Wednesday, July 3, 2024
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In the first half of 2024, Egypt’s tourism sector revenues increased by 5%, reaching $6.6 billion from $6.3 billion in the same period in 2023. The Ministry of Tourism and Antiquities reported that 7.069 million tourists visited Egypt from January to June 2024, up slightly from 7.062 million the previous year, an increase of 0.1%. The increase in tourists also led to an increase in the number of overnight stays in Egypt to 70.2 million, up from 67.6 million in 2023.
Increase in tourism revenue
In the first half of 2024, Egypt’s tourism sector revenues increased by 5%, reaching $6.6 billion from $6.3 billion in the same period in 2023. The Ministry of Tourism and Antiquities reported that 7.069 million tourists visited Egypt from January to June 2024, up slightly from 7.062 million the previous year, an increase of 0.1%. The increase in tourists also led to an increase in the number of overnight stays in Egypt to 70.2 million, up from 67.6 million in 2023.
A surge in Russian tourists
A major contribution to growth
A major contributor to this growth is the influx of Russian tourists. Despite the initial impact of the Russo-Ukrainian war, Russian tourism to Egypt is booming: 1.4 million Russians are expected to visit Egypt in 2023, a 40% increase over 2022. This year, Egypt aims to attract 1.8 million Russian tourists, and 258,600 have already visited between January and March.
Strategic Coordination
Egypt is actively working with Russian travel agencies to attract more tourists. Amr El Kadi, CEO of the Egyptian Tourism Board, said he is working with Russian travel agencies to promote Egyptian destinations in both summer and winter. Travel agencies play a key role in Egypt’s tourism industry, which accounts for 80 percent of tourists from Europe.
Strategic Expansion Plan
Doubled number of visitors
Egypt plans to double the number of foreign tourists to 30 million by 2028 and boost private investment in tourism to meet the challenges posed by COVID-19 and the Russia-Ukraine conflict. The country aims to develop 250,000 hotel rooms as part of a strategy to generate at least $30 billion in annual revenue. In 2023, Egypt will add 14,000 hotel rooms, bringing its capacity to 220,000, with another 25,000 planned to be added this year.
Egypt’s tourism sector development
The Grand Egyptian Museum
Several large-scale projects are underway to increase Egypt’s tourism appeal. The Grand Egyptian Museum, which is set to be the largest archaeological museum in the world, is scheduled to be completed by the end of March 2024. Despite multiple delays, the museum’s opening aims to offer a new visitor experience at the pyramids.
Ras El Hekma Development
Additionally, the UAE is drawing up a $35 billion plan to develop Ras el-Hekma on Egypt’s north coast, aiming to once again position the area as a serious international tourist destination.
Increased tourist spending and overnight stays
Increasing tourist numbers and spending are positive indicators for the Egyptian economy. The country reports that tourism receipts have increased 18 percent since 2010, reaching a peak of $5.6 billion. The number of nights spent by tourists in Egypt is also growing, from 65.7 million in 2010 to 70.2 million in the first half of 2024.
Conclusion
Egypt’s tourism sector is on a growth trajectory, with increasing visitor numbers and spending contributing significantly to the economy. The country’s strategic efforts to attract tourists, particularly from Russia, and expand its hospitality infrastructure are poised to achieve ambitious goals and increase revenue. As Egypt continues to enhance its tourism offerings and promote its cultural and natural attractions, it remains a key destination for travelers from around the world.
