{"id":549306,"date":"2022-09-12T04:00:17","date_gmt":"2022-09-12T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/egypt-wants-to-triple-its-tourism-revenues-within-three-years\/"},"modified":"2022-09-12T04:00:17","modified_gmt":"2022-09-12T04:00:17","slug":"egypt-wants-to-triple-its-tourism-revenues-within-three-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/egypt-wants-to-triple-its-tourism-revenues-within-three-years\/","title":{"rendered":"Egypt wants to triple its tourism revenues within three years"},"content":{"rendered":"

<\/a> The government\u2019s latest tourism targets are ambitious:<\/strong> The government wants to more than triple annual tourism revenues over the next three years, Prime Minister Moustafa Madbouly said in a televised statement yesterday (watch, runtime: 1:48<\/a>). Speaking during a tour of the COP27 venue in Sharm El Sheikh, the prime minister said the government is aiming to increase revenues to USD 30 bn a year, up from almost USD 9 bn last year (and USD 11-12 bn currently, he said), as it tries to help the sector recover from years of disruption.<\/p>\n

Tourism is gradually recovering from its annus horribilis:<\/strong> Tourism \u2014 a vital source of foreign currency for Egypt \u2014 brought in USD 8.9 bn in revenues in 2021, according to central bank figures. This is more than double that of 2020 when the covid-19 pandemic caused revenues to plunge almost 70%, but still well below the record high of USD 13 bn<\/a> in 2019.<\/p>\n

Crisis? What crisis?<\/strong> The ambitious target suggests that the government doesn\u2019t see current (read: Russian-Ukrainian crisis) or future geopolitical crises having a huge impact on the sector. The Finance Ministry earlier this year came out with an optimistic forecast<\/a> for the first half of 2022 that suggested the market would move quickly past the loss of Ukrainian and Russian visitors, which before the war accounted for more than 30% of all tourist arrivals. Recent balance of payments figures showed that revenues fell 21%<\/a> q-o-q in 1Q 2022, with the central bank saying that the sector had been negatively impacted by the crisis.<\/p>\n

The response:<\/strong> Egypt has been working overtime to attract visitors from other European markets to drive inbound traffic, with efforts also including luring tourists from little-tapped markets in Latin America and other markets, including the Gulf. In response to the war, the government launched<\/a> an international promotional campaign \u2014 dubbed #FollowTheSun \u2014 in mid-March to better exploit profitable tourist markets in Europe and the US. It also widened the number<\/a>of people eligible to obtain a visa on arrival or a pre-arrival electronic visa under efforts to back the key sector.<\/p>\n

The private sector is key: <\/strong>Madbouly stressed the importance of the private sector and the necessity of an implementation plan that includes the sectors\u2019 demands and targets to help achieve the USD 30 bn figure. He said he met earlier yesterday with several tourism investors, where he affirmed that the government would continue to support the sector like it had in the past years in light of multiple crises pressing the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government\u2019s latest tourism targets are ambitious: The government wants to more than triple annual tourism revenues over the next three years, Prime Minister Moustafa Madbouly said in a televised statement yesterday (watch, runtime: 1:48). Speaking during a tour of the COP27 venue in Sharm El Sheikh, the prime minister said the government is aiming […]<\/p>\n","protected":false},"author":1,"featured_media":549307,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7377],"tags":[72,281,1341,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism","tag-enterpriseam","tag-moustafa-madbouly","tag-russia-ukraine-conflict","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"84c1950b-328d-4eae-bc55-de940b4abdcc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/194.jpg","photo_position":"above","related_issue":[549296],"teaser":"","voice_url":""},"yoast_head":"\nEgypt wants to triple its tourism revenues within three years - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/egypt-wants-to-triple-its-tourism-revenues-within-three-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt wants to triple its tourism revenues within three years\" \/>\n<meta property=\"og:description\" content=\"The government\u2019s latest tourism targets are ambitious: The government wants to more than triple annual tourism revenues over the next three years, Prime Minister Moustafa Madbouly said in a televised statement yesterday (watch, runtime: 1:48). 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The company is aiming to increase the number of rooms by 13% to 17k, Chairman Hamed El Chiaty reportedly told the\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/386.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565692,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egypt-targets-usd-6-7-bn-in-2021-tourism-revenues\/","url_meta":{"origin":549306,"position":1},"title":"Egypt targets USD 6-7 bn in 2021 tourism revenues","author":"enterpriseam admin","date":"25 April 2021","format":false,"excerpt":"Egypt expects to see tourism revenues of USD 6-7 bn in 2021, with tourist arrivals recovering to 60% of 2019 levels, Deputy Tourism Minister Ghada Shalaby told Reuters. This is a slightly ambitious target, as around 500k tourists visited Egypt in the first two months of 2021, generating USD 600-800\u2026","rel":"","context":"In "SPEED ROUND: TOURISM"","block_context":{"text":"SPEED ROUND: TOURISM","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562276,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/tourism-revenues-still-below-2019-comps-but-el-enany-raises-2021-target\/","url_meta":{"origin":549306,"position":2},"title":"Tourism revenues still below 2019 comps, but El Enany raises 2021 target","author":"enterpriseam admin","date":"18 May 2021","format":false,"excerpt":"Tourism revenues in 1Q2021 are down almost 60% compared to pre-covid 1Q2019, with Egypt losing out on some USD 600 mn in revenues per month during the quarter compared to 2019 figures, Tourism and Antiquities Minister Khaled El Enany told Al Arabiya (watch, runtime 2:32). This puts our 1Q2021 tourism\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/136.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570455,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/01\/egypt-achieves-record-usd-13-bn-tourism-revenues-in-2019\/","url_meta":{"origin":549306,"position":3},"title":"Egypt achieves record USD 13 bn tourism revenues in 2019","author":"enterpriseam admin","date":"1 April 2020","format":false,"excerpt":"Tourism revenues hit a record high of USD 13.03 bn in 2019, climbing more than 12% from USD 11.6 bn in 2018, according to data from the Central Bank of Egypt (here and here \u2014 pdfs). The industry\u2019s previous record was USD 12.5 bn in 2010. Some 13.1 mn tourists\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582983,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/14\/tourist-arrivals-jump-by-a-third-in-january-and-february-plus-madbouly-meets-gm-egypt-saudi-interconnector\/","url_meta":{"origin":549306,"position":4},"title":"Tourist arrivals jump by a third in January and February. PLUS: Madbouly meets GM + Egypt-Saudi interconnector.","author":"enterpriseam admin","date":"14 March 2023","format":false,"excerpt":"Fitch expects tourism revenues to rise almost 20% this year","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Tourist-in-Aswan-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562529,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/tourism-revenue-targets-bumped-up-to-usd-9-bn-for-2021\/","url_meta":{"origin":549306,"position":5},"title":"Tourism revenue targets bumped up to USD 9 bn for 2021","author":"enterpriseam admin","date":"27 May 2021","format":false,"excerpt":"Tourism revenues are expected to reach somewhere between USD 6 bn and USD 9 bn in 2021 on the back of increased rising arrivals from Eastern European and Gulf tourists, Tourism Minister Khaled El Enany said yesterday at a conference in Riyadh, according to Bloomberg. 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