Egypt to upgrade 30 key tourism sites

Tourism is central to the Egyptian economy and society, making up 12 percent of the country’s GDP and 9.5 percent of all jobs, equal to around 2.5 million. Revenues from the tourism sector reached US$13.03 billion in 2019, spread across 13.1 million people. By comparison, 2020 brought in only $2 billion in revenues with tourism arrivals being decimated. Officials this year are hoping for between $6 and $7 billion in tourism revenues this year, though the country’s hoteliers are still struggling to fill their rooms. Hotels in the country are capped at 50 percent capacity currently. Occupancies fell short in the first quarter of the year, decreasing 22 percent in Cairo, 33 percent in Sharm El Sheikh and 26 percent in Hurghada. Alexandria however only saw a one percent drop YOY, though Q1 2020 had a 22 percent drop over 2019 figures. Colliers International estimates that full-year hotel occupancies in Cairo will fail to hit 50 percent this year.