Egypt eyes Latin America, Asia markets as war hits Russian tourists  

  • 4/19/2022
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RIYADH: Egypt is considering attracting more tourists from Latin America and Asia as it looks to limit the impact of war curbs on tourist arrivals from Russia and Ukraine. The North African country which is heavily reliant on tourism to drive its economy gets around 30 to 40 percent of its total tourist flow from Russia and Ukraine, Deputy Tourism Minister Ghada Shalaby said in an interview with Bloomberg. The ancient country that is home to the world"s wonders pyramids also plans to promote its main resort to international tourists. Shalaby said new international flights to the Red Sea resort of Sharm El Sheikh from Gulf nations could also provide a boost. During the second half of 2021, Egypt’s tourism revenue was $5.8 billion, up from $1.8 billion during the same period the year earlier, Bloomberg reported citing data from the central bank. Shalaby declined to give projections but she said that expectations for Egyptian tourism in 2022 are not higher than last year. As tourism is one of the key foreign currency sources for Egypt, any curb on tourist movement from its source markets will add to the mounting economic pressures the country is facing currently.

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