Tunisia tourism sector makes flying start to 2019

European tour operators have started to return after several years of shunning Tunisia in the wake of a gun attack on a beach in Sousse that killed 39 tourists. (Shutterstock)
Updated 20 April 2019

Tunisia tourism sector makes flying start to 2019

  • Influx of up to $262.6 million in hard currency revenues — an increase of 35.1 percent on last year

LONDON: Tunisia wooed more tourists in the first quarter of this year, which saw a 17.4 percent increase in arrivals compared to the same period in 2018, according to Tunisian Ministry of Tourism data quoted by Asharq Al-Awsat. 

The tourism sector saw an influx of up to 787.8 million dinars ($262.6 million) of hard currency revenues — an increase of 35.1 percent on last year, the newspaper reported.
Minister of Tourism Rene Trabelsi said that the tourism sector was boosted by arrivals from Europe, which rose around 22.3 percent.
After several years of shunning Tunisia in the wake of a gun attack on a beach in Sousse that killed 39 tourists and one at the Bardo National Museum in Tunis that killed 21, major European tour operators have started to return.
Arrivals from France increased 24.7 percent, while the Dutch market developed around 13.5 percent, it was reported.

 

Trabelsi expects more positive growth in the coming period, based on the bookings of global travel agencies. 
Tunisia seeks to attract 1 million French tourists, 640,000 Russian tourists, and 390,000 German tourists this season. It forecasts that it will host around 9 million tourists overall this year.
In 2018, Tunisia’s tourism revenues jumped to $1.36 billion as the country saw the arrival of a record 8.3 million visitors, according to data from the ministry.
The sector generates about 400,000 jobs and accounts for 8 percent of Tunisia’s gross domestic product (GDP).

FASTFACTS

9m

Forecast number of tourist arrivals in Tunisia this year, up from 8.3 million last year in Sousse, Tunisia.


Virus pressure tests Saudi Arabia reforms as Aramco has Forbes debut

Updated 28 May 2020

Virus pressure tests Saudi Arabia reforms as Aramco has Forbes debut

  • ‘In terms of profits, the Saudi companies have done well. We will see more companies rising in the next few years

RIYADH: Saudi companies such as oil giant Aramco are displaying resilience in the face of the coronavirus pandemic because of reforms introduced before its arrival, say analysts.

The world’s largest oil company has become emblematic of wider corporate reforms triggered by the Saudi Vision 2030 blueprint for social and economic change.

Saudi Aramco this month appeared in the top five of the Forbes Global 2000 list, which ranks the world’s 2000 largest companies.

It comes as the world’s most profitable company reported profits on $88.2 billion last year.

This year’s rankings arrive amid a global pandemic which has devastated the earnings of some companies, improved the position of others and tested the resilience of all.

It has also shone a spotlight on the ability of the the Kingdom’s top companies to withstand the twin shock of the COVID-19 lockdown and the collapse of oil prices.

Saudi Aramco debuted on the prestigious Forbes list after completing the world’s largest initial public offering last year.

The rankings are based on a combination of sales, profits, market capitalization and assets. Three of the top five companies on the list are from China, including Industrial and Commercial Bank of China in the top spot for the eighth straight year with more than $4.3 trillion in assets.

Forbes noted that many of the companies on its list have come through a particularly difficult first quarter as a result of the COVID-19 pandemic, or what it describes as “The Great Cessation.”

“Many companies and organizations have faced difficulties in managing and mitigating the impact of COVID-19 crisis. However, there are some companies that have prepared well and put in action plans to avoid this crisis with the least damage,” said Fahad Alfaifi, a Saudi-based strategy and business planning consultant.

The pandemic has come at a time of historic change in the Kingdom’s corporate landscape driven by economic reforms which form a major part of the Vision 2030 agenda. This aims to reduce the country’s reliance on oil revenues and stimulate investment in sectors of the economy that create new jobs for a youthful population.

This backdrop has meant many companies in the Kingdom were already changing the way they did business before the arrival of the pandemic and the collapse of oil prices created new challenges.

Last year’s annual Global Competitiveness Report, issued by the World Economic Forum, placed the Kingdom third among G20 counties and 11th globally

in terms of IT governance which rates a country’s ability to adapt digital technologies such as e-commerce and financial technology.

Such technology skills are becoming increasingly important for economies as they to re-calibrate and adapt to the post-pandemic world.

Nasser Al-Qarawee, the director of the Saudi Study and Research Center, attributed the success of some Saudi companies to the great achievements made by the private sector lately and predicted that more Saudi companies would eventually join Aramco on the Forbes list.

“The national economy has seen enormous improvements and development in terms of laws and legislation that have helped reduce restrictions and bureaucracy, while the government has worked at the same time on reducing dependency on oil. Vision 2030 will further cement the Kingdom’s strong presence globally and make it have a larger influence on global decisions, not only economically but also politically.”

Tawfiq Al-Swailem, CEO of the Gulf Bureau for Research and Economic Consultations, said that many Saudi companies would emerge from the pandemic in a strong position.

“In terms of profits, the Saudi companies have done well, although the entire world is living through a state of ferocious economic war,” he said. “We will see more Saudi companies rising in the next few years.”