GCC tourists to Egypt will spend $2.36 billion in 2020, an increase of 11 per cent over 2019, with visitors from Saudi Arabia driving this growth.
That is according to new data published ahead of Arabian Travel Market.
Visitors from Saudi Arabia to Egypt made 1.4 million trips in 2019, with a forecast of 1.8 million tourists by 2024, a compound annual growth rate of five per cent.
In terms of tourism expenditure, Saudi Arabian visitors spent $633 million in 2019 which is estimated to grow at a CAGR of 11 per cent through to 2024, reaching $1.13 billion, according to Colliers International research.
Danielle Curtis, exhibition director, Middle East, Arabian Travel Market, said: “Total tourism receipts in Egypt which stood at $16.4 billion in 2019, will achieve an average 13 per cent CAGR over the next five years to reach $29.7 billion.
“And Egypt also has a significant outbound market for the GCC.
“Some 1.84 million visitors arrived in 2019 and this is estimated to increase to 2.64 million by 2024,” added Curtis.
Egypt’s top source market is Germany, with 2.48 million arrivals last year, a 46 per cent increase over 2018, and a total spend of $1.22 billion in 2019.
German arrivals are forecast to reach 2.9 million by 2024, with a…