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Wednesday, 5 February 2020

Egypt tourism expenditure to nearly double in by 2024 -Colliers

Tourist spending in Egypt is expected to hit USD 29.7 bn in 2024 from USD 16.4 bn in 2019, according to Colliers International forecasts (pdf). German tourists accounted for the largest share of spending in Egypt last year, and continued to be the top tourism source market for Egypt with 2.5 mn visitors in 2019. Colliers expects the influx of tourists from Germany, Ukraine, Saudi Arabia, Libya, and Sudan — currently the top tourism source markets — to rise 27% by 2024 to 8.8 mn. Egypt is also expected to see an 11% y-o-y increase in Gulf tourist arrivals this year, which Colliers says will likely be driven by Saudi visitors.

Gov’t targets raising tourist arrivals by 130%: The Tourism Ministry is looking to boost the number of tourists visiting Egypt to 30 mn people, Minister Khaled El Enany told Sada El Balad (watch, runtime: 01:03:30). The minister did not specify a timeframe for this goal, which would be a 130% increase from the 13 mn visitors Egypt welcomed in 2019. The ministry is planning to achieve this target by increasing flights between popular destinations in Egypt, including Sharm El Sheikh, Hurghada, and Luxor, and attracting higher-caliber tourists that would spend more on average to also increase tourism revenues. The 2018 Egyptian Tourism Reform Program (E-TRP) also saw the launch of several international promotional campaigns to attract tourists.

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