Editor’s NoteA World ofEntertainment—And PotentialThe entertainment industry has witnessed significant transformationsglobally in the past few decades, especially with the COVID-19 lockdownpropelled the growth of gaming and digital streaming platforms,among others. With the promise of lucrative financial profits, the boomingindustry is attracting investors from all over the globe, and Egypt is poised tocash in on the gains.The worlds of cinema and theater, advertising and marketing, sports, fashionand gaming are all strong, well-established industries in their own right,but now Egypt’s government is bringing them together to consolidate revenuestreams under one umbrella: tourism.As Deputy Editor Hanan Mohamed writes in the introductory piece to ourfeature series on Egypt’s entertainment industry and its potential waiting to beharnessed, “The concept of entertainment, initially confined to special occasionssuch as holidays and vacations, has expanded over time and with the improvementin economic conditions, is becoming a regular feature throughoutthe year. The entertainment industry plays a pivotal role in stimulating economicgrowth and fostering cultural development. Across various sectors suchas film, music, gaming, and live performances, it contributes to job creation,revenue generation, and the overall enhancement of a country’s cultural identity.”Estimates indicate the media and entertainment sector in the Middle Eastand North Africa region is poised to achieve a compound annual growth rateof 7.4% from 2021 to 2026, reaching $47 billion, Mohamed writes. “In Egypt,the entertainment industry holds immense potential for bolstering the economyand promoting cultural exchange. With a rich heritage in music, cinemaand art, Egypt has a strong foundation to build upon. By fostering an environmentconducive to creative expression and innovation, the country can attractboth local and international talents, supporting a thriving ecosystem of artists,performers and creative professionals. The entertainment industry is also a catalystfor tourism, drawing visitors from around the world to experience Egypt’sdiverse cultural offerings and entertainment events. This influx of tourists contributesto increased consumer spending, thus creating a ripple effect acrossvarious sectors, including hospitality, retail and transportation.”And with a goal of attracting 30 million tourists annually by 2028, Egyptis working on concerted efforts beyond the conventional principles of tourismthat it previously relied on for decades. By positioning itself as a vibrantregional entertainment hub that encompasses various domains, includingtourism, gaming, digital streaming, live concerts, arts, advertising, marketing,sports and more, Egypt can strategically invest in its development by nurturingtalent, promoting creativity, and establishing a robust ecosystem that contributesto sustainable economic growth and cultural enrichment.In our curated feature package this month we take an in-depth look at theefforts Egypt is making in promoting its strategic cultural strengths in sectorssuch as performance arts, digital streaming and gaming platforms as well as itsburgeoning fashion industry to position itself as a regional entertainment hub.Founder William Harrison(1940–1995)Executive Editor-in-ChiefMohamed Abdel BakyManaging EditorNoha MohammedDeputy EditorHanan MohamedCopy EditorsHanan FayedRiham El-ShaerStaff WritersNourhan MagdiNoha El TawilChristine SalzmannJehad El-SayedNouran AllamAya AglanNour El BadawiArt DirectorHeba MekkyCreative DesignerNada EzzatGraphicsYara Tarek TablBusiness Development DirectorSherif AnisSenior Sales ManagerSayed Abo El MagdFor advertising inquiriesplease contact01222239700businesstodayegyptbtegyptmagBusiness Today Egypt, founded in 1995, ispublished monthly by InternationalBusiness Associates Group,Cayman Islands.US Office: Business Today, P.O. Box 2191,Austin, TX 78768. Tel: + 1 (512) 743-6279.Camera-ready advertising copydeadlines are the 10th of the monthpreceding publication; reservations,cancellations and changes must bemade by the 20th of every month.Editorial, Sales & Subscription Offices6 Wezaret El-Zeraa, Mohandiseen,Arab Republic of Egypt.Tel: (02) 2773331 / 27704596 / 25772545editor@businesstodayegypt.comsales@businesstodayegypt.comsubscriptions@businesstodayegypt.comCTP & printing: Al Ahram Commercial Press4btNovember 2023www.BusinessTodayEgypt.com
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