Tourism
From The Report: Egypt 2018
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After a difficult few years following the 2011 revolution, there is renewed hope for Egypt’s tourism sector, with 2017 bringing the industry back to growth. While there were positive signs for tourism in 2013 and 2014, before a relapse in 2015, the flotation of the currency in November 2016 has made the Egyptian market more competitive, and the government has also expended significant energy and capital to bring added resilience and revenue streams to the sector. A new assertive strategy to market the country both locally and internationally and upgraded security protocols are combining to give the industry a significant boost. Indeed, the state is helping to build a stronger tourism industry, less reliant on a handful of source markets and more attuned to the diverse revenue opportunities in underutilised segments.

This chapter contains interviews with Gerald Lawless, Chairman, World Travel & Tourism Council (WTTC); and Ibrahim El Missiri, CEO, Somabay.

Articles from this Chapter

Overview

Road to recovery: Improving visitor numbers and sector revenues lead to renewed optimism
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After a difficult few years following the 2011 revolution, there is renewed hope for Egypt’s tourism sector, with 2017 bringing the industry back to growth. Confidence is returning and the authorities are boldly predicting that the sector can reclaim its place as one of the leading engines of economic expansion. While there were positive signs for tourism in 2013 and 2014, before a relapse in 2015, the flotation of the currency in November 2016 has made the Egyptian market more competitive,…

Analysis

Appetite for investment: Confidence restored as the country boasts the highest number of hotels under construction on the continent
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While it may be early days for the Egyptian tourism industry’s recovery, investors appear to be convinced by it’s medium to long-term prospects. Indeed, despite the difficulties faced by hospitality firms in the last few years, Egypt has the most hotels under construction on the continent. According to a mid-2017 report by the trade news site Hospitality Net, there are currently 53 hotels under construction in Egypt. This is three more than the second most active market, Morocco, where…

Interview

Diverse destination: Gerald Lawless, Chairman, World Travel & Tourism Council (WTTC), on attracting visitors and improving human capital
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Interview:Gerald Lawless What impact have travel advisories had on Egypt’s attractiveness as a destination? GERALD LAWLESS: Tourism is vital to Egypt’s economy and social peace. In 2016 the sector contributed to the tune of LE194.8bn ($12.8bn) to the economy, or 7.2% of total GDP. It also supported 1.8m jobs in 2016, or 6.6% of total employment. Even though these figures remain significant, they show a great decrease in impact since the attacks in Cairo and particularly since the Metrojet…

Interview

An imminent rebound: Ibrahim El Missiri, CEO, Somabay, on bolstering the country’s tourism appeal
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Interview:Ibrahim El Missiri What impact have security concerns had on the volume of visitors coming to Egypt? IBRAHIM EL MISSIRI: Security concerns have resulted in a drop in visitor numbers in recent years, especially following the Metrojet crash, which dramatically affected the tourist season in 2015. The impact of terrorist attacks on the tourism sector usually lasts a couple of months, but in our case the impact extended into 2016 and 2017. In recent months we have however witnessed…