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Egypt's tourism revenue growth in 2017

15-08-2017
Port Ghalib News

According to “Bloomberg” news agency, the recent figures confirm the recovery of the Egyptian tourism sector and its emergence from the recession that occurred after the downing of a Russian passenger plane over Sinai in October 2015, prompting Russia and other countries to ban flights to Egypt.


Egypt’s Tourism sector revenues arose 1.5 billion dollars in the second quarter ended on June 30, compared to 510 million dollars in the same period last year. Full-year revenue rose 16 % to $ 4.4 billion that has a great positive impact on the national economy. In the last few months, the Egyptian economy has been booming thanks to tourism and remittances from overseas after the dollar crisis has been surpassed, according to figures released by Bloomberg.


Tourism investment is an engine of growth in many countries of the world, especially those that have achieved strong economic growth. This is due to the tourism sector's characteristics in increasing the movement of foreign exchange into the economy, which will affect the strength of the national currency and the strength of its economy. Increasing the level of confidence in the economy leads to an increase in the volume of investment in the tourism sector and its affiliated sectors. Tourism is an attractive factor for foreign funds and the tourism sector is one of the most important sectors that reflects confidence in different economies, especially foreign investments.


Egypt's tourism sector reached 773,000 people in 2016, or 2.9 % of Egypt's workforce, according to the World Travel and Tourism Council.


General Hany Okab, the Chairman of Marsa Alam Airport company said that the total number of passengers that has arrived since the beginning of year 2017 to Marsa Alam city has been increased by 78% in comparison with the total number of passengers in year 2016 on the same period with 49% increase in the number of plane traffic and movement. The tourist delegations are from 14 different countries. Germans are on the top of the list with increase 53% than last year. Ukrainians and Slovaks are 2 new nationalities that arrived to the city with total number of 7,131 passenger. He also said that we are expecting an increase in the total passenger arrivals to the city by the end of this year.  


The number of tourist delegations that arrived since the beginning of August to date to, the Red Sea generally and Hurghada city specifically, from 25 different countries, arrive through direct and regular flight, which amounted to 79 thousand tourists and exported these German tourists.


Source:https://www.skynewsarabia.com/web/article/973176


  

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