Another sign that more tourists are heading our way

Hotel occupancy in Egypt increased 20-25% y-o-y in 1Q 2023 thanks to tourist inflows from new markets and the depreciation of the EGP, Asharq Business reports, citing an unnamed tourism official.

In detail: Hotels in Cairo hit an 85% occupancy rate during the January-March quarter, followed by Luxor and Aswan (80%), Marsa Alam (70%), Hurghada (65%), and Sharm El Sheikh (55%), according to the source.

Tourism revenues are on the rise: Revenues climbed more than 50% y-o-y to USD 9 bn during the first nine months of 2022, according to central bank figures.

And they’re expected to grow further this year: The Tourism Ministry is expecting to receive a record 15 mn tourists this year, up 28% from last year. Fitch Solutions has forecast a lower 11.6 mn arrivals, though said this would bring in record revenues of USD 13.6 bn.