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Egypt expects tourism revenues to reach $14 billion by the end of the year, an increase of nearly 15 percent compared to 2022, Egyptian Deputy Minister of Tourism and Monuments Ghada Shalabi told Al Arabiya TV.

About 13 million tourists visited the country of the pharaohs from the beginning of January to the end of September. Against this background, the target of a total of 15 million foreign visitors in 2023 seems to be achieved, which would mean a 32 percent increase compared to the previous year.

Following the start of the conflict between Hamas and Israel, International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned that uncertainty could negatively affect tourism in Egypt, Lebanon and Jordan. Egyptian Prime Minister Mostafa Madbouli has also raised concerns about the potential implications for the state's key industry.

Inflation in Egypt fell slightly on an annual basis

In early November, Noura Ali, chairman of Egypt's House of Representatives Committee on Tourism, announced that nearly 25 percent of tourist bookings in Egypt had been cancelled because of the war. According to industry officials, however, the consequences of these cancellations have been mitigated by overbookings for October and November before the start of the esclamation.

The goals of the Cairo authorities remain ambitious, notes the business publication Enterprise News. Egypt plans to attract 18 million tourists in 2024, up 20 percent year-on-year. Tourism revenues are expected to jump by 25 percent.

At the Dubai Air Show earlier this month, Egyptian national carrier Egypt Air ordered 18 new Boeing aircraft on lease and signed a lease with Airbus for another 10 new aircraft.

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