According to World Tourism Organization, the Middle East region is the fastest growing tourist region in the past decade (for figures collated till mid 2020). International tourist arrivals in the Middle East region grew by an average of 10% per annum during 2018-2020, compared to 7-8% in Asia and Pacific, 9% in Africa and 3-5% 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. An average of 10 to 12 million tourists visited Egypt in the years up to 2020, and revenue was in average 8 billion. According to government figures some 13 million tourists visited Egypt in 2019, generating around 12 billion Egyptian pounds in revenue. 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 50% of all service export receipts and employs approximately 12% of the Egyptian workforce. It is also the second largest hard currency earner - USD 13 billion in 2019. As a result, the Egyptian government is strongly committed to supporting the growth of this industry; indeed, the government’s stated target of 15 million tourist arrivals by 2020 is still expected to be achieved. Among other projects, the state is managed an EGP 2 billion upgrade to Hurghada International Airport. The new runway and terminal opened early 2015 and are designed to double the airport’s capacity to 14 million passengers per year.
Crowe 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 assist investors, developers and hotel and leisure operating companies for 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 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.