According to World Tourism Organization, the Middle East region is the fastest growing tourist region in the past decade (for figures collated till mid 2008). International tourist arrivals in the Middle East region grew by an average of 9.3% per annum during 2000-12, compared to 9.3% in Asia and Pacific, 8.5% in Africa and 3.2% in Europe.
One of the most popular tourist destinations in the Middle East is Egypt. Egypt’s tourism industry is among the most diverse and vibrant in the world. Beyond the pristine beaches and year-round sunshine, Egypt’s long and varied history, rich cultural heritage and unique geographic features make it a popular destination for adventure, eco, sailing, diving, health and cultural tourism - and for religious tourism to sites of importance to Christians and Muslims alike. About 8.8 million tourists visited Egypt in the first nine months of 2012, and revenue was 6.9 billion. According to government figures some 14.5 million tourists visited Egypt in 2010, generating around 12.5 billion Egyptian pounds ($2.05 billion) in revenue, whereas 2011, 9.8 million tourists brought in 8.8 billion pounds, The sector employs about 12% of Egypt's workforce
The tourism sector is a vital and strategic component of the Egyptian economy. As a significant contributor to GDP growth, the industry represents c.50% of all service export receipts and employs approximately 12% of the Egyptian workforce. It is also the second largest hard currency earner - USD 12.53 billion in 2010. As a result, the Egyptian government is strongly committed to supporting the growth of this industry; indeed, the government’s stated target of 14 million tourist arrivals by 2012 was achieved in 2010. Among other projects, the state is currently managing an EGP 1.4 billion upgrade to Hurghada International Airport. The new runway and terminal due to open in 2012 are designed to double the airport’s capacity to 14 million passengers per year.
Crowe Horwath Dr. A. M. Hegazy & Co. brings to the Middle East and Egypt its expertise acquired over 50 years of helping tourism, hotel and leisure industries. We have extensive, in-depth knowledge and understanding of the needs of hotel and real estate companies and financial institutions. We provide assistance to investors, developers and hotel and leisure operating companies in the area of improvement and consolidation through a combination of international experience and expert technical knowledge. Our main objective is to provide complete assistance in facing the new and challenging requirements of competition when developing Hotel, Tourism and Leisure (HTL) businesses and in the consolidation of the existing ones.
Crowe Horwath Dr. A. M. Hegazy & Co. has a notable track record and excellent technical knowledge based on years of experience in the hospitality industry. Possessing globalized property management skills to cope with the complex needs of the market, our key role is in delivering you a successful, competent professional service that adds value to your entity. Clients rely on us for advice, information and direction on any hospitality venture, whether it be planning, designing, building and managing a hotel or working on hotel classification systems. We provide appraisal services, advisory services and litigation support.