IMF approves $1.5m loan to Bangladesh    China in advanced talks to join Digital Economy Partnership Agreement    Contact Financial completes first securitization issuance of 2024 valued at EGP 1.04bn    Egypt's annual inflation declines to 31.8% in April – CAPMAS    Chimps learn and improve tool-using skills even as adults    13 Million Egyptians receive screenings for chronic, kidney diseases    Al-Mashat invites Dutch firms to Egypt-EU investment conference in June    Asian shares steady on solid China trade data    Trade Minister, Building Materials Chamber forge development path for Shaq El-Thu'ban region    Cairo mediation inches closer to Gaza ceasefire amidst tensions in Rafah    Taiwan's exports rise 4.3% in April Y-Y    Microsoft closes down Nigeria's Africa Development Centre    Global mobile banking malware surges 32% in 2023: Kaspersky    Mystery Group Claims Murder of Businessman With Alleged Israeli Ties    Egypt, World Bank evaluate 'Managing Air Pollution, Climate Change in Greater Cairo' project    US Embassy in Cairo announces Egyptian-American musical fusion tour    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    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.



Egypt's tourist industry continues to grow despite recent bombings
Published in Daily News Egypt on 28 - 06 - 2006

CAIRO: In the last year, Sinai's largest resorts, Sharm El Sheikh and the beach resort of Dahab were targeted by suicide bombers seeking to de-rail Egypt's economy by targeting the country's vital tourist industry. Tourism in Egypt is directly linked to the national economy, making tourists a symbolic target for terrorists operating in the region aiming to stop economic growth in Egypt.
In July 2005, 64 people were killed in coordinated bomb attacks against hotels in Sharm El-Sheikh. Al-Tawhid Wal-Jihad carried out the attacks according to the Egyptian Interior Ministry.
In April 2006 a separate attack in the Red Sea resort of Dahab killed 20 Egyptians and three foreigners .Two percent of all bookings to Egypt were cancelled in the wake of the Dahab suicide bomb attacks, with most cancellations coming from tourists in Germany and Denmark.
Concern from the government and the local security forces in the regions that attract large amounts of tourists has led Egypt's Interior Ministry to employ protective measures, including a security fence to be built around the outskirts of Sharm El Sheikh.
The tourism industry in Egypt is becoming more lucrative year on year, providing $7.2 billion in the 2006 calendar year compared with $6.4 billion netted in the previous year. The number of tourists in Egypt is estimated to come close to 10 million, up from 8.5 million the year before, despite the warnings of terrorism from western governments, tourists are not being deterred from visiting.
The Egyptian Interior Ministry aims to make Egypt a 'safe place to travel' for tourists in an attempt to keep the economy thriving, hoping that the number of tourists visiting will to continue to increase.
Egypt is seeking to attract 16 million tourists in the next six years, according to the country s Ministry of Investment. To achieve this goal, the country needs to build 50,000 hotel rooms annually, requiring an annual investment of $1 billion. Foreign direct investment into Egypt surged to $3.9 billion in the fiscal year that ended June 30, from $407 million in the previous fiscal year, according to the website of the Egyptian central bank.
American tourists are continuing to come to Egypt as the country experience double-digit growth from the U.S. over 2005. In 2006, an estimated 98,388 Americans are expected to visit Egypt, an increase of 20.9 percent over last year s 81,398 for the same period.
The composition of tourists has changed with an increase in the number of Arab tourists replacing any potential shortfall from European tourists, said Hany Genena, a Cairo-based economist at EFG-Hermes Holding.
It seems that people travelling to Egypt are undeterred by the bombings, as Egypt is experiencing a yearly growth of 17.6 percent more tourists visiting the country. On average, a growth of about 15 percent is expected. More Arabs are visiting Egypt than before as the Egyptian General Authority for Tourism Promotion is targeting visitors from neighbouring countries in a push to maximise Egypt's role as a tourism-based economy.


Clic here to read the story from its source.