Tourism in Egypt recorded a 24 percent increase in revenue

Tourism in Egypt recorded a 24 percent increase in revenue in the first quarter of 2010 as the industry recovered from last year’s global financial crisis, the tourism minister said.  Revenue increased to $2.7 billion for the three months through March and tourist arrivals advanced 29 percent to 3.46 million visitors.

The economy of Egypt, home to the Pyramids of Giza, grew by 4.7 percent in the fiscal year through June, beating the forecast of the International Monetary Fund. The government expects the economy to grow by more than 5 percent this fiscal year.  The Egyptian economy depends on tourism, foreign direct investment and the Suez Canal. Tourism, which accounts for more than 12 percent of jobs, generated $10.76 billion in 2009, according to the Egyptian ministry. 

Besides its historical attractions, Egypt also draws tourists seeking sun, sand and diving along its Red Sea coast and in the Sinai Peninsula.

Russia maintained its position as the main source of tourists to the Arab country, with arrivals from the country growing 93.5 percent in the first quarter and revenue increasing 80 percent over the same period in 2009, the minister said.