Egypt on Track to Double Tourism Revenue to $12 Billion

Tourism revenues are expected to reach between $10 billion and $12 billion for Egypt's fiscal year, which runs from July 1 to June 30.

Revenue was $6 billion to $7 billion in 2021, its deputy tourism minister said last year.  According to reports, finance minister Mohamed Maait also said the war in Ukraine was unlikely to have an impact. This is despite the destination being popular with both Russian and Ukrainian tourists.

Its recent strategy to target more business from Western Europe, including the UK, Germany, Spain, France and Italy, as well as Hungary and Gulf Arab countries, may be working.

Meanwhile, the minister said the Suez Canal was expected to generate revenues of $7 billion by the end of the current fiscal year. The shipping route between Europe and Asia is one of Egypt’s biggest sources of foreign currency.