From Russia with billions: Egypt expects windfall from tourism boost

Nabil Hussein, a tourism expert, said the return of Russian tourism to the cities will result in the return of trained workers to the tourism sector, raising Egypt’s tourism classification. (AFP/File Photo)
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Updated 09 August 2021
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From Russia with billions: Egypt expects windfall from tourism boost

  • Russian Center for Combating the Coronavirus said the return of Russian tourism to the Egyptian resorts in Hurghada will commence from around Aug. 9

CAIRO: Moscow’s Federal Air Transport Agency has issued permits to eight Russian airlines for regular flights to Egyptian tourist resorts in Hurghada and Sharm El-Sheikh.

According to media reports, the permits have been granted to Aeroflot, Pobeda, Rossiya, S7, Smartavia, Ural Airlines, Nordwind and Azur Air.

Egypt previously welcomed Russia’s decision on July 8 to lift the ban on charter flights with Egypt after a presidential decree was issued by the Kremlin.

The Russian Center for Combating the Coronavirus said the return of Russian tourism to the Egyptian resorts in Hurghada will commence from around Aug. 9.

It said trips to Egypt have been increased in Sharm El-Sheikh and Hurghada in South Sinai. 

Each city will receive five Russian flights a week. Nabil Hussein, a tourism expert, said the return of Russian tourism to the cities will result in the return of trained workers to the tourism sector, raising Egypt’s tourism classification as one of the best tourist destinations around the world.

He told Arab News that Egypt will benefit from more than $4 billion in annual revenues, with the number of Russian tourists estimated to exceed 2 million.

However, Mohamed Fala, a member of the Red Sea Tourism Investors Association, said it is difficult for Russian companies to operate direct flights from Russia to Sharm El-Sheikh and Hurghada soon, adding that the set date of Aug. 9 may be postponed for at least a week or two.

He said the return of Russian tourism will be gradual, provided that it begins to increase during the winter, specifically during November and December, adding that all hotel facilities in the Red Sea and South Sinai are ready to receive Russian tourists.

He said the tourist movement coming to Egypt from Russia is vital as it continues throughout the year and that Russian tourists travel in large numbers, which revives hotel occupancy in the coastal tourist cities, especially Hurghada and Sharm El-Sheikh.

“The average number of Russians who were visiting Egypt before 2015 was about 2.5 million annually,” he said.

Russian flights to Egypt were stopped in 2015 after a bomb planted by extremists brought down an airliner after it took off from Sharm El-Sheikh, killing all 224 people on board.


Closing Bell: Saudi main index closes in red at 10,709

Updated 26 February 2026
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Closing Bell: Saudi main index closes in red at 10,709

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 138.89 points, or 1.28 percent, to close at 10,709.04.

The total trading turnover of the benchmark index was SR6.59 billion ($1.75 billion), as 102 of the listed stocks advanced, while 154 retreated.

The MSCI Tadawul Index decreased, down 22.40 points or 1.52 percent, to close at 1,450.58.

The Kingdom’s parallel market Nomu lost 123.85 points, or 0.54 percent, to close at 22,792.98. This came as 30 of the listed stocks advanced, while 40 retreated.

The best-performing stock was Al-Rajhi Co. for Cooperative Insurance with its share price surging by 9.96 percent to SR74.50.

Other top performers included Jazan Development and Investment Co., which saw its share price rise by 9.89 percent to SR8.33, and Gulf Insurance Group, which saw a 7.48 percent increase to SR23.

On the downside, City Cement Co. and Al Gassim Investment Holding Co. saw declines, with their shares dropping by 5.51 percent and 4.22 percent to SR11.50 and SR13.15, respectively.

On the announcement front, Almoosa Health Co. has signed a construction contract with Almajal Alarabi Group valued at SR608.85 million to complete the electrical, mechanical, and architectural finishing works for the new Almoosa Specialized Hospital in AlHofuf City. 

The agreement, finalized on Feb. 26, covers all complementary internal and external works based on approved engineering designs to ensure the facility is fully operationally ready upon completion. 

According to a Tadawul statement, work on the project will commence immediately, with an expected completion timeline of 16 months. 

Almoosa Health intends to finance the development through a combination of its own resources and long-term Shariah-compliant facilities secured from local banks, with the financial impact anticipated to begin following the hospital’s completion and commissioning.

Almoosa’s share price surged by 4.24 percent to reach SR147.50.