Tourism Revenues Projected to Grow by Up to 8% by End of 2024
The Egyptian Tourism Authority’s forecast follows a record-breaking influx of 7.069 million tourists in the first half of 2024.
The Egyptian Tourism Authority (ETA) has projected that tourism revenues will grow by 7% to 8% by the end of 2024, attributing the higher revenue growth to a shift in the groups of international tourists visiting Egypt, increased spending habits by travellers, and greater demand for hotel rooms, which has driven up prices.
Revenue growth, however, is expected to vary across different regions. The Red Sea is forecast to see a 10% increase, while Cairo and Giza are projected to experience at least 15% growth.
This forecast follows a record-breaking influx of 7.069 million tourists in the first half of 2024, a slight increase from 7.062 million during the same period in 2023. The most notable growth has been in the number of Saudi tourists, which surged by 25%.
As part of its long-term goals, Egypt's National Strategy for Sustainable Tourism 2030 aims to attract 30 million tourists annually by 2028. Additionally, in July, the Egyptian cabinet approved a new EGP 50 billion initiative, funded by the Ministry of Finance, to support the tourism sector in response to global and regional challenges.
