{"id":565135,"date":"2021-03-22T14:32:15","date_gmt":"2021-03-22T14:32:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/22\/bank-of-america-is-pencilling-in-a-recovery-in-tourism-to-egypt-for-2022\/"},"modified":"2021-03-22T14:32:15","modified_gmt":"2021-03-22T14:32:15","slug":"bank-of-america-is-pencilling-in-a-recovery-in-tourism-to-egypt-for-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/22\/bank-of-america-is-pencilling-in-a-recovery-in-tourism-to-egypt-for-2022\/","title":{"rendered":"Bank of America is pencilling in a recovery in tourism to Egypt for 2022"},"content":{"rendered":"

<\/a> Revenues in Egypt\u2019s tourism sector will hit USD 7 bn next year<\/strong> after having plunged in 2020, Bank of America (BofA) Global Research said in a recent report picked up by Zawya<\/a> and Arab News<\/a>. Revenues smashed records in 2019, taking USD 13 bn<\/a> over the course of the year, but plummeted to just USD 1.1 bn in the second and third quarters of 2020 when global travel restrictions were at their peak, the bank said.<\/p>\n

The sector is slowly recovering: <\/strong>Nearly 2 mn tourists visited Egypt since authorities first eased covid-19 restrictions last summer and reopened air space to commercial flights, Tourism Minister Khaled El Anany told reporters<\/a> last week. The country saw between 270k and 290k tourist arrivals per month between December and February, and El Ananythinks that Egypt could see a return to pre-covid visitor numbers as early as fall 2022<\/a>.<\/p>\n

Someone tell the Russians we love them:<\/strong> The recovery will likely accelerate should Russia restore direct flights to Red Sea resorts, BofA said. Russians accounted for a third of tourist arrivals before Moscow suspended flights following the 2015 crash of a Metrojet plane in the Sinai peninsula.<\/p>\n

Another cause for optimism: <\/strong>Egypt had developed a flourishing mass tourism industry before the pandemic battered the sector and can tap growing global demand for travel post-covid<\/strong>, the bank said in its report.<\/p>\n

Big hopes for Dubai: <\/strong>The bank is also expecting the UAE, which had a strong tourism base pre-covid, to be among the largest beneficiaries of the global rebound in vacation demand. The country\u2019s recent normalization agreement with Israel is another potential boom, with tourist arrivals from the neighbouring country reaching nearly 70k over the past two months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Revenues in Egypt\u2019s tourism sector will hit USD 7 bn next year after having plunged in 2020, Bank of America (BofA) Global Research said in a recent report picked up by Zawya and Arab News. Revenues smashed records in 2019, taking USD 13 bn over the course of the year, but plummeted to just USD […]<\/p>\n","protected":false},"author":1,"featured_media":565136,"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":[10035],"tags":[4203,509,107,633,89,397,270,238,234,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-tourism","tag-2015-sinai-metrojet-crash","tag-bank-of-america","tag-covid-19","tag-enterprisepm","tag-israel","tag-khaled-el-anany","tag-russia","tag-tourism","tag-travel","tag-uae","wpautop","entry"],"acf":{"mongo_id":"44e7eec9-9292-4bf9-9d3a-557d9053d950","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/515.jpg","photo_position":"above","related_issue":[565131],"teaser":"","voice_url":""},"yoast_head":"\nBank of America is pencilling in a recovery in tourism to Egypt for 2022 - 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\/2021\/03\/22\/bank-of-america-is-pencilling-in-a-recovery-in-tourism-to-egypt-for-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of America is pencilling in a recovery in tourism to Egypt for 2022\" \/>\n<meta property=\"og:description\" content=\"Revenues in Egypt\u2019s tourism sector will hit USD 7 bn next year after having plunged in 2020, Bank of America (BofA) Global Research said in a recent report picked up by Zawya and Arab News. 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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":561331,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/04\/egypt-has-made-up-to-usd-800mn-from-500k-tourists-visiting-egypt-in-2021-so-far\/","url_meta":{"origin":565135,"position":1},"title":"Egypt has made up to USD 800mn from 500K tourists visiting Egypt in 2021 so far","author":"enterpriseam admin","date":"4 April 2021","format":false,"excerpt":"Some 500k tourists visited Egypt in 1Q2021, generating USD 600-800 mn in tourism revenues, Deputy Tourism Minister Ghada Shalabi told Sky News Arabia on Thursday.For comparison: This is roughly on par with the USD 800 mn brought in by the sector in 3Q2020, and is a lot better than 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560435,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/28\/could-we-see-pre-pandemic-tourism-levels-by-2022\/","url_meta":{"origin":565135,"position":2},"title":"Could we see pre-pandemic tourism levels by 2022?","author":"enterpriseam admin","date":"28 February 2021","format":false,"excerpt":"Tourist rates could return to their pre-pandemic levels as early as Fall 2022, Tourism Minister Khaled El Anany told El Hekaya\u2019s Amr Adib on Friday (watch, runtime: 4:25). The last three months have seen between 270k and 290k tourists visiting Egypt on average per month, the minister said, up from\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\/2\/387.jpg?fit=%2C&ssl=1&resize=350%2C200","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":565135,"position":3},"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":576287,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/monthly-tourism-revenues-plunge-85-92-in-2020\/","url_meta":{"origin":565135,"position":4},"title":"Monthly tourism revenues plunge 85-92% in 2020","author":"enterpriseam admin","date":"18 November 2020","format":false,"excerpt":"Average monthly tourism revenues for 2020 have declined 85-92%, with tourism bringing in between USD 80 mn and USD 150 mn a month compared to an average of USD 1 bn a month last year, our friend Sandra Farid, an economic advisor to Tourism Minister Khaled El Anany told Al\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":567563,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/27\/tourism-ministry-aims-for-usd-15-bn-tourism-revenues-in-2020\/","url_meta":{"origin":565135,"position":5},"title":"Tourism Ministry aims for USD 15 bn tourism revenues in 2020","author":"enterpriseam admin","date":"27 January 2020","format":false,"excerpt":"Egypt targets USD 15 bn in tourism revenues this year: The Tourism and Antiquities Ministry is looking to bring in a record USD 15 bn in tourism revenues in 2020, according to Al Shorouk. This would be a substantial increase on the USD 12.6 bn in revenues made last year.\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=565135"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565135\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565131"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565136"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565135"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565135"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}