Economy

Egypt Hopes for Tourism Boost as Flights From Russia Resume

Published

5 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

Nigerian Stocks Chalk up 0.33% on Positive Market Breadth Index

Published

2 hours ago

09/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.

According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.

When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.

Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.

FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.

Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.

International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.

On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.

Economy

NASD OTC Exchange Opens Week Lower as Valuation Dips N1.27bn

Published

2 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.

The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.

Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.

Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.

The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.

GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.

Economy

Naira Loses Against Dollar Official, Black Markets

Published

5 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.

At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.

At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.

However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.

Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.

On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.

Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.

Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.

Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.