CAIRO, Feb 4 (NNN-MENA) – Egypt’s tourism revenues rose by 43.5 percent, to a record high of 4.1 billion U.S. dollars in the first quarter of the fiscal year 2022-2023, which ran from Jul to Sept, last year, the Central Bank of Egypt (CBE) said in a statement.
Egypt’s fiscal year begins at the beginning of Jul and ends at the end of Jun the following year.
The number of tourists visiting Egypt from Jul to Sept last year, rose by 52.2 percent to 3.4 million, while the number of nights tourists spent in the country increased by 47.1 percent to 43.6 million, the statement revealed.
Over the past few years, Egypt’s tourism sector, a main source of national income and hard currency for the country, has been greatly affected by the country’s fight against terrorism, especially after a Russian plane crashed over the Sinai Peninsula in Oct, 2015, killing all 224 passengers and crew on board.
With improving security conditions in Egypt, tourism gradually recovered in the following years to bring Egypt a record high of 13 billion dollars in revenues in 2019, when more than 13 million tourists visited the country, before tourist numbers declined again because of the COVID-19 lockdowns.
The ongoing Russia-Ukraine conflict has also cast a shadow on Egypt’s tourism, as the two countries were among top sources of tourists to the country.
Abdel Fattah al-Assi, a former assistant minister of tourism and antiquities for hotel facilities control, attributed the revival of Egypt’s tourism industry to the incentives provided for foreign travel agencies, and the country’s improved stability and security, among other factors.
“After the COVID-19 lockdowns, more people will spend their holidays abroad, and Egypt has many advantages for tourists, as it enjoys a nice weather and offers reasonable prices.”
The ongoing development in Egypt, such as better roads, less traffic and the renovation of most tourist destinations, will impress tourists, he noted.– NNN-MENA
