Egyptian remittances up 11 percent

A man looks through a telescope as a historic Cairo observatory witnesses the changing of the moon to mark the beginning of the holy month of Ramadan in Cairo. (Reuters)
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Updated 13 April 2021
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Egyptian remittances up 11 percent

  • The bank added that the data showed a slight decrease in remittances in January 2021

CAIRO: Egyptians abroad sent home $18.1 billion in remittances in the first seven months of the 2020/2021 fiscal year, a year-on-year increase of 11 percent, according to new figures from the Central Bank of Egypt (CBE).

In a statement, the CBE said that remittances from Egyptians abroad during the period from July to January increased by 10.6 percent, or about $1.7 billion.

The bank added that the data showed a slight decrease in remittances in January 2021, falling to $2.54 billion, compared with $2.65 billion in January 2020.

Last March, the CBE announced that remittances from Egyptians working abroad increased by 10.5 percent to $29.6 billion in 2020.

It said that domestic liquidity grew 19.6 percent on average during the last quarter of 2020, marking the sixth consecutive quarterly increase.

The central bank also indicated that the percentage of cash in circulation outside the banking system declined as a percentage of deposits during the last quarter of 2020, while it witnessed a slight increase during the second quarter of the same year.

Deposits in foreign currency, denominated in US dollars, stabilized after declining for a whole year, the statement added.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.