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Sunday, 08 December 2019

Egypt's tourism on the right track, says Colliers International

Mohamed Abdelhamid, Thursday 16 Aug 2018
People walk at a popular tourist area named "Old Market" in the Red Sea resort of Sharm el-Sheikh, E
People walk at a popular tourist area named "Old Market" in the Red Sea resort of Sharm el-Sheikh, Egypt (Reuters)
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The occupancy rates from July 2018 – September 2018 in Sharm El-Sheikh, Hurghada, and Alexandria are expected to surge, the latest forecast on MENA hotels by Colliers International said.

Colliers International is a Canada-based global commercial real estate services organization.

The predictions are mainly due to "the benefit from positive security perception, return of chartered flights from traditional source markets, and the relatively relaxed travel advisories from most source markets," the report said. 

The report forecasts positive trends in the occupancy rates for Sharm El-Sheikh, Hurghada, and Alexandria to reach 64%, 70% and 84% respectively during the three-month period.

Moreover, the Revenue per Available Room (RevPAR) is expected to increase for Sharm El-Sheikh by 5%, Hurghada by 8%, and Alexandria by 4% in the same three months forecast of the report.

Egypt's tourism revenue fell from $13.633 billion in 2011 to $3.305 billion in 2016 as estimated by the World Bank.

The number of tourists who visited Egypt in 2010 reached 14.73 million before the industry took a major hit in the years immediately following the 2011 revolution.

The flotation of the Egyptian currency in November 2016, recent government successes in its war against terrorism, and the return of direct Russian flights to Egypt in April of this year after a three year suspension have been factors in recent increases in the number of the tourists to the country.

Egypt was ranked as the second fastest growing tourist destination for 2017 by the United Nations World Tourism Organization (UNWTO).

The number of tourists who came to Egypt in 2017 was 7.3 million.

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