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Egypt forecast to achieve $20bn annual tourism revenue in 5 yrs

Egypt forecast to achieve $20bn annual tourism revenue in 5 yrs
The return of Russian tourists is expected to raise revenues by $2 billion
EFG Holding
HRHO
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Cairo – Mubasher: EFG Hermes expects Egypt’s annual tourism revenue to exceed $20 billion after five years, the Middle East News Agency (MENA) reported on Thursday.

The largest investment bank in the Middle East and North Africa based its expectations on the efforts exerted by the Ministry of Tourism since 2018 to improve the sector, alongside the improved security situation.  

The tourism sector’s revenues reached an all-time high of $12.7 billion during fiscal year 2018/2019, with expectations to surpass $15 billion in FY20/21, head of research at EFG Hermes Ahmed Shams said.

Shams added that the return of Russian tourists to the most populous Arab nation is projected to raise revenues by $2 billion.