Egypt posted a 24 per cent increase in tourism revenue in the first quarter of 2010 as the industry recovered from last year's global financial crisis, the country's Minister of Tourism Zoheir Garranah told Bloomberg on Thursday. Revenue increased to $2.7 billion for the three months through March, Garranah said. Tourist arrivals advanced 29 per cent to 3.46 million visitors, he said. "We have completely rebounded," Garranah said. "But still I believe this country deserves more." The Egyptian economy depends on tourism, foreign direct investment and the Suez Canal for foreign currency. Tourism, which accounts for more than 12 per cent of jobs, generated $10.76 billion in 2009, according to the ministry. The economy of Egypt, home to the Pyramids of Giza, grew 4.7 per cent in the fiscal year through June, beating the forecast of the International Monetary Fund. The Government expects the economy to grow more than five per cent this fiscal year. Besides its historical attractions, Egypt also draws tourists seeking sun, sand and diving along its Red Sea coast and in the Sinai Peninsula. Russia maintained its position as the main source of tourists to the Arab country, with arrivals from the country growing 93.5 per cent in the first quarter and revenue increasing 80 per cent over the same period in 2009, the minister said. Beltone Financial had expected tourism revenue in the first three months to be $2.8 billion, Reham El-Desouqi, senior economist at the Cairo-based investment bank, said by e-mail. EFG-Hermes Holding, the biggest publicly traded Arab investment bank, had expected receipts to reach $2.5 billion, economist Mohamed Abu Basha said.
