Business Today Egypt | October – November 2023, Special Edition

ing from prolonged geopolitical developments witnessed
worldwide, but they affect emerging economies the most.
The impact of these challenges varies from one country
to another in the region depending on its economic
capabilities. While efforts to develop and enhance the
sector continue in some countries, others struggle to allocate
more resources to promote the sector and achieve its
added value. Moreover, there is a varying audience interest
in various entertainment channels, with many families, especially
in lower-income countries, experiencing financial
constraints, leading them to reduce their expenses on nonessential
needs.
In Egypt, the entertainment industry holds immense potential
for bolstering the economy and promoting cultural
exchange. With a rich heritage in music, cinema and art,
Egypt has a strong foundation to build upon. By fostering
an environment conducive to creative expression and innovation,
the country can attract both local and international
talents, supporting a thriving ecosystem of artists,
performers and creative professionals.
The entertainment industry is also a catalyst for tourism,
drawing visitors from around the world to experience
Egypt’s diverse cultural offerings and entertainment
events. This influx of tourists contributes to increased consumer
spending, thus creating a ripple effect across various
sectors, including hospitality, retail and transportation.
Egypt has set a target to enhance tourism and attract 30
million tourists annually by 2028, according to the Minister
of Tourism and Antiquities, Ahmed Issa. To reach that
target, there needs to be concerted efforts beyond the conventional
principle of tourism that Egypt has relied on for
decades.
Investments in infrastructure and technological advancements
within the entertainment industry can further amplify
its impact on the economy. By leveraging digital platforms,
streaming services, and cutting-edge production
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facilities, Egypt can position itself as a regional and global
leader in the entertainment sector, attracting investment
and fostering innovation.
A recent report from the Central Bank of Egypt revealed
positive developments in the tourism sector. In
the fiscal year 2022/2023, Egypt’s tourism revenues witnessed
a remarkable growth of 26.8%, reaching $13.6 billion
compared to $10.7 billion in the previous fiscal year
(2021/2022). The report also highlighted a 35.6% increase
in the number of inbound tourists, totaling approximately
13.9 million visitors.
The number of nights spent by tourists in Egypt rose by
27.6% to a record of 146.1 million nights during the fiscal
year 2022/2023.
The entertainment industry also acts as a soft power
tool, showcasing the cultural richness and diversity of a
nation to a global audience. Through the export of cultural
products and content, Egypt can enhance its global
presence, fostering international collaborations and partnerships
that drive economic growth and cultural exchange.
By recognizing the multifaceted benefits of the entertainment
industry, Egypt can strategically invest in its development
by nurturing talent, promoting creativity, and
establishing a robust ecosystem that contributes to sustainable
economic growth and cultural enrichment.
Egypt’s entertainment industry has undergone a significant
transformation, emerging as a vibrant sector that encompasses
various domains, including tourism, gaming,
digital streaming, live concerts, arts, advertising, marketing,
sports and more.
Renowned for its rich cultural heritage and historical
significance, Egypt has evolved into a hub for diverse
entertainment experiences, attracting both domestic and
international audiences. In this issue delve into the multifaceted
dimensions of Egypt’s entertainment landscape,
highlighting the dynamic growth and potential opportunities
across its various sectors. September 2023
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