Egypt’s economic growth to spur business travel in North Africa
Egypt’s rising economy and structural development present a considerable opportunity for the long-term expansion of business tourism in the North Africa region, according to GlobalData, a leading data and analytics company. africa business tourism
According to GlobalData’s report, ‘Tourism Destination Market Insight: North Africa’, business travel is currently undeveloped in North Africa, representing only 10% of trips to the region in 2021. Further, business visits are not expected to return to pre-pandemic levels until 2023, making this the slowest domestic sector to recover. However, Egypt’s rapid economic development will help spur growth in business travel moving forward.
Akshat Sharma, Travel & Tourism Analyst at GlobalData, comments: “Egypt has seen tremendous economic recovery, with GlobalData predicting the country’s GDP to increase to $526 billion by 2025. Given this rapid economic development, business travel will be one of the country’s fastest-growing sectors, expanding at a compound annual growth rate (CAGR) of 9.2% between 2021 and 2025.”
The construction of a New Administrative Capital (NAC) 45 kilometers east of Cairo and the new Capital Airport, connecting to Cairo and Giza, is expected to further improve prospects in Egypt.
Sharma continues: “Egypt has the potential to boost the average expenditure per visitor in the North African region, as capital cities typically support higher hotel room rates and host premium services such as restaurants and transportation. The NAC will also promote commerce between Algeria, Egypt, Libya, Morocco and Tunisia, therefore, contributing to their economic growth.
Egypt was one of the few countries that saw economic growth throughout the pandemic. This success may be attributable to its capacity to diversify into various businesses, as opposed to depending on high-spending international visitors. Unfortunately, its tourist sector had its biggest crisis since 2016 throughout 2021. However, the recovery is well underway.
The tourism industry in Egypt africa business tourism
The travel and tourism industry in Egypt is one of the country’s leading economic sectors, generating about 389 billion Egyptian pounds for the GDP in 2018. About 90 percent of the direct travel and tourism contribution to Egypt derives from leisure spending compared to 12 percent of business spending. The travel and tourism sector is also a major employer in the country with a workforce of 2.16 million in 2021.
Egypt is a travel destination that caters to every budget with its tourist attractions and climate. The main appeals for people to visit Egypt are the pyramids and ancient historical sites from the pharaonic reign. Located on the south of the Mediterranean Sea, Egypt offers a warm climate all year around. Besides beach holidays, the red sea is a popular destination for snorkeling and diving. Egypt attracts not only Western tourists from Europe and North America but also interregional tourists from other Middle East and North African states. Within the MENA region, the country ranks right behind Saudi Arabia and the United Arab Emirates in terms of tourist arrivals, although the majority of international arrivals in Saudi Arabia are religious pilgrims wishing to visit the holy sights of Mecca and Madinah.
Check out some of the best Egypt tours:
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Discover this ancient civilisation steeped in the history of the grand temples of the Gods and their tales of the past. This journey through Egypt packs in awe-inspiring culture and adventure in ten energetic days.
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