HOTEL OCCUPANCY RATES IN EGYPT HAVE INCREASED BY 20-25% IN THE FIRST QUARTER OF 2023 COMPARED TO THE SAME PERIOD LAST YEAR. THE BOOST IS ATTRIBUTED TO DIVERSE EXPATRIATE MARKETS AND THE DEPRECIATION OF THE EGYPTIAN POUND.
According to a recent report by Asharq Business, hotel occupancy in Egypt has increased by 20-25% in Q1 of 2023 compared to the same period last year. The boost in occupancy is attributed to the diversity of expatriate markets visiting the country and the depreciation of the Egyptian pound. The report cites an unnamed tourism official as the source of this information. The occupancy rates in popular tourist destinations varied, with Sharm El-Sheikh at 55%, Hurghada at 65%, Marsa Alam at 70%, Luxor and Aswan at 80%, and Cairo at 85%.
The report further indicates that tourists from Germany, Poland, Italy, Britain, and the Czech Republic were among the most frequent visitors to Egyptian resorts. The increase in occupancy rates is welcome news for the Egyptian tourism industry, which has been grappling with the impact of the COVID-19 pandemic.
To further encourage tourism, on March 27th, Minister of Tourism and Antiquities Ahmed Issa announced a new package of facilities related to issuing tourist visas. With these efforts, Egypt hopes to continue attracting tourists from around the world and revive its tourism industry.
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