South African tourism throttled by misplaced omicron alarm, says minister

South African Minister of Tourism Lindiwe Nonceba Sisulu during an interview with Arab News.
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Updated 09 June 2022
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South African tourism throttled by misplaced omicron alarm, says minister

JEDDAH: The omicron variant of the coronavirus came at a very high cost to South African tourism, as top scientists in the country identified the strain which had its origin somewhere else in the world, said South African Minister of Tourism Lindiwe Nonceba Sisulu.

In an exclusive interview with Arab News on the sidelines of the 116th Executive Council of the UNWTO, the minister revealed that several countries isolated South Africa from the tourism map just because it informed the presence of the transmissible strain to the World Health Organization.

“Omicron has nothing to do with South Africa. It’s just that we discovered it. The protocols of the WHO required that when you discover anything new, you have to report it. So, we reported it,” Sisulu told Arab News.

South Africa is cheaper than most places. It has significant historical areas. I can’t think of a better place to go to than ours.

Lindiwe Nonceba Sisulu

She added: “Several people had died in the UK, Australia and other places before it was discovered. Because we had put together an excellent team of scientists, we were able to identify it and indicate it to the world. But it came at a very high cost to us. We had to negotiate with the countries that cut us off and indicate that this is discriminatory.”

Sisulu, however, added that tourism in South Africa has slowly started recovering as people have again started visiting the country. The minister further noted that the Tourism Ministry is carrying out a TV campaign to attract more tourists to the nation.

She said: “South Africa is cheaper than most places. It has significant historical areas. I can’t think of a better place to go to than ours.”

The minister revealed that the country’s Tourism Ministry is planning to raise the number of investment conferences in the nation.

Sisulu also clarified that the country is an excellent place to invest, where the returns are outstanding.

“South Africa has a very good investment environment. It is user-friendly, and it doesn’t have all the restrictions most countries have. The returns are very good. So we are hoping to double the investment conferences that we have for people to come and invest in South Africa,” noted the minister.

 


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.