Egypt, China sign deal to build level-3 biosafety lab    Foreign, housing ministers discuss Egypt's role in African development push    Egypt backs Palestinian unity, calls for ceasefire, aid access    EGX ends week in green on July 10    Egyptian pound strengthens against US dollar on July 10    Egypt, China central banks sign pacts to boost yuan use, payment systems    Egypt's EDA, Haleon discuss local market support    Environment ministry signs agreement to strengthen marine protection, promote ecotourism    Egypt, WHO discuss expanding health cooperation, development initiatives    Service restoration underway after Cairo telecom fire, minister tells PM    Chinese Premier Li Qiang arrives in Egypt for high-level talks    Gaza under siege, fire: Resistance intensifies amid deepening humanitarian collapse    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Pakistan boost healthcare ties – Cabinet    UK, Egypt strengthen cooperation on green transition, eco-tourism, and environmental investments    Escalation in Gaza as ceasefire talks remain fragile amid mounting humanitarian crisis    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Russian flights resumption to boost Egypt's tourism with $3 bn in revenues: Goldman Sachs
Published in Ahram Online on 27 - 04 - 2021

Egypt's tourism sector revenues are expected to be replenished gradually with about $3 billion (0.75 percent of GDP) on the back of the announcement of Russian direct flights resumption to Red Sea resorts in Egypt after a five-year-suspension, Goldman Sachs said on Tuesday.
On Friday, Russian President Vladimir Putin and Egypt's President Abdel-Fattah El-Sisi agreed during a phone call on the resumption of direct flights between Russia and Egypt's Red Sea airports, including Hurghada and Sharm El-Sheikh.
Goldman Sachs noted that the resumption of Russian direct flights to Red Sea resorts in Egypt represents a significant push towards the reflation of the country's tourism sector, especially that the sector has been severely hit by the COVID-19 pandemic and its related consequences.
Russian tourists accounted for 75 percent of all tourists to Egypt in 2014, according to Goldman Sachs.
That year, Russian tourists in Egypt surpassed 3.1 million annually, but they have decreased to average 100,000 tourists per year since the Metrojet airliner crash incident over Egypt's Sinai desert occurred in 2015, according to Goldman Sachs.
But Goldman Sachs said that there is uncertainty about the timing of Russian flights resumption to Egypt amid the COVID-19 pandemic and its related repercussions, in addition to the vaccines rollout process in both countries.
On Sunday, Egypt's Minister of Antiquities and Tourism Khaled El-Anani said that Egyptian tourist resorts are ready to receive tourists from Russia and from all over the world, during a meeting with the Russian ambassador in Cairo.
Since 2015, Egyptian authorities have worked on revisiting the whole safety and security measures at all of the country's airports.
As a result of Egyptian efforts, Russia resumed flights to Cairo International Airport in April 2018, ending a 30-month suspension, without resuming flights to Egypt's Red Sea destinations.
Over the past years, Russian aviation and security experts have inspected safety measures at Egyptian airports, including Sharm El-Sheikh and Hurghada, on more than one occasion.
In FY2021/2022, which starts in July, Egypt targets to attain $5.5 billion up to $6 billion in revenues of tourism sector, according to a draft budget.
Driven by the pandemic, Egypt's tourism revenue, one of the key sources of foreign currency for Egypt, dropped by 70 percent in 2020 due to the coronavirus pandemic, according to tourism ministry estimations.


Clic here to read the story from its source.