Business Today Egypt | October – November 2023, Special Edition

Tourism
By Nouran Allam
Egypt’s tourism industry is one of the
country’s leading economic sectors,
but many believe it is not even close
to bringing in the number of tourists
that could very well visit each year. Given
its potential comprising striking archeological
heritage, stunning coasts, and landscape, and
rich culture, Egypt is looking into novel ways of
showcasing the country’s wonders to the world.
Tourism in Egypt generated about 389 billion
EGP for the Gross Domestic Product (GDP) in
2018. The sector is also a major employer in the
country with a workforce of 2.16 million in 2021.
This is the case worldwide; the total contribution
of travel and tourism to the global economy
amounted to $7.71 trillion in 2022. This figure
was forecast to reach an estimated $9.5 trillion in
2023, according to Statista.
After a downturn during the COVID-19 pandemic
and the Russian-Ukrainian war, the Egyptian
tourism industry has been showing signs of
recovery. In the first seven months of 2023, the
number of tourists visiting Egypt increased by
40% compared to the corresponding period last
year. Fitch Solutions predicts a further 11.6%
annual rise in incoming tourists, with numbers
reaching 13.1 million in 2023 compared to 11.7
million in 2022. This growth will positively im-
Tapping into Toursim
Potential
Cultural and archeological tourism
Egypt is home to ancient wonders
such as the Great Pyramids of Giza,
the Sphinx, Luxor’s temples and
tombs, and the Valley of the Kings.
Historical and cultural tourism is
a major draw for visitors who are
interested in exploring Egypt’s
ancient civilization, archaeological
sites, and museums.
Adventure tourism
Egypt’s diverse landscapes provide
opportunities for adventure tourism
including ctivities such as hiking,
mountaineering, snorkeling, diving,
sandboarding, kite surfing, and safaris
are popular among adventure seekers.
Leisure and entertainment
tourism
Egypt has always been called
the “Hollywood of the Middle East”
and hosts various cultural events
and festivals throughout the year.
This includes the Cairo International
Film Festival and El-Gouna Film
Festival, both of which are attended
by international actors, producers
and filmmakers. Egypt also hosts
international artists to perform. Major
fashion houses also choose Egypt
as a destination for their shows and
collection launches.
16 November 2023
www.businesstodayegypt.com