More striking numbers on Egypt tourism sector growth
Egypt’s tourism sector grew 24 per cent in the past fiscal year, according to the country’s minister for economic development, Osman Mohamed Osman. Recently released Central Bank figures show that Egypt recorded a balance of payments surplus of $5.4 billion in the year up to June - up from $5.2 billion a year earlier; and net services and transfer revenue from tourism jumped 32.3 per cent to $10.8 billion, whilst revenue from the Suez Canal rose 23.6 per cent to $5.2 billion due to an increase in shipping through the waterway and an increase in tonnage.
The World Travel and Tourism Council expects the sector to rise from 16.1 per cent of GDP this year to 17.3 per cent by 2018 – equivalent to $39.5 billion and to account for one in every seven jobs. Export earnings from foreign visitors are expected to generate $12.9 billion this year, rising to over $20 billion in 10 years’ time.
With Egypt targeting to lure around 14 million tourists by the end of 2011, the report estimates that the country needs to build 240,000 hotel rooms by then and that this will require an annual investment of over $1 billion. This represents a huge opportunity for infrastructure developers, particularly hotel groups.
Alcohol banned at Grand Hyatt Cairo
The owner of Cairo’s luxury Grand Hyatt hotel flushed $300,000 down the toilet.
Abdel Aziz Ibrahim, a member of the Saudi royal family decided to get rid of 2,500 bottles of alcoholic beverages in stock by ordering their content drained into the sewers, without providing any notice to the American hotel chain managing the property, Hyatt International.
Fathi Nur, president of the Egyptian Hotel Association, is threatening to drop the hotel rating from five to two stars by July 2.
Drinking alcohol is considered contrary to Islam but it is not banned by Egyptian law. Hotel rules dictate that any hotel above two stars must serve alcohol. An owner is also not allowed to interfere in the running of affairs when there is a managing company.
Grand Hyatt spokeswoman Sally Khattab said the two parties were currently in talks to resolve the issue.
I welcome comments from someone who knows the consequences of flushing 2,500 bottles of alcoholic beverages into the Nile.
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Translator
By N2H
