Egypt is also a major producer of natural gas, having Africas third largest confirmed gas reserves. It has many strengths in the segment: the Red Seas Elphinstone Reef is considered one of the worlds best for snorkelling, and Egypt was ranked second in 2021 in the annual ranking of diving destinations published by DIVE international arrivals and traditional tourism revenue, but also docking fees, taxes, fuel sales and maintenance fees. The Egyptian tourism industry involves 70 sub-industries. These cookies track visitors across websites and collect information to provide customized ads. The number of those employed in the Egyptian Travel & Tourism sector fell from 2.4 million in 2019, to nearly 1.6 million in 2020 - a drop of more than a third (35%). The tourism industry is the cornerstone of the Egyptian economy generating approximately 11.4% of Egyptian GDP and providing about 12.6% of direct and indirect job opportunities for According to The World Travel & Tourism Council (WTTC), international arrival spending totalled LE261.6bn ($16.6bn) in 2019. The pandemic caused a severe impact on all aspects of daily life, including the economy, with tourism no exception to this rule. Beyond the pristine beaches and year-round sunshine, Egypts long and varied history, rich cultural heritage and unique geographic features make it a popular destination for adventure, eco, T: +20-100-416-5642E: [email protected]. To illustrate the effects of the Arab Spring on the industry tourist numbers dropped to 9 million in 2011, from the 14 million recorded in 2010, a 37% plunge, while revenue dropped from $12.5 billion to $8.7 billion in the same period. Finally, several public fund shareholders exited from Al Ezz Dekheila Steel Company by 31% and a value of $241 million, with 60% of the deal value paid in US dollars and 40% in Egyptian pounds. Since And strongly attached to tourism is the informal sector and the ensuing He mentioned that after adopting this strategy, there is likely to be a decline in the phenomenon of below-cost pricing, so thats why we will witness a smaller number of the arrivals, but a hike in the revenues. Get expert, on-the-ground insights into the latest business and economic trends in more than 30 high-growth global markets. Along with this, there should be public-private partnerships to include enhanced cooperation, consultations of governments with relevant stakeholders, and inter-governmental committees. In 2020, tourist receipts plummeted due to the COVID-19 pandemic. Number of tourist arrivals Egypt 2010-2020 + Sudan - 752,000. Various measures are analyzed that countries are taking to prevent the destruction of the tourism industry (for example, Egypt), which include financial, economic, medical measures. Egypts economy grew by 6.6% in the previous fiscal year 2021/2022 compared to a growth rate of 3.3% in the year prior. These cookies track visitors across websites and collect information to provide customized ads. Regulation of the currency and local banks is the mandate of the Central Bank of Egypt, which is the countrys national reserve bank. According to The World Travel & Tourism Council (WTTC), Egypts tourism industry has demonstrated rapid growth since the decline that followed the 2011 revolution. Another key contributor to Egypts economy is the countrys tourism industry. Saudi Arabia - Nearly 1.4 million Saudi Arabians frequented Egypt to visit family and engage in trade and tourism. Hydropower is the number-one source of Egypts electricity, as the country taps into the power of the Nile. "Contribution value of travel and tourism to Gross Domestic Product (GDP) in Egypt from 2019 to 2021 (in billion U.S. The Asset Monetization Programme is part of the governments State Ownership Policy (SOP), a new framework rolled out in December 2022 aiming to empower the countrys private sector across sectors to spur economic growth. Nonetheless, Egypt is home to impressive solar installation projects, including the worlds largest solar installation; the Benban Solar Park. In 2022 the MoTA is using the 100-year anniversary of the discovery of King Tutankhamens tomb and the 200th anniversary of the decipherment of the Rosetta Stone the latter of which led to the understanding of ancient Egyptian hieroglyphs to further promote the antiquities tourism. He noted that this would come in addition to marketing and communications plans that meet the new target segments and the evolving needs of todays travellers. The developer aims to renovate the property and increase the number of rooms to 316 by the end of 2024. Necessary cookies are absolutely essential for the website to function properly. Egypts Prime Minister Mostafa Madbouly said that the government aims to raise another $1bn in the near future. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. However, efforts have been made to maintain the upward trend. Why did Egypts inflation increase during June 2023? These measures would be the foundation to build the recovery of the many millions of jobs lost due to the pandemic. I think that in light of the current circumstances, it is expected to start resuming the tourism movement to Egypt as of Easter in April or at the latest in May this year, according to Said El Batouty, UNWTO economic adviser, member of the UN Economic Commission for Europe, and board member of the German Travel Association. (March 1, 2022). Nonetheless, public investment in the sector and concerted marketing campaigns aimed at fuelling engagement laid the groundwork for a rebound. In 2021 the MoTA launched an initiative to merge beach and leisure tourism with cultural tourism by offering flights between the Nile Valley and coastal cities. This article also features in The Report: Egypt 2022. However, you may visit "Cookie Settings" to provide a controlled consent. The annual EIR from the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, shows the sectors impact on GDP dropped 55%. Contribution value of travel and tourism to Gross Domestic Product (GDP) in Egypt from 2019 to 2021 (in billion U.S. dollars) [Graph]. The sales included stakes in three state-owned With most of the country being a desert, and having some of the highest annual solar hours in the world, it is expected that Egypt is a major player in solar energy production. The government hopes the restoration of several historical sites and the reopening of museums after pandemic-related closures will encourage cultural tourism. The decline in tourist numbers witnessed in the recent past has had a domino effect in other sectors of the industry such as hospitality, tours, and travel. The ideal entry-level account for individual users. The number of tourists who visited Egypt from January 2017 to November registered 7.5 million, marking a 54.7% increase compared to the same period in 2016, according to data released by the Egyptian government. Spread the word and it is a great industry to invest in, said Mr Issa at a talk at the American Chamber of Commerce in Egypt on Monday. In 2016 Travel & Tourism directly supported 773,000 jobs (2.9% of total employment). WebAs for the ministry role, he stated that the ministry plays its role as an observer, organizer and catalyst, all with the aim of protecting the final consumer, who is the visitor or tourist, in order to improve the tourism service and the tourism experience provided in Egypt, and to advance the tourism industry. Show publisher information Egypt is a leading Arab League country in terms of tourist arrivals. This is expected to fall by 8.4% in 2017 and rise by 4.3% pa to 1,081,000 jobs (3.2% of total employment) in 2027. Moreover, the ministry intends to carry out a digital transformation of the sector through a three-pillar strategy that involves building websites, developing infrastructure and creating databases. He mentioned that he wishes that tourists come and visit, for example, Hurghada to enjoy beaches, and then go to Luxor and Aswan, to see the antiquities and cultural tourism. Download Free PDF. If we adapt this new tourism strategy, Egypt would achieve the highest tourism returns in its history in 2023, but with a smaller number of arrivals, he said, Through this strategy, we also enhance the product, quality and experimentation, having an aviation strategy that is in line with the tourism strategy we have.. Webresilience in the tourism industry. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. In FY 2019/20 the government invested LE15.2m ($965,800) in the sector, with economic authorities and public companies contributing an additional LE43.5m ($2.8m) and LE260.1m ($16.5m), respectively, according to the CBE. As a result, it is necessary to work on a mechanism to attract the huge number of tourists who want to visit Egypt, through enhancing the aviation system, which will be based on market studies. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The biggest of all refineries in the country is the El-Nasr Refinery situated in Suez, which has a capacity of refining about 0.146 million barrels of oil each day. By applying the contemporary terms and notion of tourism industry, indeed, the ancient Egyptians knew various forms of tourism and travel such as domestic and international journeys, leisure, business, and adventure trips. Another major source market for Egypt is Russia. The UN World Tourism Organization (UNWTO) revealed that Egypts tourism sector saw a remarkable 21 percent growth in 2019, welcoming 13.6 million visitors, according to a report released on January 20. These job losses were felt across the entire Travel & Tourism ecosystem in the country, with SMEs, which make up eight out of 10 of all global businesses in the sector, particularly affected. Egyptian context is the center of our research because it has the most diverse economy and the largest tourism industry in Africa [23]. The pandemics impact on the tourism sector in markets around the world was significant, as travel restrictions were implemented and borders closed to contain the spread of the virus. On the other hand, the countrys annual imports are valued at $57.91 billion, with foodstuff, machinery, and equipment being the main import goods. To kick off these efforts, in November 2021 the government reinaugurated the Avenue of the Sphinxes, a 2400-year-old ancient walkway in Luxor deemed the largest open-air museum in the world. Another opportunity will be for Egypt to promote itself as a remote working destination. Unveiling the Top 10 Most Powerful Egyptian Gods | Ancient Egypt Deities. It was a very hard year due to the novel coronavirus (COVID-19) pandemic that caused millions of deaths, and even more infections. At a Cabinet meeting in Cairo on Aug. 5, the ministers of tourism and transport discussed ways to develop this type of tourism upon directives from President Abdel Fattah al-Sisi to formulate a strategic plan to maximize yacht tourism by the end of this month. But opting out of some of these cookies may affect your browsing experience. The merger was meant to bring emphasis to not only traditional sun-and-sand beach offerings such as Sharm El Sheikh and Hurghada, but also antiquities tourism. The cookies is used to store the user consent for the cookies in the category "Necessary". In addition to renovation projects, 19 new hotels were opened in 2021. In March 2022 Moataz Sedky, vice-chairman of the tourism committee of the American Chamber of Commerce in Egypt, told local media that he expected tourist arrivals to fall by 35% over the course of the year. New international flight routes include the June 2021 launch of Air Canadas first direct route between Montreal and Cairo, and Fly Dubais link between Dubai and Sharm El Sheikh, announced the same month. We need a national strategy adopted by the state to support the sector, on top of this strategy is aviation, he said. However, WTTC believes the true picture could have been significantly worse, if not for the governments measures to keep the Travel & Tourism sector afloat and support its workers, such as the cash subsidy scheme, which offered a lifeline to thousands of businesses and workers. Indeed, the number of tourists who visited Egypt during the period from 1 January until the travel ban on 19 March 2020 reached 2 million, according to Ministry of Tourism and Antiquities data. In 2019, 9.2% of the workforce was employed in tourism, or around 2.4m people. The Cairo / Suez road was paved with stones. All logos, trade names and/or trademarks, artwork and associated imagery are trademarks and/or copyright WebTourism receipts in Egypt are expected to reach $2.8 billion by 2026. We also use third-party cookies that help us analyze and understand how you use this website. The government also waived entry visa fees for tourists at the beginning of 2021. WebThe book concludes that travel was familiar in ancient Egypt since the pre-dynastic times. Cairo, Egypt, Apr 06 (IPS) - Tourism to Egypts GDP is as vital as the Nile to its people. Analytical cookies are used to understand how visitors interact with the website. The International Monetary Fund (IMF) has welcomed the Egyptian governments announcement of signing $1.9bn deals to sell equity stakes in state-owned entities. WebThe U.S. government through the U.S. Agency for International Development (USAID) has provided assistance valued at over $100 million since 1995 to conserve monuments and masterpieces spanning the full range of Egypt's long cultural heritage from Pharaonic times to the late Ottoman period. Second, it extended two pandemic-support initiatives implemented by the Central Bank of Egypt (CBE) through the end of 2022. Egypts tourism to recover to 2019 levels not before 2024: Ex-ETF Chairperson, Private sector engagement, green recovery are main themes in 2021: Minister Al-Mashat, EGX to launch Tamayoz index, new closing prices mechanism in 2021: Chairperson, Actual climate action implementation needs enhanced global, regional, national efforts: Mahmoud Mohieldin, CI Capital concludes 7 securitization deals worth EGP 27bn. This is important, as Egypt is trying to attract more foreign investment in order to boost growth. In 2021 the MoTA promoted the Enjoy your Winter in Egypt initiative, working with the Supreme Council of Antiquities to offer Egyptians reduced prices at museums and archaeological sites. The countrys 2019 tourism revenues hit $13.03bn, the highest in the sectors history, and it was expected to achieve an unprecedented hike in such revenues in 2020. Mohamed Kaoud, President of the Egyptian Junior Business Associations (EJB) Tourism and Aviation Committee, put three possible scenarios for tourism to return to 2019 levels. Inter Press Service. After shutting down at the beginning of the pandemic, hotels were permitted to open at 25% capacity in May 2020, a percentage that gradually rose before hotels were permitted to operate at full capacity in October 2021. But in order to make this, we need a network of roads, railways, and internal aviation, which require more investment in the infrastructure of tourist cities, so thats why I said we need a national strategy that includes all concerned institutions to issue plans and decisions to support the sector El-Damery said. The country is working to leverage its vast ecological offerings across three deserts, two seas and the Nile Delta to develop its nature and adventure sport segments.
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