LONDON: Tour operator Thomas Cook will restart holidays in Tunisia now that Britain has softened its travel advice to the country, the firm’s boss said on Thursday.
Shares rose after the company reiterated its full-year outlook, and said that demand for summer bookings was strong.
The decision to move back into Tunisia provides an opportunity for the firm to build on a rebound in appetite for holidays in the Middle East and North Africa, after years of subdued performance.
It should also be a welcome boost to Tunisia, where tourism accounts for 8 percent of gross domestic product and is a key source of foreign currency and jobs.
Britain said on Wednesday that it was no longer advising against travel to most of Tunisia after tightening its advice following a militant attack in a Tunisian resort in June 2015. There had also been an earlier attack at the Bardo museum in Tunis.
The attacks led to two years of sharp declines in tourism.
Thomas Cook Chief Executive Peter Fankhauser said that the British decision was unexpected and a positive for Tunisia and the tourism industry.
“The foreign office came to the conclusion that it is again safe to travel. We didn’t have any program for the winter so we are setting up a really good quality offer for Tunisia and this is going to take some time,” he told reporters.
“I suppose that we are going to start during the winter season, but more toward the spring.”
Tour operators such as Thomas Cook have seen business in the Middle East and North Africa suffer in recent years as security issues deterred visitors, with travel firms laying on more holidays to the western Mediterranean to compensate.
However, this year has seen a bounceback in markets such as Turkey and Egypt, while markets such as Spain have been more thorny.
Fankhauser said that a resurgence in Turkey had not been affected by increased tensions with Germany, and said that Turkey remained attractive despite a warning by the German government for its citizens to be careful when traveling there.
On the flipside, the increase in capacity in Spain is hitting margins there, and Thomas Cook said that prices were under pressure from the intense competition.
The tour operator said it had seen strong demand for summer bookings, and that winter sales so far were also encouraging. It added that its full-year operating profit would be in-line with forecasts.
Profit is expected to grow 6 percent to £326 million ($426 million) for the financial year ended Sept. 30 2017.
The travel firm said that group revenue was up 14 percent, and that winter 2017/2018 was 30 percent sold, with bookings ahead in all markets. Shares were up 3.7 percent.
Barclays said that the results were a slightly ahead of expectations, and that the reiterated guidance for the year was reassurance, even as the margin pressure in Spain continued to be a negative.
Tour operator Thomas Cook back to Tunisia after UK travel advice shifts
Tour operator Thomas Cook back to Tunisia after UK travel advice shifts
UNCTAD, Social Development Bank launch fellowship to power Saudi entrepreneurs
RIYADH: The Social Development Bank has signed a memorandum of understanding with UN Trade and Development to launch the “Empretec Saudi Fellowship,” a new initiative aimed at equipping high-potential Saudi entrepreneurs with advanced training and tools to scale their ventures.
The agreement was signed on the sidelines of the second edition of the DeveGo 2025 forum, held on Dec. 21–22 at the King Abdulaziz International Conference Center in Riyadh. The event brought together entrepreneurs, policymakers, and representatives from regional and international organizations, alongside public and private sector leaders.
Featuring more than 150 exhibitors, 85 speakers, and 45 workshops, the forum focused on sharing local and global best practices and strengthening the Kingdom’s entrepreneurial ecosystem.
The Empretec Saudi Fellowship is part of UNCTAD’s flagship capacity-building program to promote entrepreneurship and support micro, small, and medium-sized enterprises and startups. Active in more than 40 countries, the program seeks to develop personal entrepreneurial behaviors through intensive training, access to international experts, and technical tools that help transform promising ideas into scalable, high-impact businesses.
Rebeca Grynspan, UNCTAD secretary-general, said Saudi Arabia offers fertile ground for entrepreneurial growth.
“Saudi Arabia has a wonderful platform to bring everybody up, and the entrepreneurs here are so eager. They have ideas, creativity, and energy,” she told Arab News. “If they come through our program with the Social Development Bank, which does a wonderful job, they will be more successful — because that’s what we want.”
In his opening remarks, Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi, who also chairs the SDB board, highlighted the rapid evolution of the Kingdom’s startup landscape.
“The Kingdom is witnessing a qualitative transformation in the entrepreneurship and freelance ecosystem, enabling young men and women to enter new promising sectors such as artificial intelligence, renewable energy, advanced technologies, and venture capital,” he said. “This provides broader opportunities to contribute to innovation, expansion, and global competitiveness.”
During a tour of the exhibition alongside Al-Rajhi, Grynspan met a wide range of small and medium-sized businesses and handicraft makers, praising the depth of local talent. She noted that participants spanned the full spectrum of enterprises — from early-stage ventures to more established and sophisticated companies — reflecting a rich diversity of experience.
Al-Rajhi said the Social Development Bank invests more than SR8 billion annually to support enterprises and entrepreneurs, helping raise employment in bank-financed businesses from about 12,000 in 2021 to more than 140,000 in 2025.
Beyond financing, the bank runs several non-financial programs, including the Jada 30 business communities, which have incubated more than 4,300 enterprises across 13 cities, and the Dulani Business Center, which has delivered over 67,000 consultations benefiting more than 150,000 male and female entrepreneurs.
Speaking on the broader economic outlook, Grynspan added: “This is a wonderful place to come. Now is an economy that is thriving, is a population that is hopeful. And you have these young, talented people that are only waiting for an opportunity to make it happen for everybody.”
During the forum, the bank also signed multiple cooperation agreements spanning key sectors such as finance, education, energy, healthcare, heritage, the nonprofit sector, and freelance work. The partnerships align with SDB’s strategy to build an integrated system of financial and non-financial empowerment tailored to the needs of entrepreneurs, startups, and micro-enterprises.
