Country brings in $5.8 billion tourist-related revenue, up 17.6% in first half of 2010
Largely fuelled by tourists discovering destinations like Sharm El Sheikh, Egypt’s sun, sea and palm tree resorts are experiencing a boom in visitors.
Speaking to Reuters, Egypt’s Tourism Minister, Zoheir Garrana, revealed that tourism revenues rose by 17.6% to $5.58 billion in the first half of 2010 with the aim of reaching £13 billion by fiscal year end.
Interest in areas like Sharm El Sheik, Soma Bay, Hurgada and other Red Sea resorts has been building in recent years resulting in fast-growing overseas property hotspots, and fractional ownership is also taking off in the region which is popular for its almost permanent blue skies, luxury hotels, marinas and diving and watersports facilities. Most of the top global hotel and shared ownership brands have a presence in the region, including the Four Seasons, Kempinski and Sheraton.
Like Turkey, Egypt is a euro-free zone. It’s attracting tourists in their millions – 15 million are expected by December, with the majority of visitors coming from Britain, Germany, France, Italy and Russia. And like Morocco, Egypt’s luxury resorts offer comfort and amenities combined with the opportunity to have a really different style of holiday – while there’s always tennis and lazing in the pool, it’s novelties like camel rides, desert quad biking, Bedouin and dinner shows and a glass-bottomed boat cruise for a first-hand glimpse of the Red Sea’s colourful cast of fish that offer something out of the ordinary, especially for children.
Tourism revenues are up and that the sector is accounting for 11% of GDP equivalent to 1 in every 8 jobs according to official figures. Local resorts are no doubt hoping that the influx of tourists will continue to rise, especially with more and more direct flights from UK airports to Hurghada, flying time approximately 4 hours from Central Europe.
GoTimeshare Staff Reporting by Fiona Klonarides