{"id":565692,"date":"2021-04-25T13:48:40","date_gmt":"2021-04-25T13:48:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egypt-targets-usd-6-7-bn-in-2021-tourism-revenues\/"},"modified":"2021-04-25T13:48:40","modified_gmt":"2021-04-25T13:48:40","slug":"egypt-targets-usd-6-7-bn-in-2021-tourism-revenues","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egypt-targets-usd-6-7-bn-in-2021-tourism-revenues\/","title":{"rendered":"Egypt targets USD 6-7 bn in 2021 tourism revenues"},"content":{"rendered":"

<\/a> Egypt expects to see tourism revenues of USD 6-7 bn in 2021, with tourist arrivals<\/strong> recovering to 60% of 2019 levels<\/strong>, Deputy Tourism Minister Ghada Shalaby told Reuters<\/a>. This is a slightly ambitious target, as around 500k tourists visited Egypt in the first two months of 2021, generating USD 600-800 mn in revenues. By our math, that means monthly tourism revenues would have to nearly double for the rest of the year to push revenues over the USD 6 bn target. Forecasts by Bank of America penciled in a recovery of tourism revenues to USD 7 bn<\/a>, but not before 2022.<\/p>\n

Maybe the Russians can give us a hand? <\/strong>The resumption of direct flights<\/a> between Russian cities and Egypt\u2019s Red Sea resorts next month could bring as many as 1 mn Russian tourists to Egypt this year, Shalaby said, confirming projections from the industry yesterday. Direct flights had been suspended for almost six years following the 2015 Metrojet crash in Sinai<\/a>, denting the USD 3.5 bn in annual tourism revenues<\/a> previously generated by the 3 mn Russian tourists visiting Egypt annually.<\/p>\n

Tourism had plunged by as much as 70% in 2020<\/strong>, with only 3.5 mn tourists visiting Egypt last year due to global covid-19 travel restrictions, down from a record 13.1 mn tourists in 2019. Some 2 mn tourists have visited the country<\/a> in the nine months since commercial flights resumed, and Tourism Minister Khaled El Anany recently said Egypt could see a return to pre-covid visitor numbers as early as fall 2022<\/a>.<\/p>\n

And it has been weighing on our balance sheets: <\/strong>Egypt has foregone as much as USD 14 bn<\/a> in tourism revenues as of last January due to pandemic travel disruptions, with monthly revenues declining by as much as 92%<\/a> to USD 80-150 mn by some estimates. We managed to scrape together an estimated USD 0.8 bn in tourism revenues<\/a> from July through September 2020, compared to USD 4.2 bn over the same period in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 mn in revenues. By our […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[528,107,633,568,397,270,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565692","post","type-post","status-publish","format-standard","hentry","category-speed-round-tourism","tag-aviation","tag-covid-19","tag-enterprisepm","tag-ghada-shalaby","tag-khaled-el-anany","tag-russia","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"146743c8-8fc0-46d6-ab09-1788aff56eff","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565688],"teaser":"","voice_url":""},"yoast_head":"\nEgypt targets USD 6-7 bn in 2021 tourism revenues - 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\/04\/25\/egypt-targets-usd-6-7-bn-in-2021-tourism-revenues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt targets USD 6-7 bn in 2021 tourism revenues\" \/>\n<meta property=\"og:description\" content=\"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. 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The sector has been recovering on the back of the lifting of travel restrictions worldwide and mass vaccination programs\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\/2022\/1\/321.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561983,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/28\/russians-returning-to-sharm-could-reel-in-usd-3-bn-goldman-sachs\/","url_meta":{"origin":565692,"position":2},"title":"Russians returning to Sharm could reel in USD 3 bn -Goldman Sachs","author":"enterpriseam admin","date":"28 April 2021","format":false,"excerpt":"The full resumption of Russian flights to Egypt could eventually generate some USD 3 bn in tourism revenues, according to Goldman Sachs research picked up by Ahram Online. 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