Egypt targets $26 bln in tourism revenues by 2020

Tuesday 21-04-2015 12:48 PM
Egypt targets $26 bln in tourism revenues by 2020

A tourist walks inside the Luxor Temple in Luxor city April 30, 2014. Picture taken April 30, 2014. REUTERS/Mohamed Abd El Ghany


CAIRO, Apr 21 (Aswat Masriya) - Egypt expects revenues from the tourism sector to reach $26 billion by 2020, as it implements a strategy to increase the number of tourists visiting annually to 20 million, the cabinet said.

The plan was presented to Prime Minister Ibrahim Mehleb by Tourism Minister Khaled Rami, a cabinet statement said.

This expectation is higher than the one previously announced by the minister. He said last month in the Egypt Economic Development Conference that the state is aiming to increase the number of tourists in 2020 to 20 million tourists, consequently increasing revenues to reach $20 billion. 

Tourism was a main source of income in Egypt until a popular uprising which toppled former President Hosni Mubarak's regime in 2011 triggered four years of political turmoil, taking its toll on the sector.

Despite the instability, tourism contributes with 11.3 percent of the gross domestic product and is the source of 7 percent of foreign currency, according to the cabinet.   

The central bank said last month that tourism revenues jumped to almost $4 billion from $1.9 billion during the first half of the current fiscal year 2014/2015. 

Even though, tourism revenues rose to $7.5 billion throughout the year 2014, they remain well below the figures prior to the January 2011 uprising. Revenues reached $12.5 billion in 2010, which is often referred to as the "peak year"  for tourism in Egypt.

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