Published on : Thursday, January 30, 2020
In 2020, GCC tourism hopes that tourists coming to Egypt will spend about $2.36 billion. It would a rise of 11% over last year, with visitors from Saudi Arabia motivating this growth, as per the recent data unveiled before the Arabian Travel Market 2020, which is proposed to take place at Dubai World Trade Centre from 19-22 April 2020.
In 2019, visitors from Saudi Arabia to Egypt made 1,410 trips with a forecast of 1.8 million tourists will be coming by 2024, a Compound Annual Growth Rate (CAGR) of 5%. In regards to tourism expenditure, in last year, Saudi Arabian visitors spent $633 million which is expected to grow at a CAGR of 11% through to 2024, reaching $1.13 billion, as per Colliers International research commissioned by the organizer of ATM, Reed Travel Exhibitions.
To quote Danielle Curtis, Exhibition Director ME, Arabian Travel Market, “Total tourism receipts in Egypt which stood at $16.4 billion in 2019, will achieve an average 13% CAGR over the next five years to reach $29.7 billion.”
“And Egypt also has a significant outbound market for the GCC. 1.84 million visitors arrived in 2019 and this is estimated to increase to 2.64 million by 2024,” added Curtis.
The top source market of Egypt is Germany with 2.48 million arrivals; a 46% rise over 2018 and a total spend of $1.22 billion in 2019. By 2024, German arrivals are predicted to reach 2.9 million with a total projected spend of $2.18 billion.
“Over the last 12 months, Egypt’s tourism industry has witnessed remarkable growth, with arrivals up 57.5% from 11.3 million in 2018 to 17.8 million in 2019. Growth has been fuelled by the cheaper Egyptian Pound and government incentives for charter airlines operating international flights,” said Curtis.
Data and analytics expert STR remarked that Sharm El Sheikh headed the recovery with RevPAR rebounding 315% for the November rolling 12 month period between 2016 and 2019. Hurghada followed closely with a 311% increase, whereas Cairo & Giza recorded a 138% growth.
“Underscoring those impressive numbers, we witnessed a 23% increase in the number of visitors interested in doing business with Egypt, up to almost 4, 000,” added Curtis.
Tags: GCC tourism