Tourism is the main source of foreign exchange earnings for Egypt, a leading Middle-East country in terms of tourist arrivals. Underpinned by the country’s promotional activities and its strategic location, the Egyptian tourism industry has expanded at a rapid rate in the past few years. According to “Egypt Tourism Sector Analysis”, the new research report by RNCOS, the international tourist arrivals are anticipated to continue to grow at a CAGR of 9.2% during the forecast period (2011-2014).
Some of the key highlights of the report are:
– Russia, Germany, the UK, and Italy account for a large number of visitors in Egypt. Altogether, Europe accounted for over 75% of the total tourists who visited Egypt in 2010.
– Increasing disposable income levels are likely to open up several opportunities for both outbound and domestic tourism in Egypt. It is expected that per head disposable income in the country is likely to grow at a CAGR of 12.3% during 2011-2014.
– Egypt is eyeing around 13 Million tourists by 2014-end. To achieve this target, the country needs to invest heavily in the infrastructure. This represents a huge opportunity for construction and manufacturing sectors, and other related industries.
– Per head expenditure by outbound tourists in Egypt is projected to increase by about 16% in 2014 from 2010.
– Political unrest hampered the growth of the tourism industry. It has led to the economic losses of over U$1 Billion.