TUNIS: Tunisia’s tourism revenues have risen 19 percent so far this year, reflecting a recovery in a vital sector crippled two years ago by attacks on foreign holidaymakers.
Tourism Minister Salma Loumi said 4.58 million foreign tourists visited the North African country between Jan. 1 and Aug. 10. Arrivals from neighboring Algeria were up 60 percent, helped by a promotional campaign by Tunisia, while visits by European tourists rose 16 percent.
“There are good indicators, revenues rose by 19 percent to 1.5 billion Tunisian dinars ($613 million),” Loumi told reporters on Tuesday.
Tunisian officials expect the number of foreign tourists to rise to 6.5 million this year, up about 30 percent from 2016, due to an improving security situation and interest from new markets including Russia.
That would mark a return to normal, although below a record 6.9 million visitors seen in 2010.
Tourism accounts for about 8 percent of Tunisia’s gross domestic product, provides thousands of jobs and is a key source of foreign currency, but it has struggled since two major attacks in 2015.
The first at the Bardo National Museum in Tunis left 21 tourists dead, while 39 mostly British holidaymakers were killed in the second attack on a beach in the resort city of Sousse.
Last month, however, Britain’s foreign office said it was no longer advising against travel to most of the North African country including the capital Tunis and major tourist destinations.
Tour operator Thomas Cook has said it will resume offering holidays in Tunisia following the change.
Tunisia’s tourism ministry said it expected the company to start offering flights to Tunisia from February 2018.
The government expects rising tourism to help Tunisia’s economy grow 2.5 percent this year, after a 1 percent expansion last year.
Tunisia’s tourism revenues rebound
Tunisia’s tourism revenues rebound
Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
