Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    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    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    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 return to Egypt to add $3bn annual tourism revenues: Goldman Sachs
Over 3 million Russian tourists used to visit Egypt annually before 2015 direct flight ban
Published in Daily News Egypt on 27 - 04 - 2021

The return of Russian tourists in Egypt to pre-2015 levels could boost the latter's tourism sector revenues by over $3bn every year, according to the American multinational investment bank, Goldman Sachs.
This would represent 0.75% of GDP, and is likely to happen gradually due to the novel coronavirus (COVID-19) pandemic.
It also said that the resumption of international flights is a major boost to the prospects for recovery of Egypt's tourism sector, which was severely affected by the COVID-19 pandemic.
The company revealed that at the height of the tourism boom in 2014. That number, however, has dropped dramatically since the Russian ban on direct flights was imposed.
Last Friday, Egypt and Russia announced the resumption of all flights between the two countries after a five-year hiatus. Direct flights from Russia to Egypt were suspended in October 2015 after the crash of Metrojet No 9268 flying from the coastal city of Hurghada in Egypt to St Petersburg in Russia.
Goldman Sachs said that, during the 10 years preceding the Russian plane accident, tourism coming from Russia to Egypt was growing at a rapid pace, and reached its peak in 2014. That year saw the entry of over 3.1 million Russian tourists, representing about a third of the total number of tourists coming to Egypt that year.
It added that, in the wake of the accident, the number of tourists from Russia fell sharply, and that rates have not recovered since then.
The bank pointed out that the main reason for this is that Russia imposed a ban on all direct flights to Egypt, pending a review and amendment of airport safety procedures.
"According to Russian press reports, improved safety standards now allow flights to be resumed, and the resumption of tourism to Hurghada and Sharm El-Sheikh in the Sinai Peninsula is being discussed," the report read.
The bank indicated that the average income from each tourist in Egypt over the past three years exceeded $1,000. This means that the possibility of Russian tourism returning to pre-2015 levels, which exceeded 3 million tourists annually, means strengthening the current account by about $3bn annually.
It also significantly boosts the prospects for GDP growth, given that the economy is heavily dependent on the tourism industry. Such is tourism's importance to Egypt that it represents one in every seven jobs to the country's economy, according to data from the State Information Service (SIS) in Egypt.
Goldman Sachs pointed out that there is relative uncertainty regarding the timing of the resumption of Russian tourism. It is likely to be related to developments in the global pandemic, including the success of vaccination and vaccine production in Russia and Egypt.


Clic here to read the story from its source.