The Winners and Losers of Egypt’s Economic Crisis 

Bordered by the Red Sea and the Mediterranean, Egypt is a country blessed with many miles of coastline, and its resorts have long been tourist favourites. But in a country in which the divide between rich and poor has always been stark, Egypt’s recent economic woes have had a seismic effect on society – and nowhere illustrates that better than the fortunes of those making their way to the country’s two coasts. Along the Red Sea’s Gulf of Aqaba, the once-quiet fishing outpost of Dahab has become a haven for well-off young digital nomads. In Egypt, the exchange rate makes the country especially attractive to anyone paid in dollars or euros, which often applies to foreigners who can apply for a work permit or those natives who work with international companies. But millions of Egyptians are struggling in a stricken economy. Since Russia’s invasion of Ukraine, three consecutive devaluations in 2022 have halved the Egyptian pound’s value. 

THE GUARDIAN