Skip to content Skip to Search
Skip navigation

Egypt’s tourist arrivals surpass 2010 peak

Egypt received 3.6 million tourists in the fourth quarter of 2023, rising 8 percent year on year
Egypt received 3.6 million tourists in the fourth quarter of 2023, rising 8 percent year on year

Tourist arrivals in Egypt reached 14.91 million in 2023, hitting the highest level since 2010, according to a news report.

The North African nation had received 14.73 million visitors in 2010, the Egypt Today newspaper reported.

The fourth quarter of 2023 saw a surge in tourism activity, an increase of 8 percent year on year to 3.6 million tourists, said tourism and antiquities minister Ahmed Issa.

In October 2023, the tourism minister set an ambitious target to attract 30 million tourists annually by 2028.

Tourism revenues rose 26.8 percent to $13.6 billion in 2022/2023, compared with $10.7 billion a year earlier, according to the Central Bank of Egypt’s October data.

Inbound tourists witnessed a 35.6 percent surge to 13.9 million visitors.

In addition, the number of nights spent in Egypt increased by 27.6 percent, setting a new record in 2022/2023.

Tourism, which accounts for about 12 percent of Egypt’s GDP, suffered during the pandemic. Travel restrictions and lockdowns wiped $17.6 billion from the Egyptian economy in 2020, according to the World Travel and Tourism Council.

Oxford Economics had forecast that tourism receipts will return to pre-pandemic levels by 2024 and then grow by an average of five to 10 percent per year over the medium term.

The S&P Global Ratings agency warned in November that a prolonged conflict in Gaza and Israel is likely to lead to a significant contraction in GDP and loss of foreign exchange receipts across Middle East and North Africa.

The conflict leaves the tourism sectors of Lebanon, Egypt and Jordan “most exposed” due to their geographical proximity to the fighting, the ratings agency said in a research note.

“These countries … are more vulnerable to a slowdown in tourism, given concerns about security risks and social unrest amid high external vulnerabilities,” the agency said.

Latest articles

Boat, Transportation, Vehicle

Bahri withdraws bid for Danish logistics company

Saudi shipping giant Bahri has withdrawn from the race to acquire Deutsche Bahn’s logistics unit Schenke, according to a news report. The CVC-led consortium, including Abu Dhabi Investment Authority (ADIA) and GIC, and DSV, a Danish logistics group, are the only two contenders left, Reuters reported, citing unnamed sources. Bahri’s offer was the highest at […]

Aramco pipelines

BlackRock-led investors to refinance Aramco Pipelines stake

Investors in Saudi Aramco’s gas pipeline network, led by BlackRock, the world’s largest asset manager, are planning to issue $3 billion in bonds to refinance a loan that backed their purchase of a stake in the network.   The consortium of investors took a $13.4 billion bridge loan in 2021 to acquire a 49 percent stake […]

Over the first half of the year Sanad Group signed deals with international airlines including Asiana Airlines and Deucalion Aviation

Mubadala-backed Sanad Group reports 53% revenue growth

Sanad Group, the Abu Dhabi-based global aerospace engineering and leasing company, has seen revenues increase by more than half over the first six months of the year. Figures released to AGBI show revenue totalling AED2.3 billion ($620 million) was reported in the first half of the year, up from AED1.5 billion over the same period […]

Malaysia’s HSS Engineers Berhad and its emirati consultancy HSS signed the deal top oversee construction with the Baghdad municipality

UAE company in joint venture to build Baghdad metro

A Malaysian engineering company and its UAE affiliate have jointly won a $316 million contract to oversee the construction of the new Baghdad metro. The building of the planned 148-kilometre network and its 64 stations across the Iraqi capital was slated to begin this month and end in 2029. This timeline might be delayed, however, […]