{"id":578951,"date":"2023-01-19T04:15:08","date_gmt":"2023-01-19T04:15:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/tourism-revenues-projected-to-hit-record-high-in-2023\/"},"modified":"2023-01-19T04:15:08","modified_gmt":"2023-01-19T04:15:08","slug":"tourism-revenues-projected-to-hit-record-high-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/tourism-revenues-projected-to-hit-record-high-in-2023\/","title":{"rendered":"Tourism revenues projected to hit record high in 2023"},"content":{"rendered":"

<\/a> Egypt\u2019s tourism revenues will rise almost 20% in 2023<\/strong> as more people visit the country on the back of a weaker EGP and the easing of covid-era travel curbs. Fitch Solutions forecasts revenues to reach a record high USD 13.6 bn this year, up 17.7% from 2022, according to a forecast picked up by Bloomberg Asharq<\/a>. The research firm expects as many as 11.6 mn tourists to visit the country, up 46% from last year.<\/p>\n

Tourism revenues have recovered from the pandemic:<\/strong> Tourists brought more than USD 4.9 bn into the country in the first half of 2022, up from USD 3.1 bn in the same period a year earlier, according to the most recently available central bank data. This came on the back of a surge in tourist numbers, which rose more than 85% to 4.9 mn<\/a> during the six-month period.<\/p>\n

Buoying the industry:<\/strong> The strong outlook for the industry comes on the back of the weaker value of the EGP and favorable market dynamics, co-head of research at CI Capital Monsef Morsy told Enterprise. Morsy projects revenues to increase to between USD 13.5 bn and USD 14 bn in FY 2023-2024. The EGP has tumbled against both the USD and the EUR since last March, making Egypt a significantly cheaper holiday destination for some foreign tourists.<\/p>\n

The gov\u2019t wants to go much bigger: <\/strong>The Tourism Ministry wants to attract as many as 30 mn tourists to the country by 2028, Tourism Minister Ahmed Issa said this week<\/a>, more than double the number<\/a> that visited the country in the year before the pandemic. The government plans to launch a new tourism strategy later this quarter to bring more people to the country.<\/p>\n

Might we suggest?<\/strong> As well as boosting the number of tourists we welcome each year, we could also be finding ways to increase the average spend per tourist by improving our product and positioning. We recently spoke about exactly that with Somabay CEO Ibrahim El Missiri<\/a> and Travco Holidays General Manager Moataz Sedky<\/a> in our CEO poll on FDI and exports.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s tourism revenues will rise almost 20% in 2023 as more people visit the country on the back of a weaker EGP and the easing of covid-era travel curbs. Fitch Solutions forecasts revenues to reach a record high USD 13.6 bn this year, up 17.7% from 2022, according to a forecast picked up by Bloomberg […]<\/p>\n","protected":false},"author":1,"featured_media":578952,"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":[72,3637,655,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism","tag-enterpriseam","tag-fitch-solutions","tag-foreign-reserves","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"fc494deb-c59d-4fa2-9f11-b7218d913608","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/328.jpg","photo_position":"above","related_issue":[578942],"teaser":"","voice_url":""},"yoast_head":"\nTourism revenues projected to hit record high in 2023 - 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\/2023\/01\/19\/tourism-revenues-projected-to-hit-record-high-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tourism revenues projected to hit record high in 2023\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s tourism revenues will rise almost 20% in 2023 as more people visit the country on the back of a weaker EGP and the easing of covid-era travel curbs. 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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":579369,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/current-account-deficit-narrows-20-in-1q-2022-23\/","url_meta":{"origin":578951,"position":2},"title":"Current account deficit narrows 20% in 1Q 2022-23","author":"enterpriseam admin","date":"5 February 2023","format":false,"excerpt":"Higher FDI, exports and tourism revenues are easing balance of payments pressures.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/68.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":578951,"position":3},"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":566621,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/04\/more-tourists-are-trickling-in-this-year\/","url_meta":{"origin":578951,"position":4},"title":"More tourists are trickling in this year","author":"enterpriseam admin","date":"4 July 2021","format":false,"excerpt":"Egypt\u2019s tourism revenues reached USD 3.5-4 bn in 1H2021, Deputy Tourism Minister Ghada Shalaby told Reuters. This is up from USD 2.6 bn in 1H2020, according to Egypt\u2019s FY2019-2020 balance of payments (pdf). 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