Egypt tourism revenues to grow by around 8% in Q4 2024

Egypt's tourism revenues in the first half of 2024 amounted to $6.6 billion, up from $5.6 billion in 2010 and $6.3 billion in 2023.

El-Kady also expected a growth rate of three to four percent in overall tourism by the end of 2024. He attributed 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.

As a result of high demand, Egypt is working to provide 200,000-250,000 new hotel rooms. 

Moreover, he noted that revenue growth varies by city. For example, the Red Sea is set to witness a 10 percent increase, while Cairo and Giza are expected to experience growth of at least 15 percent.

El-Kady also estimated that the total number of tourists visiting Egypt in 2024 will range between 15.3 and 15.4 million.

In related news, Egypt attracted a record-breaking 7.069 million tourists in the first half of 2024, scoring a slight increase from the 7.062 million visitors during the same period in 2023.

He added that the number of Saudi tourists has grown by 25 percent, with an estimated one million Saudi visitors expected by the end of 2024.

As part of its broader tourism strategy, Egypt's National Strategy for Sustainable Tourism 2030 aims to attract 30 million tourists annually by 2028.

In July, the Egyptian cabinet approved a new initiative valued at EGP 50 billion, funded by the Ministry of Finance, to support the country's tourism sector in light of ongoing global and regional challenges.