How Egypt’S Tourism Industry Makes Money?

Egypt’s travel and tourism industry has seen a significant increase in recent years, with domestic visitor spending surpassing EGP 328.5 billion and international visitor spending increasing by 38.5 to reach EGP 470.4 billion. This growth has led to an expansion of jobs supported by the sector, which has grown by nearly 10 to over 2.5 million, equivalent to one in twelve jobs across Egypt. The Egyptian travel and tourism sector contributed a record $19.8 billion (EGP 953 billion) to the country’s GDP in 2023, indicating a full recovery.

In 2023, Egypt’s tourism revenues reached a record high of $15bn, surpassing previous records of $12.5bn in 2010 and $13bn in 2019. The Central Bank of Egypt (CBE) reported that tourism revenues reached a record high of $13.6 billion in FY2022/2023, up by 26.8% from $10.7 billion in FY2021/2022. Recognizing the significance of the tourism sector as a major foreign currency earner, Egypt has set ambitious goals to double the number of tourists over the next decade.

The tourism sector in Egypt is a significant employer, encompassing hotels, restaurants, transportation, and tour services. In 2022, travel and tourism contributed 7.7% to Egypt’s GDP, a share that increased compared to 2020. Tourism is one of the most important sources of income for Egypt, accounting for around 12 of the country’s GDP. Foreign tourists’ spending generates more than $670 million of direct labor income in different sectors affected by tourists’ spending.

In conclusion, Egypt’s travel and tourism industry has been a significant contributor to the country’s economy, contributing significantly to its GDP and employment.

Why is Egypt so popular for tourists?

Egypt, a world-renowned civilization, is a popular destination for travelers due to its towering pyramids, ancient mummies, hieroglyphics, and rich history. However, the country is currently facing challenges due to conflicts in the Middle East. A recent fact-finding mission led by Goway and the Egyptian Tourism Authority allowed the group to explore Cairo, the Pyramids of Giza, the Sphinx, and Cheop’s Pyramid. They also explored the old Cairo corridors, bartered in souks, and enjoyed Egyptian cuisine.

The group also cruised the Nile River from Aswan to Luxor, visiting tombs and temples along the way. The trip was a safe and awe-inspiring experience. The group learned that it is a great time to visit Egypt and recommends planning a trip for clients.

What is the tourism strategy of Egypt?

The strategy aims to boost tourism to 30 million tourists by 2028, aiming to achieve 25-30 annual incoming tourist traffic rates within Egypt’s sustainable development 2030 vision. Institutional and legislative reforms have been implemented, including amendments to the Antiquities Protection Law, establishment of the Grand Egyptian Museum Authority and National Museum of Egyptian Civilization Authority, approval of the Tourism and Antiquities Support Fund Law, Hotel and Tourism Establishments Law, and laws regulating Hajj and Umrah.

These measures aim to increase penalties for theft, smuggling, and fighting stowaways. The strategy also establishes two economic bodies, the Grand Egyptian Museum Authority and the National Museum of Egyptian Civilization Authority, and establishes two gates with two laws for Umrah and Hajj.

What is Egypt rich for?

Egypt’s natural resources include petroleum, natural gas, phosphates, and iron ore. Crude oil is primarily found in the Gulf of Suez and the Western Desert, in addition to the country’s considerable agricultural capacity.

How did they make money in Egypt?

The economy of ancient Egypt was heavily reliant on agriculture, which thrived due to a number of factors, including the country’s warm climate, abundant natural resources such as flax, papyrus, stone, and gold, and the annual flooding of the Nile River, which provided up to three harvests annually.

How much money does Egypt make from tourism?

Egypt’s tourism revenue reached 13. 60 USD Billion in 2023, up from 10. 70 USD Billion in 2022. The average was 8. 60 USD Billion from 2010 to 2023, reaching an all-time high of 13. 60 USD Billion in 2023 and a record low of 3. 80 USD Billion in 2016. The revenue is expected to reach 20. 00 USD Billion by the end of 2024, with a long-term trend of around 25. 00 USD Billion in 2025. Tourism is a significant source of income for Egypt, accounting for around 12 of its GDP.

Where does Egypt get its wealth?

Egypt’s natural resources include petroleum, natural gas, phosphates, and iron ore. Crude oil is primarily found in the Gulf of Suez and the Western Desert, in addition to the country’s considerable agricultural capacity.

How does tourism help the economy in Egypt?

Egypt’s travel and tourism industry is a significant contributor to the country’s GDP, contributing about 32 billion U. S. dollars in 2022. The industry offers a rich history, marine life, and diverse attractions, including the pyramids and ancient Pharaonic sites. The country’s warm climate and popular Red Sea for snorkeling and diving make it a popular destination for tourists. As of 2022, Egypt received the highest number of international tourists on the African continent, mainly European and interregional tourists from Arab states.

However, the Egyptian tourism sector has faced several challenges since 2011, including the Arab Spring, a Russian plane crash, and the COVID-19 pandemic. The country experienced political turmoil, the overthrow of two regimes, and a Russian plane crash in the Sinai Peninsula in 2015. Travel restrictions due to the pandemic also negatively impacted the sector, leading to declining tourism expenditure from 2011 to 2016, recovering between 2017 and 2019 before dropping again in 2020.

The occupancy rate of hotels and similar establishments was significantly lower between 2011 and 2016 compared to previous years. Tourist spending in Egypt primarily focused on leisure activities, with over 90% of spending in 2022 being spent on leisure activities.

Why was Egypt so rich?

Egypt, a land rich in gold, was a hub of gold mining and exploitation. The earliest surviving gold artifacts date back to the preliterate days of the fourth millennium B. C., primarily used for personal adornment and daily life. Gold jewelry, intended for temple or funerary rituals, continued to be produced throughout Egypt’s history.

The gold used by Egyptians typically contained silver, often in substantial amounts. The color of a metal is affected by its composition, with gradations in hue ranging from bright yellow to paler grayish yellow. The pendant in the Third Intermediate Period contains gold and silver in nearly equal amounts, making it electrum, a natural alloy of gold containing more than 20% silver.

The survival of gold artifacts is skewed by accidents of history and excavation, with Egyptian sites being looted since ancient times and much precious metal being melted down long ago. Approximately few gold pieces survive from the Early Dynastic and Old Kingdom periods, such as a small bangle bracelet from the tomb of Khasekhemwy and small stone vessels sealed with hammered gold sheets textured to resemble animal hide and tied down with gold wire “string”.

Why is Egypt so cheap?

Egypt has become a bargain of the season due to a massive currency devaluation and a reduction in Chinese, Russian, Ukrainian, and American tourists. This has made Egypt a more attractive destination for travelers, as it offers more competitive prices and local experiences. Traveling independently, eating, drinking, and shopping locally can save money and directly benefit locals. Activities are priced in euros and dollars, and locally purchased trips are usually better priced than booking through a UK tour operator. Return flights to Sharm el-Sheikh and Cairo are currently priced at £369 and £603, respectively, with easyJet and British Airways offering similar options.

Who prints money in Egypt?

The Central Bank of Egypt established a banknote printing house in 1968, printing various denominations and currencies for Arab central banks. In 2022, a new printing press with the latest technology was launched. The banknotes were issued in large denominations to facilitate transactions due to economic activity and the open-door policy. The 20 LE denomination was issued in 1977, the 100 LE in 1979, the 50 LE in 1993, and the 200 LE in 2007. In 2022, the bank issued a 10 Pound polymer denomination, aligning with the latest printing technology.

How does tourism help the economy?

This initiative has the potential to stimulate the local economy, facilitate infrastructure development, promote environmental conservation, safeguard cultural heritage, alleviate poverty, and reduce inequality.