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FINANCIAL NEWS
Egypt’s tourism revenue to fall by 40 percent
28 Apr 2016
(MENAFN) Tourism income will decline to almost USD 3.5bn this year, compared to USD 6.1bn in 2015, due to the suspension of Russian flights to all of Egypt’s airports.
Furthermore, Russian tourism introduces almost 30 percent of annual tourist arrivals to Egypt, whereas British flights represent about 10 percent.
However, the influx of Russian tourists declined to 2.4mn last year, compared to 3.1mn through 2014, and the influx of British inbound tourists fell by 4 percent.
On the other hand, the sector will recover, but there are political issues, while the country may not be totally responsible for the crisis.
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