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
Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says

- Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5%
- He reaffirmed the company’s commitment to maintaining high dividends
RIYADH: Saudi Aramco will continue tapping bond markets in the future despite maintaining one of the lowest gearing ratios in the energy industry, according to a top official.
In an interview with Bloomberg, Aramco President and CEO Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5 percent. That’s significantly lower than the industry average, where many peers operate with levels between 15 and 20 percent.
“Our gearing today is around 5 percent — still one of the lowest gearing, you know. It’s almost half of the average compared to other energy industry players in the market, and we will continue to tap into that additional bond markets in the future,” Nasser said.
He continued: “But we have a low gearing ratio, which still, as you consider it, is very low compared to any players in the markets.”
The low gearing ratio, which reflects strong financial discipline and limited reliance on debt, is part of what enables Aramco to maintain stability amid market fluctuations.
Gearing is commonly used by analysts and investors to assess a company’s financial leverage, with lower ratios often indicating a stronger balance sheet and reduced financial risk.
In the interview, Nasser also reaffirmed the company’s commitment to maintaining high dividends. “We have a strong balance sheet, and our dividend is one of the highest, the highest globally. We’re expecting to pay dividends that go to the majority shareholder and other shareholders, which is the government, of $85.4 billion this year.”
He said the company benefits from having spare capacity, which allows it to bring more barrels to the market. “For every million barrels, that will have a huge impact on our net income. I would say it will give you a $10 cushion for every million barrels that you put into the market.”
Nasser added: “We have today close to 3 million barrels of spare capacity, so other companies do not have that to cushion any drop in prices. For us, we do have that spare capacity that is healthy, strong, and when you put it, it allows you to increase significantly your net income.”
He emphasized the company’s ability to withstand lower oil prices due to its operational efficiency and robust infrastructure.
“We are the lowest cost producer. Our extraction cost is $3, and it still is $3. And with low extraction cost, healthy balance sheet, and our investment that is continuing to be capturing opportunities that we have,” Nasser said.
Closing Bell: Saudi main index closes in red at 10,990

- Parallel market Nomu dropped 123.20 points to close at 26,809.75
- MSCI Tadawul Index declined by 0.70 percent to 1,403.80
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, as it shed 62.35 points, or 0.56 percent, to close at 10,990.41.
The total trading turnover of the benchmark index was SR10.20 billion ($2.72 billion), with 169 of the listed stocks advancing and 74 declining.
The Kingdom’s parallel market Nomu also dropped 123.20 points to close at 26,809.75.
The MSCI Tadawul Index declined by 0.70 percent to 1,403.80.
The best-performing stock on the main market was Saudi Reinsurance Co. The firm’s share price soared by 9.31 percent to SR50.50.
The share price of East Pipes Integrated Co. for Industry increased by 7.83 percent to SR124.
Arabian Drilling Co. also saw its stock price edging up by 5.12 percent to SR84.20.
Conversely, the share price of Makkah Construction and Development Co. declined by 5.65 percent to SR96.80.
On the announcements front, Al Moammar Information Systems Co., also known as MIS, said that it signed a contract valued at SR58.93 million with the Saudi Data and Artificial Intelligence Authority to operate and maintain the National Unified Visa Platform.
In a Tadawul statement, the company stated that the contract is valid for 36 months, with no related parties involved in the deal.
MIS added that the contract is expected to have an impact on the company’s financial results starting from the third quarter of this year.
The share price of MIS rose by 1.66 percent to SR134.80.
Al Kathiri Holding Co. said that its subsidiary, Saraya Al Diyar Investment Co., has entered into a long-term lease agreement valued at SR143.1 million with the Aseer Municipality to build and operate a mixed-use hotel and commercial complex in Abha.
Under the deal, Saraya Al Diyar Investment Co. will establish a four-star hotel with 180 keys, as well as retail and entertainment facilities in the project that spans a total area of 53,000 sq. meters.
The new contract is in line with Al Kathiri Holding’s strategic direction to diversify its investment portfolio and expand into promising, high-impact sectors, aligning with the goals of Saudi Vision 2030, the company said in the statement.
Al Kathiri Holding Co.’s share price was unchanged at SR2.08 by the end of Thursday’s trading.
Saudi Arabia’s Jeddah airport soars to top three in Middle East airport rankings

- KAIA followed Dubai International Airport and Qatar’s Hamad International Airport in the regional rankings
JEDDAH: King Abdulaziz International Airport has secured third place in the 2024 Airport Connectivity Index for the Middle East, marking a significant milestone in Saudi Arabia’s ascent as a global aviation hub.
The ranking was announced at the Air Connectivity Conference 2025, held in Shanghai, where the Airports Council International Asia-Pacific and Middle East unveiled its annual index.
KAIA followed Dubai International Airport and Qatar’s Hamad International Airport in the regional rankings.
This recognition underscores both KAIA’s growing operational capacity and Saudi Arabia’s broader Vision 2030 goal of transforming the Kingdom into a leading logistics and transportation center. As part of that strategy, Saudi Arabia aims to handle 330 million passengers annually, connect to 250 international destinations, and transport 4.5 million tonnes of cargo by 2030.
Mazen Johar, CEO of Jeddah Airports Co., said the latest ranking reflects the airport’s progress in expanding its air network and enhancing connectivity.
“This milestone demonstrates our commitment to operational excellence and aligns with our strategy to establish KAIA as a pivotal global hub,” he said in a statement to SPA.
Johar noted that the airport’s improved ranking is a result of sustained efforts to boost competitiveness, upgrade infrastructure, and elevate passenger experience in line with national transport goals.
KAIA also held the third spot in the 2023 edition of the index, announced during ACI’s annual assembly in Riyadh.
As part of its long-term development plans, JEDCO is implementing upgrades aligned with the National Transport and Logistics Strategy. These enhancements aim to increase KAIA’s passenger capacity to 114 million annually by the end of the decade.
In 2024, KAIA served 49.1 million passengers — up 14 percent from 2023 — marking the highest annual passenger volume recorded by any airport in the Kingdom. The busiest day was December 31, when over 174,600 passengers passed through the airport. December also set a monthly record, with traffic exceeding 4.7 million passengers.
In the Asia-Pacific rankings, Shanghai Pudong International Airport claimed the top spot, followed by Incheon International Airport in South Korea and Guangzhou Baiyun International Airport. Hong Kong International Airport was recognized as the most improved airport in terms of connectivity across both regions.
Headquartered in Hong Kong with a regional office in Riyadh, ACI Asia-Pacific and Middle East represents airports in some of the world’s fastest-growing aviation markets. The Airport Connectivity Index— developed with PwC in 2023 and refined in its third edition — measures network scale, frequency, destination economic weight, and connection efficiency.
According to ACI, air connectivity in the Middle East grew 28 percent year on year, while Asia-Pacific saw a 13 percent increase, reflecting a 14 percent average growth across both regions. These gains signal a robust post-pandemic recovery and the continued momentum of global air travel.
Saudi EXIM Bank targets African markets with 4 new MoUs

- Deals come as Saudi exports to Africa surged 20.6% year on year to SR7.84 billion in March
- Saudi delegation held in-depth discussions with leaders of several international financial institution
RIYADH: Saudi Arabia is accelerating the expansion of its non-oil exports into African markets, with the Saudi Export-Import Bank securing four new strategic agreements to strengthen trade and investment ties across the continent.
Saudi Export-Import Bank CEO Saad bin Abdulaziz Al-Khalb signed memoranda of understanding with Africa50, the Ghana Export-Import Bank, Blend International Limited, and Guinea’s Ministry of Planning and International Cooperation, the Saudi Press Agency reported.
The deals were finalized on the sidelines of the African Development Bank Group’s annual meetings, held in Cote d’Ivoire from May 26 to 30.
The newly signed deals come as Saudi exports to Africa surged 20.6 percent year on year to SR7.84 billion ($2.09 billion) in March 2025, reflecting growing trade ties between the Kingdom and the continent.
Al-Khalb said the bank’s participation in the meetings aims to deepen international trade relations and forge partnerships that support Saudi non-oil export growth in African markets.
The SPA report added: “He stated that the memoranda of understanding are an extension of the bank’s efforts to promote trade exchange, stimulate development projects, and enable local exporters to export their services and products to African markets through effective and extended partnerships, contributing to supporting sustainable development goals and enhancing economic integration.”
He also described the gathering as a valuable opportunity to boost economic cooperation and engage with officials from export credit agencies and financial institutions across African countries.
The agreements were signed by Saudi EXIM CEO Saad bin Abdulaziz Al-Khalb, along with Alain Ebobisse, CEO of Africa50; Sylvester Mensah, CEO of the Ghana Export-Import Bank; Ravi Gupta, managing director of Blend International Limited; and Ismail Nabeh, minister of planning and international cooperation of Guinea.
The MoU with Africa50 is aimed at enhancing cooperation in infrastructure projects by partnering with Saudi companies. The agreement with the Ghana Export-Import Bank will focus on exploring cooperation opportunities and enhancing bilateral exports of services and products.
Meanwhile, the MoU with Blend International Limited is aimed at targeting broader trade opportunities and international partnerships. The deal with Guinea’s Ministry of Planning and International Cooperation seeks to bolster development projects and investment in priority sectors, enabling Saudi exports of engineering services and industrial supplies.
Also, on the sidelines of the event, Al-Khalb and his delegation held in-depth discussions with leaders of several international financial institutions, focusing on expanding trade ties and boosting the flow of Saudi non-oil exports into African markets.
Asia’s first Saudi sukuk ETF launched in Hong Kong

- Launch coincided with the opening of the Capital Markets Forum
- ETF is managed by Premia Partners, with BOCHK Asset Management Ltd. serving as investment adviser
RIYADH: Hong Kong has launched Asia’s first exchange-traded fund tracking Saudi sovereign sukuk, marking a major development in financial cooperation between East Asia and the Middle East.
The Premia BOCHK Saudi Arabia Government Sukuk ETF, listed on the Hong Kong Stock Exchange, follows the iBoxx Tadawul Government & Agencies Sukuk Index. It includes both riyal- and US dollar-denominated sukuk issued by the Saudi government and related agencies.
The ETF is traded under stock codes 3478 for the Hong Kong dollar counter and 9478 for the US dollar counter. It has been approved by the Securities and Futures Commission of Hong Kong. It offers quarterly US dollar distributions, with fees capped at 0.35 percent and an expected annual tracking difference of around -2 percent.
The launch coincided with the opening of the Capital Markets Forum, a two-day event hosted by Saudi Tadawul Group and Hong Kong Exchanges and Clearing Ltd., aimed at boosting cross-border investment.
This year’s forum, held under the theme “Powering Connections,” focuses on strengthening economic and capital market ties between the Middle East and East Asia.
The ETF is managed by Premia Partners, with BOCHK Asset Management Ltd. serving as investment adviser.
Speaking at the forum, Mohammed Al-Rumaih, CEO of the Saudi Exchange, said the CMF is becoming “a leading global platform for collaboration and dialogue on the future of capital markets and economic transformation.”
“We aim to strengthen ties with both local and international investors and to reinforce the Saudi capital market’s position as a leading global hub, serving as a bridge between capital markets in the East and West,” Al-Rumaih said.
Bonnie Y. Chan, CEO of Hong Kong Exchanges and Clearing Ltd, said that the partnership with Saudi Tadawul Group underscores the strong ties between the two exchanges.
“This second edition of the forum will serve as a dynamic platform to connect our broad base of investors and issuers, while encouraging deeper dialogue and collaboration among the capital-raising hubs of Mainland China, Hong Kong, and the Middle East,” Chan said.
The forum featured a series of keynote speeches and panel discussions focused on global economic trends, investment strategies, financial innovation, and the integration of sustainability into financial markets.
As part of the event, the Corporate Access Program enabled direct engagement between investors and senior executives from listed companies and capital market institutions across the region, fostering greater transparency and dialogue.
Commenting on the ETF’s launch, Faris Al-Ghannam, CEO of HSBC Saudi Arabia said: “The corridor between China and Saudi Arabia is becoming even more compelling. The resilient activity in the Kingdom’s private and capital markets in Q1 reflect Saudi Arabia’s position as a refuge for foreign investors from global volatility. The Kingdom’s continued liberalization of its foreign investment regulations is also creating new opportunities for investors in Asia and globally.”
He said: “Chinese and Saudi Arabian corporates in sectors such as energy, technology and infrastructure are reinvigorating the Silk Road. We expect this trend to continue as tariff uncertainty persists and corporates double down on managing risks and building resilience in their supply chains.”
The launch of the ETF, alongside the Capital Markets Forum, reflects Saudi Arabia’s commitment to elevating its capital markets on the global stage. These efforts align with the Kingdom’s Vision 2030 strategy to enhance financial sector integration and attract foreign investment.
At the same time, Hong Kong continues to strengthen its role as a vital conduit for capital flows between East and West, reinforcing its position as a leading international financial hub.