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Thursday, 30 August 2018

Tourism recovery accelerates as sector revenues surge 77% y-o-y in 1H2018, arrivals climb 41%

The recovery in tourism is accelerating: Tourism revenues increased 77% y-o-y to around USD 4.8 bn during 1H2018 from USD 2.71 bn in 1H2017, an unnamed government official told Reuters. Tourist arrivals for 1H2018 grew 41% to 5 mn visitors, compared to 3.5 mn visitors during the same period last year. The sector is expected to reach a target revenue of USD 9 bn by the end of 2018 with an increased traffic incoming from western Europe, Italy, Germany and Ukraine, the official said. The tourism industry is set to continue its rebound from the dog days post-2011, with recent forecasts by Colliers International expecting occupancy rates in Cairo, Alexandria, Hurghada, and Sharm El Sheikh to average at 73% in 3Q2018, compared to 61% in 3Q2017.

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