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FINANCIAL NEWS
Sharm El-Sheikh expects 55 percent drop in tourism demand
03 Dec 2015
(MENAFN) Tourism demand is forecasted to fall by nearly 59 percent in Egypt’s Sharm El-Sheikh and 55 percent in Hurghada over Nov-Jan, whereas demand in Cairo and Alexandria will continue to rise, based on reports.
Accordingly, the catastrophic downing of Russian Metrojet 9268 caused European tourism to completely withdraw from Egypt forcing Hurghada and Sharm El-Sheikh to rely on domestic tourism on the short-term.
However, Alexandria will not be affected, because the demand is driven by many business divisions, including tourism, exhibitions and conferences, therefore its demand is anticipated to surge by roughly 16 percent.
In mid-November, domestic tourism programs were started for Egyptians to visit Sharm El-Sheikh, being in direct coordination with the Ministry of Civil Aviation and the South Sinai Investors’ Association, hoping for a revival.
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