Egypt current-account deficit surges as tourism revenue collapses

Egypt’s tourism revenue fell to $3.1 billion in the 9 months through March from $9.6 billion a year earlier. (Reuters)
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Updated 30 June 2021
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Egypt current-account deficit surges as tourism revenue collapses

  • Current account deficit rises 82 percent to $13.3 billion

RIYADH: Egypt’s current-account deficit almost doubled in the first nine months of fiscal 2020-21 as tourism revenues slumped due to COVID-19 travel restrictions.

The deficit increased 82 percent to $13.3 billion in the 9 months through the end of March, Asharq reported, citing Central Bank of Egypt data. The total balance of payments surplus in the period was $1.8 billion.

The bank attributed the increase in the deficit to a drop in tourism revenues to $3.1 billion, compared to $9.6 billion in the same fiscal period, according to a statement issued today.

Net foreign direct investment (FDI) flows to Egypt during that period dropped by 19.3 percent to $4.8 billion, while transport proceeds, including the Suez Canal, fell by 12 percent to $5.5 billion.

Remittances from workers abroad rose to $23.4 billion from $21.5 billion.


Closing Bell: Saudi main index climbs to 10,485 

Updated 21 December 2025
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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.