After meetings to review the financing program for Egypt, the International Monetary Fund issued a statement on the country’s economy. There has been progress with the implemented reforms, reflecting on the balance of exchange rates and inflation, but the regional environment, with the conflict in Gaza and attacks in the Red Sea, impacts the economic landscape.
Browsing: red sea
According to the IMF, recovery was supported by the 2022 peace agreement in Ethiopia, which generated a significant expansion in port activities, train traffic, construction, and energy production.
After years of study and research, engineer Adair Gallo Jr. established Terraxy together with his Indian professor Himanshu Mishra. Company has developed innovations that help the desertic soil retain water and nutrients for agriculture.
A company announced the establishment of a farm that will produce food using high-end technologies, to supply tourist developments it is building in the Red Sea Coast.
A governorate on the Red Sea Coast is on the rise as a domestic tourism destination in Saudi Arabia. Crystal clear water and coral reefs are some of the attractions. International flights are suspended in the country.
Arab country will allow hotels to increase their occupancy cap from 25% to 50% as of Monday. Establishments must have hygiene safety certificates.
Hotels at the seaside city in Jordan hit a 90% occupancy rate during the first two days of 2020.
The waterway connecting the Red Sea and the Mediterranean Sea yielded USD 6.3 billion for Egypt in the 2018-2019 fiscal year, which ended June.
Egypt’s Minister of Petroleum, Tarek El-Molla, announced that his country will hold the first bid round for oil and gas exploration in the Red Sea before the end of the year.
