Egypt bets on ancient finds to pull tourism out of pandemic

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. (AP)
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Updated 30 May 2021
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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

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.


Over half of Saudi customers eyeing to boost online spending in next 12 months

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Over half of Saudi customers eyeing to boost online spending in next 12 months

RIYADH: Saudi Arabia’s e-commerce landscape is expanding rapidly, with 53 percent of customers in the Kingdom looking to boost their online spending in the next 12 months, a survey showed. 

According to a report released by UK-based tech firm checkout.com, the number of consumers in Saudi Arabia who shop regularly on e-commerce platforms has increased by 180 percent in the past four years, signifying the growing digital marketplace in the Kingdom. 

Moreover, the analysis found a 90 percent surge in individuals making online purchases at least once a day since 2020. 

“Amidst an era marked by swift digital transformation, Saudi Arabia’s digital payments ecosystem has demonstrated exceptional growth, while Saudi consumers continue to be increasingly enthusiastic about online shopping demonstrated by an impressive 180 percent increase in monthly e-commerce shoppers since 2020,” said checkout.com in the analysis. 

It added: “This year’s report highlights that over half of Saudi consumers (53 percent) are looking to boost their online spending in the next 12 months. This optimistic outlook reflects the digital economy’s resilience and the still untapped growth potential in Saudi Arabia.” 

Highlighting the growth of digital payments in the Kingdom, the study noted that consumers preferring cash on delivery for online purchases declined by 66 percent since 2020. 

The report also revealed that 75 percent of online shoppers in Saudi Arabia indicated they would opt for card payments if the cash on delivery option is unavailable. 

“This transition is primarily propelled by consumers’ increasing prioritization of payment security. It also reflects a broader trust in and acceptance of digital payments, aligning with trends observed across the MENA region,” added checkout.com. 

From a regional perspective, the report underscored the fast adoption of digital payments by consumers in the Middle East and North Africa, with the overall volume of transactions in the region growing nearly sevenfold at 678 percent since 2020. 

Earlier this month, a study released by management consulting company Arthur D. Little suggested that Saudi Arabia’s fintech sector has made significant strides as it nears its goal to become a regional financial hub. 

“Saudi Arabia has embarked on a journey to transform society to be less dependent on cash transactions,” said the firm in its report. 

In April, a separate analysis released by UK-based data analytics company GlobalData projected that cashless payments in Saudi Arabia are expected to surge by 7.6 percent in 2024 to SR550 billion ($146.8 billion). 

GlobalData also noted that the Saudi card payments market will grow at an annual rate of 6.4 percent between 2024 and 2028 to reach SR705.2 billion. 


Artificial intelligence hitting labor forces like a “tsunami” — IMF chief 

Updated 16 min 32 sec ago
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Artificial intelligence hitting labor forces like a “tsunami” — IMF chief 

ZURICH: Artificial intelligence is hitting the global labor market “like a tsunami” International Monetary Fund Managing Director Kristalina Georgieva said on Monday. 

Artificial intelligence is likely to impact 60 percent of jobs in advanced economies and 40 percent of jobs around the world in the next two years, Georgieva told an event in Zurich. 

“We have very little time to get people ready for it, businesses ready for it,” she told the event organized by the Swiss Institute of International Studies, associated to the University of Zurich. 

“It could bring tremendous increase in productivity if we manage it well, but it can also lead to more misinformation and, of course, more inequality in our society.” 

Georgieva said the world economy had become more prone to shocks in recent years, citing the global pandemic in 2020, as well as the war in Ukraine. 

Although she expected more shocks, particularly due to the climate crisis, remained remarkably resilient, she said. 

“We are not in global recession,” said Georgieva, who was heckled by protesters calling for action on climate change and tackling developing world debt. 

“Last year there were fears that most economies would slip into recession, that didn’t happen,” she said. “Inflation that has hit us with a very strong force is on the decline, almost everywhere.” 

Swiss National Bank Chairman Thomas Jordan, who also spoke at the event, said the fight against inflation in Switzerland was now far advanced. 

Inflation rose to 1.4 percent in April, the 11th month in a row that price rises have been within the SNB’s 0-2 percent target range. 

“The outlook for inflation is much better. It looks that for the next few years, inflation could be really in the same range of price stability,” Jordan said. 

“But there is a lot of uncertainty.” 


North East England to benefit from $3.7bn Saudi investments: UK official 

Updated 14 May 2024
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North East England to benefit from $3.7bn Saudi investments: UK official 

RIYADH: North East England is poised to receive a significant economic boost with investments worth £3 billion ($3.7 billion) from Saudi Arabia, as highlighted by the British deputy prime minister. 

During the opening of the two-day GREAT Futures Initiative Conference in Riyadh on Tuesday, Oliver Dowden announced new figures, stating that this investment is expected to sustain approximately 2,000 jobs in the region. 

Following virtual remarks from UK Prime Minister Rishi Sunak and Saudi Crown Prince Mohammed bin Salman, Dowden said: “Our collaboration has enabled an exponential increase in our mutual prosperity and demonstrated that our modern, forward-looking partnership can meet the challenges of the 21st Century.” 

The event serves as the launchpad for a year-long campaign designed to highlight British expertise and capabilities in sectors that support Saudi Arabia’s Vision 2030.  

Furthermore, the conference features a UK business delegation exceeding 450 members, representing the largest turnout in over 10 years.

A key highlight of the event is the fireside chat between Dowden and Saudi Commerce Minister Majid Al-Qasabi. 

Dowden expressed optimism about the future of the UK-Saudi relations: “GREAT FUTURES will be an important moment for British business. We’re opening up our markets to one another so that investment, exports, tourism, and collaboration flow in both directions. Britain doesn’t just endorse Vision 2030, we want to be a part of it,” he stated in an official release. 

Among the announcements, Dowden revealed that Saudi companies have raised £56.1 billion in London’s capital markets since 2022, with £10.3 billion classified as green and sustainable finance.  

The prime minister also announced the first overseas expansion of the UK’s Office for Investment in the Gulf, a joint venture between 10 Downing Street and the Department for Business and Trade.  

This expansion is aimed at connecting public and private expertise to facilitate capital flows and address potential barriers, enhancing the investment landscape between the two nations. 

Today, the UK will also sign an updated memorandum of understanding with the Kingdom, renewing a joint commitment to further investment. 

Strengthening cultural and educational ties, the University of Strathclyde will become the first English university to establish a physical presence in Saudi Arabia at the Princess Nourah bint Abdulrahman University.  

Considered the largest institute for women globally, this new partnership will enable female students to study a broader range of subjects, including business and STEM. 

Additionally, the UK and Saudi Arabia have agreed to establish an Education Task Force, chaired by Sir Steve Smith and Saudi Education Minister Yousef Al-Benyan, to promote further cooperation in higher education.  

This initiative has already resulted in 40 partnerships being signed between the two nations. 

As part of the ongoing dialogue and cooperation, Dowden is scheduled to visit the culturally significant city of AlUla to discuss sharing cultural expertise and collaborations. 

Ministers accompanying the prime minister at the conference include the British secretary of state for business and trade, the secretary of state for culture, media and sport, the minister for investment, and the parliamentary undersecretary of state for health. 

This visit coincides with the commencement of the 7th round of negotiations between the UK and the Gulf Cooperation Council on a modern and ambitious trade deal.  

Building on a robust £59 billion trading relationship, this exchange could potentially add £1.6 billion to the UK economy, facilitating easier trade with all six Gulf countries, including Saudi Arabia, and enhancing mutual investment opportunities. 

Key partners include British Airways, which plays a pivotal role in promoting the UK as a leading destination for business, tourism, and investment.  

An additional lead partner, HSBC UK Bank Plc, brings its global financial expertise to support regional firms in achieving their growth ambitions.  

Further partners include North Highland, a change and transformation consultancy, TAG, a content production agency and Innovo, an urban development firm. 


Oil Updates – prices steady as investors eye US inflation, OPEC report

Updated 14 May 2024
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Oil Updates – prices steady as investors eye US inflation, OPEC report

SINGAPORE: Oil prices were little changed on Tuesday as investors eyed fresh drivers, including upcoming US inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries this week, according to Reuters.

Brent crude futures inched 4 cents higher to $83.40 a barrel at 6:15 a.m. Saudi time, while US West Texas Intermediate crude futures rose 5 cents to $79.17 a barrel.

The benchmark contracts settled higher on Monday on signs of improving demand in the US and China, world’s top two oil consumers.

“Oil prices were slightly higher overnight but remain in a broad holding pattern over the past week, with the lead-up to the upcoming US inflation data keeping some reservations in place,” said Yeap Jun Rong, market strategist at IG.

Investors are watching the US Consumer Price Index data due on Wednesday for clues to when the Federal Reserve will consider cutting interest rates.

“Ahead, the OPEC monthly oil report will be in focus to provide any updates on global oil demand, with some eyes on whether the previous optimistic guidance around the summer travel season will continue to hold,” said Yeap.

The latest OPEC monthly oil market report is due to come later Tuesday, based on the organization’s website.

Meanwhile, the market is also watching wildfires in remote western Canada that could disrupt the country’s oil supply.

Firefighters on Monday were racing to contain one blaze in British Columbia and two in Alberta near the heart of the country’s oil sands industry.

No operational disruptions had been reported. But Alex Hodes, analyst at energy brokerage StoneX, said Canada’s 3.3 million barrel per day production capacity is “very likely to be affected.”

The market also continued to react to bullish comments from Iraq’s oil minister, Hayyan Abdul Ghani, over the weekend, according to a note from ANZ analysts.

Ghani said on Sunday that Iraq would honor voluntary output cuts made by OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers, at its upcoming meeting on June 1.

That reversed course from his Saturday comments that Iraq had made enough voluntary reductions and would not agree to any new output cuts.


Pakistan vows to foster efficiency, sustainable growth in public entities amid privatization push

Updated 14 May 2024
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Pakistan vows to foster efficiency, sustainable growth in public entities amid privatization push

  • Finance minister chairs cabinet committee meeting to review privatization agenda of public entities
  • Pakistan agreed to overhaul loss-making entities in exchange for a financial bailout from IMF last year

KARACHI: Key ministers of the government, including Finance Minister Muhammad Aurangzeb this week vowed to ensure efficiency and sustainable growth in Pakistan’s public entities as Islamabad moves to privatize state-owned enterprises (SOEs) that have accumulated losses worth billions over the years. 

Pakistan agreed to overhaul its public entities under a $3 billion financial bailout agreement it signed with the International Monetary Fund (IMF) last year, a deal that helped it avert a sovereign debt default in 2023. The IMF has said Pakistan’s SOEs whose losses are burning a hole in government finances would need stronger governance. Pakistan is currently negotiating with the international lender for a larger, longer program for which it must implement an ambitious reforms agenda, including the privatization of debt-ridden SOEs.

Among the main entities Pakistan is pushing to privatize is its national flag carrier, Pakistan International Airlines (PIA). The government is putting on the block a stake ranging from 51 percent to 100 percent.

Aurangzeb chaired a meeting of the Cabinet Committee on State-Owned Enterprises on Monday which was attended by ministers of maritime affairs, economic affairs, housing and works, the governor of Pakistan’s central bank and other officials. The meeting was held to evaluate the performance of the country’s public entities and review the progress of the government’s privatization agenda. 

“The meeting concluded with a commitment to fostering transparency, efficiency, and sustainable growth within the State-Owned Enterprises, reflecting the government’s dedication to ensuring the optimal utilization of public resources,” the finance ministry said. 

Aurangzeb directed concerned ministries and divisions to submit proposals for the categorization of their respective public entities by May 20. The step is aimed at reviewing the rationale for retaining any commercial functions within the public sector, the ministry said. 

“The objective is to retain only the essential functions within the public sector & to assign the remaining functions to the private sector,” it said. “At the same time the entities which remain in public sector have to be more competitive, accountable, and responsive to the needs of citizens.”

The finance minister noted that there were gaps in the governance and financial management of some companies which needed to be addressed. He directed the vacancies on the Board of Directors (BoD) of some companies to be filled and for others to have their accounts audited. 

“The Chairman emphasized that continued losses & fiscal haemorrhage had to be stopped as a national priority,” the finance ministry said. “Therefore SOEs restructuring & privatization agenda needed to be expedited in order to improve the efficiency of these entities.”
 
Prime Minister Shehbaz Sharif has assured the business community that the privatization process would be a transparent one and has warned the country’s bureaucracy that the government would not tolerate any delays in it.