Economy

Egypt Hopes for Tourism Boost as Flights From Russia Resume

Published

4 years ago

13/08/2021

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.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

10 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

10 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

10 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.