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Egypt tourism industry recovering

3-Aug-2011 11:42 AM

Egypt's finance minister Hazem el-Beblawi stated tourism was showing signs of recovery and the country's foreign reserves of around USD26.6 billion as at 30-Jun-2011, while down from USD659 million a month previously, were adequate (Reuters, 02-Aug-2011). The Egyptian government forecast revenues from tourism would total USD10 billion in the 12 months to 30-Jun-2012, compared with USD11.6 billion in 2009/10. The minister stated the tourism ministry was showing signs of recovery, with "the level of occupancy in Sharm el-Sheikh and other places on the Red Sea was systemically and constantly recovering. If this trend continues by the end of the year we will reach the normal level," he said.