Business Today Egypt | October – November 2023, Special Edition

Sports
junior) in April 2021.
These championships reveal that Egypt not
only focuses on popular sports but also individual
ones where champions are achieving more
medals daily. Recently, Egypt has made remarkable
progress in individual sports, securing a
significant number of medals. Notably, Egyptian
champions clinched 6 Olympic
medals for the first time in
the country’s sports history,
including one gold, one silver,
and four bronzes. Additionally,
in the Paralympic Games, Egyptian
challengers secured 7 medals, comprising
5 silvers and 2 bronzes, with the potential
for even more success if not for some instances
of ill fortune. Egyptian squash has consistently
dominated the World Squash Championships
for both men and women, culminating in an
all-Egyptian face-off in the finals of the most
recent edition.
The Egyptian Minister of Youth and
Sports, Ashraf Sobhy, simultaneously announced
the details of athletes’ rewards
in various individual and team sports, aiming
to address the recent trend of Egyptian
players leaving the country and competing
for other teams. The sponsorship program
for Olympic champions includes
a monthly salary, allowances, support
for participation in camps and international
championships, and the provision of clothing
and sports equipment. As part of the new recognition
and increased rewards program, winners
of gold medals in the Olympic and Paralympic
Games receive EGP 2 million, while silver medalists
receive one and a half million pounds,
and bronze medalists receive EGP 1 million.
The fourth-place finisher is treated the same as
the third-place finisher in the event of sharing
the bronze medal. These measures were implemented
in response to a recent wave of Egyptian
athletes fleeing the country, many of whom
cited inadequate salaries and services, despite
their success in global and continental competitions
representing Egypt.
National championships are the main source
of income for the continental federations.
The host country receives 20% of all revenues
garnered by the African Union from the tournament,
including tickets, television returns,
advertisements on the pitch, and all yields the
federation gains.
This would be reflected in Egypt as a surge
in tourism revenues, hotel occupations, trade,
industry, and of course the unemployment rate
would decline during this period owing to seasonal
jobs and crafts.
Moreover, preparing for major sports events
often necessitates the development of modern
26 November 2023 www.businesstodayegypt.com