Tourism Ministry predicts losses of US$3 billion by year-end

Samy Mahmoud, head of the Ministry of Tourism’s international tourism department, said on Monday that the industry's total revenues for the current financial year will be around US$3 billion less than last year.

“We made US$12.8 billion last year,” he said. “We will make about US$10 billion this year if nothing happens that affects the security situation.”

Mahmoud explained that hotels have lowered their prices considerably in order to attract the largest possible number of tourists.

However, he said that tourist numbers increased during the Eid holidays in Hurghada, Sharm el-Sheikh and the north coast, almost reaching the normal occupancy rates for the time of year.

Mahmoud predicted that the rise in tourist numbers will continue through September and October, provided security and stability in the country are maintained.

Translated from the Arabic Edition

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