Latest news with #al-Mal
Egypt Independent
7 hours ago
- Business
- Egypt Independent
Egypt's tourism sector expected to generate approximately US$100 billion in revenue
Credit rating agency Fitch Solutions anticipates Egypt to generate approximately US$97 billion in tourism revenues by 2029, the privately-owned al-Mal newspaper reported on Monday. A recent report issued by the agency during the third quarter of this year, including its forecasts for the future of Egyptian tourism over the next five years, added that estimates indicate that the sector will generate revenues of US$17.5 billion by the end of this year, rising to $18.6 billion in 2026. Fitch explained that Egyptian tourism will achieve strong growth of 8.1 percent year-on-year, reaching $17.6 billion in 2025, compared to $16.2 billion last year, in line with the increase in tourist numbers. It pointed out that the tourism sector is expected to generate approximately $19.6 billion in 2027, surpassing the $20 billion mark in 2028, and reaching $20.9 billion in 2029. The report said that international tourism revenues in Egypt were negatively impacted by the COVID-19 pandemic and the travel restrictions imposed at the time, leading to a decline to $4.9 billion in 2020, compared to $14.3 billion in 2019. Fitch explained that, over the coming years, improved consumer spending in Europe and the Middle East and North Africa will contribute to increased visitor revenues. According to the report, many tourists visiting Egypt are relatively wealthy travelers with high purchasing power, particularly from the UK, Germany, and the Gulf Cooperation Council. Egypt received approximately 8.7 million tourists during the first half of this year, a 22 percent increase compared to the same period last year, it noted. Minister of Tourism and Antiquities, Sherif Fathy, stated that there has been a 22-23 percent increase in the volume of tourism revenues during the first six months of this year, compared to the same period in 2024.
Egypt Independent
19 hours ago
- Business
- Egypt Independent
Egypt's treasury expected to generate revenues of approximately US$100 billion
Credit rating agency Fitch Solutions anticipates Egypt to generate approximately US$97 billion in tourism revenues by 2029, the privately-owned al-Mal newspaper reported on Monday. A recent report issued by the agency during the third quarter of this year, including its forecasts for the future of Egyptian tourism over the next five years, added that estimates indicate that the sector will generate revenues of US$17.5 billion by the end of this year, rising to $18.6 billion in 2026. Fitch explained that Egyptian tourism will achieve strong growth of 8.1 percent year-on-year, reaching $17.6 billion in 2025, compared to $16.2 billion last year, in line with the increase in tourist numbers. It pointed out that the tourism sector is expected to generate approximately $19.6 billion in 2027, surpassing the $20 billion mark in 2028, and reaching $20.9 billion in 2029. The report said that international tourism revenues in Egypt were negatively impacted by the COVID-19 pandemic and the travel restrictions imposed at the time, leading to a decline to $4.9 billion in 2020, compared to $14.3 billion in 2019. Fitch explained that, over the coming years, improved consumer spending in Europe and the Middle East and North Africa will contribute to increased visitor revenues. According to the report, many tourists visiting Egypt are relatively wealthy travelers with high purchasing power, particularly from the UK, Germany, and the Gulf Cooperation Council. Egypt received approximately 8.7 million tourists during the first half of this year, a 22 percent increase compared to the same period last year, it noted. Minister of Tourism and Antiquities, Sherif Fathy, stated that there has been a 22-23 percent increase in the volume of tourism revenues during the first six months of this year, compared to the same period in 2024.
