Seven TUI Holly Awards Handed Out to Travco Group Iberotel Aquamarine Resort Hosts FTI Mega FamTrip 1-2-Fly Visits Egypt to Promote Business
Jan / Feb 2010
Survives the Recession
As the recession continued to hit the world's economy, the Egyptian tourism authorities remained competitively positioned to take advantage of the arisingopportunities that came along with the beginning of the recovery. These opportunities seem to be rewarding, as all the challenging atmospheres that the industry faced are coming to an end. During the first quarter of 2009, Egypt saw a 6.4 % drop in the tourism revenue, and the investment bank EFG Hermes forecasted that the tourist arrivals would shrink by 18% in 2009, but its forecast wasn't proved true, onthe contrary, Minister Zuhair Garranah's predictions which stated that we will see full recovery by the third quarter of 2010 were proven true, as November 2009 witnessed 10.9m tourists and only a 4.5% drop over the same period in 2008. He also highlighted that 2008 which marked the pre-crisis level witnessed a dramatic growth, as the revenues grew 23% to 11.6bn, comprising 11% of Egypt's GDP.Moreover, he expressed his optimism with 2011, stating that it is possible to target 14m visitors and return back to the pre-crisis level. Minister Garranah expressed his optimism to Reuters too saying that Egypt has started to witness an upward trend of 10.7% increase in the tourist arrivals this September. In addition, he added that all of the downturns are coming to an end as the European market,Egypt's major source markets, rebounds from crisis in 2010. Mr. Zuhair Garranah isn't the only one who is optimistic, as Prime Minister Ahmed Nazif said at the Reuters Middle
Egyptian Tourism Industry
East Investment summit which took place in October that "We feel that the whole crisis is bottoming out. We have seen indicators in tourism, in the Suez Canal and otherwise to show that the lastfew months there- is a small but very distinct change of direction in all indicators". In addition, he predicted that the following 4.7 % growth in the 2008/2009 fiscal year, the economy would return to its pre-crisis rate, and within two years complete recovery is foreseen. Confidence seems to be overwhelming the industry, as Mr. Zaazou, Senior assistant to the Minister of Tourism stated thatEgypt started recovering from the impacts of the crunch and that it is expected that it will not see any drop in the numbers and revenues compared to a year ago. He also told Daily News Egypt "the Egyptian tourism industry is 4 - 5% below last year's revenues, but the negative gap is now declining". As the tourism marks the Egyptian economy's largest foreign currency earner, which employs aroundtenth of the population, the government exerted immense efforts to accelerate the recovery. These efforts included increasing the budgets of the Ministry of Tourism and the Egyptian Tourist Authority, which launched an advertising campaign aimed at strategic markets. Nowadays, Egypt is on its way to full recovery, as the hotel owners in Sharm El Sheikh and Hurghada reported 80 % occupancy, which isconsidered to be a dramatic improvement in comparison with the first quarter of the year.
Jan / Feb 2010
2009 Exceeds Tourism Expectations in Egypt
As 2009 kicked off, negative expectations started spreading all over the industry; but as the year ended, all the fears vanished as most of these expectations were proven wrong. Despite of the fact that the Egyptian tourism revenues for 2009fell 3.1 percent in November compared to the year before, the industry partners are still relieved because it’s much higher than expected, thanks to strong arrivals from Europe as the winter approached. Tourism Ministry spokesperson, Mrs. Omayma El- Husseini explained that the optimism is due to the fact that “about 11.5 million tourists visited Egypt in the first 11 months of 2009, down 3.4...