Cairo Reports 'Positive Indicators' for Inbound Tourism Movement

Tourists take a photo in front of the Great Giza pyramids on the outskirts of Cairo (Reuters)
Tourists take a photo in front of the Great Giza pyramids on the outskirts of Cairo (Reuters)
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Cairo Reports 'Positive Indicators' for Inbound Tourism Movement

Tourists take a photo in front of the Great Giza pyramids on the outskirts of Cairo (Reuters)
Tourists take a photo in front of the Great Giza pyramids on the outskirts of Cairo (Reuters)

Egyptian Minister of Tourism and Antiquities, Ahmed Issa, stated that Egypt has achieved a record performance in the tourism industry over the past 6 months, with an increase in the number of incoming tourists.

The Minister reviewed during a meeting of the Board of Directors of the Tourism and Antiquities Support Fund, on Thursday, the "positive indicators of inbound tourism movement to Egypt," which has positively reflected on the financial performance and revenues of the fund.

This period saw the highest rates of inbound tourism movement in Egypt's history of tourism, compared to the same period in 2010, which was the highest rate at that time, according to a statement from the Egyptian Ministry of Tourism and Antiquities.

The Minister stressed the need to measure and follow up on the performance, quality, and accuracy of available data regarding the sector and its activity, which is crucial for making fact-based decisions contributing to its development and advancement.

Last year, 11.7 million tourists arrived in Egypt, compared to eight million in 2021, according to official statistics.

The Minister announced last month that Egypt received about seven million tourists during the first five months of the year and aims to receive 15 million by the end of the year.

Egypt is seeking 18 to 20 million tourists in 2024.

The head of the Committee for Promotion of Cultural Tourism in Luxor, Mohamed Othman, believes that several reasons resulted in positive indicators in inbound tourism.

Othman explained to Asharq Al-Awsat that the successful archaeological discoveries during the last period, the development of Sphinx and Bernice airports, and new government facilities to obtain tourist visas helped increase tourism movement into the country.

The expert echoed the Minister's predictions, agreeing that the country is expected to attract 15 million tourists until the end of the year, coming mainly from China, India, and Japan.

Meanwhile, an Egyptian private plane made an "emergency" landing at the Aktobe International Airport in Kazakhstan, following a false alarm in the luggage storage area, according to the Egyptian Ministry of Civil Aviation.

A source stated that the Egyptian plane was heading from Sharm el-Sheikh Airport to Nur-Sultan Airport in Kazakhstan, and alarms went off three and half hours after takeoff.

"Immediately, this warning was addressed seriously, and all internationally applicable air safety rules were followed, which required extinguishing the fire and landing at the nearest airport," the statement added.

The source confirmed that the pilot and co-pilot activated the fire extinguishing system, and all alarm warnings on the plane stopped. They headed towards Aktobe Airport, the nearest airport for landing, and the aircraft landed safely.

The passengers were evacuated, and the baggage stores were evacuated.

According to the Ministry of Civil Aviation, the airport authorities reviewed all the procedures taken by the company and re-authorized take off again after ensuring that they applied all international standards for air maintenance and safety procedures.

A malfunction of the fire detection system in the cockpit was confirmed, and there was no trace of fire or smoke in any of the luggage stores.

The plane continued its flight to Nur-Sultan Airport in Kazakhstan.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."