Economy
Egypt Hopes for Tourism Boost as Flights From Russia Resume
By Kester Kenn Klomegah
Russia and Egypt agreed finally to resume regular flights to Cairo, Hurghada and Sharm El Sheikh from August 9 after several negotiations and security inspections carried out for more than five years.
On the other hand, Egypt is particularly expecting to raise its tourism among holidaymakers throughout the various cities in Russia. Egypt’s resorts of Sharm El Sheikh and Hurghada are highly popular for foreign vacationers, not only Russians but also tourists from Western, European, Asian and African countries.
Egyptian Ambassador in Moscow Ehab Nasr said that the return of Russian tourists to Sharm el-Sheikh and Hurghada would have a positive impact on the national economy. Rebounding tourism will necessarily translate into a revival in related sectors, the diplomat noted, adding this should contribute to creating new jobs especially during the coronavirus pandemic.
Nasr made it clear that Egypt had organized visits for a Russian medical delegation to the Red Sea resort cities of Sharm el-Sheikh and Hurghada to see for themselves quarantine measures applied at airports and tourist facilities, and the delegates were pleased with the security and precautionary measures.
With coronavirus rapidly spreading, Egypt has given the assurance to maintain strict procedures for the immediate detection [of coronavirus] upon arrival and there are strict public health standards that are being observed at hotels and tourism objects, as well as a set of strict control measures to ensure the safety and health of Egyptian citizens and tourists.
Statistics are staggering but Russians constituted the largest segment of foreign tourists visiting Egypt. According to documents, before the suspension of flights in 2015, about five million Russian tourists visited Egypt, making up one-third of all visitors to the country. Rosstat, Russia’s Statistics Bureau, adds that nearly 20 per cent of all Russians travelling abroad prefer Egypt.
Chair of the Egyptian Parliament’s Tourism Committee Nora Ali has said that the resumption of direct Russian flights to the Red Sea represents a big boost for Egypt’s economy and the tourism industry.
“The landing of the first direct Russian flight at Hurghada airport on Monday morning should be considered a moment of great happiness for the tourist industry in Egypt,” said Ali, adding that “Russian tourists represent a big force for the Egyptian tourist industry.”
According to Ali, “the return of direct flights between Russian cities and the two Red Sea resorts of Hurghada and Sharm El-Sheikh is set to increase Egypt’s tourism revenues by at least $2 billion.”
MP Sahar Talaat Mostafa, Chair of the Egyptian Russian Business Council, also said in a statement that the return of direct flights between Russian cities and the two Red Sea resorts of Hurghada and Sharm El-Sheikh after a six-year hiatus comes after a long period of cooperation between Russian and Egyptian authorities.
“Egypt has done all it can to make sure that direct flights between Russia and Egyptian Red Sea tourist resorts operate smoothly and that Russian tourists enjoy holidays in Hurghada and Sharm El-Sheikh,” said Mostafa. According to Mostafa, Hurghada and Sharm El-Sheikh are expected to see 20 direct flights from Russian cities.
Maya Lomidze, Executive Director of the Association of Tour Operators of Russia Maya Lomidze said the resumption of regular tours to Egypt for Russians is a huge step forward for the entire tourism industry, but it is still not enough to say that the flow of tourists will grow rapidly.
Russia has its own airlines, and EgyptAir will simultaneously run four direct flights weekly between Moscow and Hurghada, while three flights are scheduled between Moscow and Sharm El Sheikh. Hurghada International Airport received on August 9 the first flight coming from Moscow after nearly six years of suspension prompted by a plane crash disaster that took place in 2015.
Flight MS724 of Airbus A330-300 arrived in the Red Sea resort city of Hurghada with 300 Russian tourists on board. The airport staff received them with roses, souvenirs, and flyers that include information about Egyptian tourist destinations in the Russian language. A ceremonial water salute was held upon the flight landing at the airport.
In a statement, Board Chairman of EgyptAir Holding Company Amr Abul Enien said EgyptAir’s operation of direct flights between Moscow and each of Hurghada and Sharm El Sheikh coincides with the resumption of tourism flights between Egypt and Russia. He said such a step would greatly contribute to providing more services and travel options and lure in more tourists from Russia to Egypt.
All flights between Russia and Egypt were completely suspended in November 2015 after a passenger jet owned by Russia’s Kogalymavia airline bound from Sharm El Sheikh to St. Petersburg exploded over the Sinai carrying 217 passengers and seven crew members, killing everyone on board. The Federal Security Service (FSB) ruled the incident as a terrorist attack leading to the abrupt cancellation of all flights from Russia to Egypt.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn