The Clap:
According to a statement from the Tourism Ministry, 7.1 million tourists visited Egypt in the first half of 2024, leading the country to see a 5% uptick in tourism revenues to USD 6.6 billion. The number of overnight stays increased to 70.2 million from 67.6 million in the previous year.
Remember:
Inbound tourism levels rose 27.4% YoY in 2023 to a record 14.91 million visitors, despite the tensions that the region witnessed in the last three months of last year on the back of the war on Gaza.
Why this matters:
Tourism contributes up to 15 percent of Egypt’s GDP and is a major source of hard currency. The government — which was expecting the tourism industry to grow by 45% in fiscal year 24-25 – is eying an increase of the sector’s revenues from an average currently estimated at USD 12 billion annually to USD 30 billion yearly over the next three years.
