The tourism industry contributes around 15% of the country’s gross domestic product (GDP) and is a significant source of foreign currency
Egypt’s hotel occupancy jumped by 20-25% during Q1 2023 with the depreciation of the Egyptian pound and the growing diversity of tourists/expats reported Asharq Business, citing unnamed sources.
The source told the news outlet that Sharm El-Sheikh’s hotel occupancy hit 55%, 65% in Hurghada, Marsa Alam 70%, 80% in Luxor and Aswan, and 85% in Cairo.
Similarly, global real estate consultancy JLL revealed in a report last week that hotel occupancy in Cairo rose to 74% in the first two months of 2023, up from 62% in the same period last year.
German tourists, alongside those from Poland, Italy, Britain, and the Czech Republic, were the largest groups to visit the country during this period.
The tourism industry contributes around 15% of the country’s gross domestic product (GDP) and is a significant source of foreign currency.
According to Ashraq, Egypt's revenues from tourism increased by 52.5% in the first nine months of 2022 to $9 billion.
Last week, the Egyptian Ministry of Tourism and Antiquities announced a package of new visa facilitations to attract more tourists to the country with the goal of attracting 30 million tourists by 2028.
