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Tourism ministry aims to increase profits to $10.5bn by FY 2014/2015 end - Daily News Egypt

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Tourism ministry aims to increase profits to $10.5bn by FY 2014/2015 end

Ministry of Finance raises allocations to TAA to participate in 21 tourism exhibitions across the world


Ministry of Finance raises allocations to TAA to participate in 21 tourism exhibitions across the world. (AFP PHOTO/KHALED DESOUKI)
Ministry of Finance raises allocations to TAA to participate in 21 tourism exhibitions across the world.
(AFP PHOTO/KHALED DESOUKI)

The Ministry of Tourism aims to increase tourism profits to $10.5bn by the end of the 2014/2015 fiscal year (FY), compared to the $5bn attained during FY 2013/2014, according to a source within the ministry.

According to the official, the ministry’s plan depends on a presence at 21 tourism bourses during FY 2014/2015 in Eastern and Western Europe, Turkey, Saudi Arabia, and the UAE.

The Ministry of Planning stated that the sector showed negative growth in 2013. Incoming tourism to Egypt dropped to 4.5 million tourists for the first half of 2014, representing a 25% decline from the same period last year.

The official said: “The Ministry of Finance increased Ministry of Tourism allocations from EGP 144m for FY 2013/2014 to EGP 658m for FY 2014/2015,” adding that the Tourism Activation Authority (TAA) allocations rose to EGP 545m compared to EGP 95.4m for FY 2013/2014.

“This large increase in tourism ministry allocations will help the TAA intensify its presence in tourism-exporting markets by creating a presence in new markets in India, China, and West Asia,” the official said. The TAA will participate in three events in the UAE and Saudi Arabia during FY 2014/2015 amid efforts to increase the number of Arab tourists visiting Egypt to 2.3 million by the end of FY 2014/2015 according to the official.

In September, Daily News Egypt reported that the TAA underwent structural reforms. New departments were formed –including one specifically charged with marketing—while marketing means were also updated. TAA presence will be intensified in Eastern and Western European markets, as they represent 72% of total annual tourism to Egypt. Russian and Germany topped the lists of exhibits that the TAA intends to participate in.

Cutting participation costs for international exhibitions will help companies and hotels increase presence in these events, especially in Western Europe, in order to stimulate cultural tourism which “has suffered the most over the past three and a half years” according to the Chairman of the Foreign Tourism Committee Adel Zaki.

Minister of Tourism Hisham Zaazou stated that the ministry plans to increase incentives offered for charter airline companies in regions where cultural tourism is popular, which increases attractiveness for both companies and tourists.

Cultural tourists are among the highest-spending tourists in Egypt annually, as average cultural tourist spending reaches $100 per night compared to $55 per night for beach tourists which represent 95% of total incoming tourism across Egypt.

 

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https://dailyfeed.dailynewsegypt.com/2014/10/14/tourism-ministry-aims-increase-profits-10-5bn-fy-20142015-end/
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