Tourism growth drives rev­enues up in first 4 months of 2017/2018

The An­tiq­ui­ties Min­istry’s rev­enues are ex­pected to reach EGP 300m

The Daily News Egypt - - Business - By Ab­del Razek AlShuwekhi

A se­nior of­fi­cial of the Min­istry of State for An­tiq­ui­ties said that the growth of tourism traf­fic to Egypt dur­ing the first four months of the cur­rent fis­cal year (FY) led the min­istry’s rev­enues to grow to EGP 80m, up by 25% com­pared to the same pe­riod last year.

The of­fi­cial told Daily News Egypt that rev­enues in July were very weak, but Septem­ber and Oc­to­ber saw a sig­nif­i­cant im­prove­ment, which pushed the to­tal pro­ceeds dur­ing the four months of July, Au­gust, Septem­ber and Oc­to­ber of the cur­rent fis­cal year to reach EGP 80m.

The sale of tick­ets to visit his­toric shrines and mu­se­ums across var­i­ous ar­eas of Egypt ac­count for the largest share of rev­enues of the Egyp­tian Min­istry of An­tiq­ui­ties, con­sti­tut­ing more than 90%.

Egypt’s tourism in­come surged dur­ing the first nine months of this year to EGP 5.3bn, up by 211% com­pared to the same pe­riod last year.

“We ex­pect an im­prove­ment in the in­come [from] the ar­chae­o­log­i­cal sites by the end of the fis­cal year of up to EGP 300m, up by 30% from last year, thanks to im­proved tourist flows vis­it­ing the ar­chae­o­log­i­cal ar­eas, es­pe­cially in Luxor, Aswan, and Cairo,” the of­fi­cial said.

He added that the im­prove­ment in rev­enues will push for­ward the work of restora­tion and com­ple­tion of con­struc­tion work on mu­se­ums in dif­fer­ent re­gions.

Egypt in­tends to open the Grand Egyp­tian Mu­seum, be­ing built on an area of 135,000 sqm west of Cairo, mid-next year.

The Min­istry of An­tiq­ui­ties saw peak in­come in FY 2009/2010, with rev­enues reach­ing EGP 1.3bn. Yet, in­come dropped by 90% the fol­low­ing year, due to the 2011 po­lit­i­cal up­ris­ing.

The of­fi­cial said that the drop of rev­enues forced the min­istry to ob­tain loans from the Min­istry of Fi­nance to pay em­ploy­ees’ their salaries, which to­tal EGP 80m per month.

Rus­sia has sus­pended its tourism flights to Egypt since the be­gin­ning of Novem­ber 2015, fol­low­ing the crash of a Rus­sian air­liner. Bri­tain fol­lowed suit sus­pend­ing flights to Sharm El Sheikh.

Egypt’s tourism in­come surged dur­ing the first nine months of this year to EGP 5.3bn

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