Tourism figures on the up again

Report 2/2010
The tourism sector, which accounts for roughly 13% of jobs in the country, continues to be of the utmost importance for the nation’s economic development. With around 12.5 million tourists in 2009, the slump that was feared as a result of the global economic crisis was almost completely averted. According to Zoheir Garranah, Minister of Tourism, advance bookings for 2010 suggest an increase of 7-10% to an estimated 14 million tourists. The occupancy rates in the hotels in the tourist centers on the Red Sea and in Hurghada are already back to around 80% in the peak season.
The fact that investors also believe in a strong and growing tourism industry in Egypt is reflected convincingly in the development of the price of land in the premium resort of Sahl Hasheesh. Depending on the location of the land, prices of USD 300-500 per m2 were reached in 2009 - double those of 2008.