawul statement, the number of shares eligible for dividends stands at 33.99 million, with a dividend per share of 30 halals and a dividend percentage to the share par value of 3 percent.
GO Telecom ended the session at SR105.00, up 2.49 percent.
The Saudi Exchange has approved Saudi Azm for Communication and Information Technology Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR30 million and 60 million shares.
The company’s shares will remain listed on Nomu – Parallel market until the deadline for publishing the transfer document.
The issuer is required to publish the transfer document within three trading days after the Saudi Exchange announces its approval of the transfer request. The transfer document will be accessible to the public for 10 trading sessions through the websites of the issuer, Tadawul, and the financial adviser.
Tadawul also approved Obeikan Glass Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR320 million and 32 million shares.
Saudi IPO proceeds hit $2.8bn in H1 as flynas leads market activity
- Leading the activity was the public offering of low-cost carrier flynas, which raised SR4.1 billion
- Umm Al-Qura for Development and Construction Co. raised $523.1 million
RIYADH: Saudi Arabia’s equity capital market maintained strong momentum in the first half of 2025, with six companies raising a combined $2.8 billion through initial public offerings on the main Tadawul exchange.
According to an analysis by Forbes Middle East, leading the activity was the public offering of low-cost carrier flynas, which raised SR4.1 billion ($1.1 billion) in what marked one of the region’s largest aviation listings.
The rise in IPO listings comes amid broader financial reforms in Saudi Arabia, as the Capital Market Authority introduces new frameworks — including regulations for special purpose acquisition companies — aimed at expanding funding avenues and enhancing private-sector participation.
In its analysis, Forbes stated: “The momentum underscores investors’ growing appetite for sectoral diversification across aviation, healthcare, finance, and industry, while affirming Riyadh’s long-term bet on privatization and public market expansion under Vision 2030.”
The flynas IPO drew overwhelming demand, with institutional subscriptions oversubscribed nearly 100 times, and the retail tranche covered 349.7 percent. The offering comprised 51.3 million ordinary shares, representing 30 percent of the company’s post-offering capital.
“In 2024, flynas generated $2 billion (SR7.6 billion) in revenue, marking an 18.8 percent increase from the previous year, while net profit rose 8 percent to $115.6 million (SR433.5 million),” the analysis added.
As of June 14, the airline was operating 139 routes, connecting over 70 domestic and international destinations across 30 countries, with a weekly schedule exceeding 2,000 flights.
Diverse listings
Forbes also highlighted several other notable IPOs that reflect diversification across key sectors.
Umm Al-Qura for Development and Construction Co. raised $523.1 million by selling 130.7 million shares at $4 each — representing 9.09 percent of its total capital.
The company leads the Masar destination project, a major development transforming the western gateway of the Holy City, featuring hotels, residential units, retail spaces, and infrastructure.
Aligned with Saudi Arabia’s drive to boost religious tourism, the IPO proceeds will support ongoing construction, improve transport connectivity, and attract global hospitality brands in line with national tourism goals.
Among the companies to list this year was Riyadh-headquartered SMC Healthcare, which raised $500 million through its Tadawul debut, reflecting growing investor appetite for healthcare stocks as the Kingdom expands private sector involvement in the industry. The IPO comprised 75 million shares priced at $6.70 each, representing 30 percent of the company’s total share capital.
Derayah Financial, an asset management and brokerage firm, is another company that secured $399.6 million through its offering. Shares were priced at $8 each and attracted strong interest from both retail and institutional investors, supported by the company’s digital-first model and established brand presence.
In February, Derayah offered 20 percent of its share capital — 49.9 million shares — through a listing on the Main Market, providing investors access to its expanding digital investment platform.
The stock was listed in March. By the end of the first quarter, Derayah reported 555,000 client accounts, while assets under management rose 5 percent year-to-date to $4.8 billion.
This year also saw United Carton Industries Co. raise $160 million by offering 12 million shares at $13.30 each, representing 30 percent of its capital. The company is expanding capacity to meet rising demand for corrugated packaging, a key input in Saudi Arabia’s growing industrial sector.
Arabian Co. for Agricultural and Industrial Investment, also known as Entaj, raised $120 million through a February IPO. The poultry producer floated 9 million shares, leveraging strong demand amid the Kingdom’s drive to enhance local food security. Entaj nearly doubled its daily processing capacity to 600,000 birds by the end of 2024.
Regional dominance
The rise in listings reinforces Tadawul’s position as the Arab world’s most valuable stock exchange. According to the Arab Federation of Capital Markets, the Saudi exchange accounted for 62 percent of total market capitalization across regional bourses in 2024, far ahead of the Abu Dhabi Securities Exchange, which held 18.6 percent.
Tadawul's benchmark TASI index ended December 2024 at 12,037 points, up 3.39 percent month-on-month. Average daily trading value reached SR5.2 billion, while total monthly trading volume stood at SR119.6 billion, according to the Arab Monetary Fund.
Analysts expect IPO momentum to continue in the second half of 2025, especially in energy-adjacent sectors, fintech, and transportation, as the Capital Market Authority accelerates approvals and Vision 2030-linked corporates seek broader capital access.
The Saudi stock market was among the region’s top performers in December, buoyed by improved liquidity and investor confidence. TASI closed the month at 12,037 points, with daily trading values averaging SR5.2 billion and total trading reaching SR119.6 billion, the Arab Monetary Fund reported.
Aramco cuts July propane, butane prices amid market shifts
- Oil giant set propane at $575 per tonne and butane at $545 per tonne
RIYADH: Saudi Aramco has lowered its official selling prices for propane and butane for July 2025, reflecting changing global market dynamics.
In a statement released on Sunday, the oil giant set propane at $575 per tonne and butane at $545 per tonne—both down $25 from the previous month. The adjustment continues a downward trend driven by evolving supply-demand conditions.
Propane and butane, classified as liquefied petroleum gases, are essential fuels for heating, transport, and petrochemical production. Aramco’s monthly pricing serves as a key benchmark for LPG shipments from the Middle East to the Asia Pacific.
The global LPG market is undergoing a reshuffle as China shifts away from US imports due to steep tariffs, increasingly turning to Middle Eastern suppliers. In turn, American cargoes are being rerouted to Europe and other parts of Asia.
This realignment is putting pressure on global LPG prices and weakening demand for US shale byproducts, impacting both American shale producers and Chinese petrochemical firms. Meanwhile, the trend is spurring greater interest in alternative feedstocks like naphtha.
Middle Eastern exporters are benefiting from the shift, stepping in to fill the gap left by falling US exports to China. Buyers in Asia, including Japan and India, are also taking advantage of the softer prices to strike more favorable supply deals.
Egypt to offer Hurghada airport to private sector by end of 2025
- President El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships
- Plan supports Egypt Vision 2030
RIYADH: Egypt plans to offer Hurghada International Airport to the private sector by the end of 2025 as part of a broader strategy to modernize its aviation sector and attract foreign investment, President Abdel Fattah El-Sisi said.
The announcement came during a meeting in Al-Alamein City with Minister of Civil Aviation Sameh El-Hefny and EgyptAir In-Flight Services Chairperson Soheir Abdullah, where El-Sisi reviewed the national roadmap for enhancing civil aviation infrastructure and operations.
The move forms part of a national strategy designed in partnership with the International Finance Corp., which is advising on a new public-private participation model for the country’s airports. The framework is expected to be finalized by summer 2025 and will target 11 major airports while maintaining public ownership.
In an official post, Ambassador Mohamed El-Shenawy, spokesman for the presidency, said the meeting reviewed the comprehensive strategic vision for the advancement of the entire civil aviation sector, including air navigation, aircraft fleet development, airport upgrades, and enhancement of human resource capabilities.
“These efforts are part of the state’s broader plan to improve the efficiency of the aviation sector, increase its capacity, and enhance the quality of services provided to travelers, in support of the national goal to raise the number of tourists to 30 million,” the post added.
El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships centered on efficiency and sustainability, while ensuring an attractive investment environment that guarantees economic feasibility and long-term growth.
The plan supports Egypt Vision 2030, the country’s national development blueprint, which includes transforming airports into regional aviation hubs equipped with the latest global systems.
El-Sisi also reviewed the “New Republic Air Gateway” project at Terminal 4 of Cairo International Airport. Once completed, the new terminal will increase the airport’s capacity by at least 30 million passengers, pushing total throughput beyond 60 million annually.
The project is designed in line with international standards for safety, security, and environmental sustainability.
The meeting also touched on Egypt’s achievements in air navigation, especially during recent regional airspace closures that increased daily traffic to over 1,600 flights.
According to the presidential spokesman, organizations including Eurocontrol, the International Civil Aviation Organization, and the International Air Transport Association praised Egypt’s air traffic controllers for maintaining operational stability and service continuity.
Additionally, the meeting highlighted EgyptAir’s recent successes. The national carrier was named “Best Airline Staff in Africa” for 2025 by Skytrax at the Paris Air Show.
Other accolades included Best Economy Class Meals, Most Improved Airline in Africa for a second consecutive year, and Best Cabin Crew in Africa.
The airline advanced 20 positions in the global ranking to 68th place out of more than 325 carriers.
The minister said EgyptAir plans to expand its fleet to 97 aircraft by 2028-29. Efforts are also underway to upgrade in-flight services, infrastructure, and ground operations, as well as enhance lounge amenities and punctuality.
These initiatives are aimed at strengthening the airline’s global competitiveness and overall passenger experience.
Oman’s GDP grows 4.7% as non-oil sectors expand
- Agriculture, services, and construction exports lead economic growth
- Industrial activities rose 2.8% to 1.97 billion rials
RIYADH: Oman’s gross domestic product at current prices grew by 4.7 percent year on year in the first quarter of 2025, reaching 10.53 billion Omani rials ($27.3 billion), compared with 10.06 billion rials during the same period in 2024.
Preliminary data released by Oman’s National Centre for Statistics and Information attributed the increase primarily to stronger performance in non-oil activities, which grew 4.1 percent to 7.13 billion rials compared to 6.85 billion rials a year earlier.
Across economic sectors, agriculture and fisheries posted the highest growth rate, expanding 11.1 percent to 326.6 million rials.
Industrial activities rose 2.8 percent to 1.97 billion rials, while services activities grew 4.2 percent with a total contribution of 4.84 billion rials to GDP.
Oil activities also contributed to the overall expansion, recording a 6.8 percent increase in value-added, reaching 3.71 billion rials by the end of the first quarter of 2025, up from 3.47 billion rials in the same period of 2024.
While crude oil activities declined 7.5 percent to 2.74 billion rials, natural gas activities saw a marked increase of 89 percent, with value-added rising to 970.8 million rials.
This performance comes as Oman continues to strengthen non-oil sectors and diversify its economy.
Earlier in June, Credit Oman reported that insured non-oil exports reached 61.2 million rials in the first quarter, a 6 percent increase from the same period last year, driven by higher shipments of construction materials, petrochemicals, mining products, and agricultural goods.
Overall, the sultanate’s broader non-oil exports rose 8.6 percent to 1.61 billion rials, accounting for 28.6 percent of total exports.
The government is also pursuing fiscal reforms to support long-term growth. Under a royal decree, Oman will become the first Gulf country to introduce personal income tax, imposing a 5 percent levy on taxable income exceeding 42,000 rials per year starting in 2028.
The measure is expected to apply to about 1 percent of the population.
Earlier in June, the country’s residential property market was reported to have shown renewed strength.
Official data from Oman’s National Centre for Statistics and Information indicated that residential property prices rose 7.3 percent year over year in the first quarter, led by a 6.5 percent increase in residential land values, which form the largest component of the real estate index.
Apartment prices rose 17 percent in May, while villas gained 6.4 percent, and other residential units increased 2.2 percent. The overall residential real estate price index advanced 5.5 percent quarter over quarter.
The gains reflect a broader regional upswing in property activity during early 2025.
