Egypt Ranks Fourth Globally in Travel, Tourism Performance Growth

A worker walks near his camel as he waits for tourists at the Giza pyramids area, south of Cairo, February 20, 2014. REUTERS/Asmaa Waguih
A worker walks near his camel as he waits for tourists at the Giza pyramids area, south of Cairo, February 20, 2014. REUTERS/Asmaa Waguih
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Egypt Ranks Fourth Globally in Travel, Tourism Performance Growth

A worker walks near his camel as he waits for tourists at the Giza pyramids area, south of Cairo, February 20, 2014. REUTERS/Asmaa Waguih
A worker walks near his camel as he waits for tourists at the Giza pyramids area, south of Cairo, February 20, 2014. REUTERS/Asmaa Waguih

Egypt has ranked fourth in growth averages worldwide, according to the Travel & Tourism Competitiveness Report 2019 issued in September.

Egypt improved nine ranks, leaving the tourism sector at the 65th place after it was in the 74th. Also, It advanced from the 60th place to the 5th in the promoting strategy and tourism marketing.
According to the report, Egypt topped the MENA countries in environmental sustainable field and businessmen travel. It also had the best performance in terms of security, safety, infrastructure, ports, and natural resources.

The Egyptian government puts tourism on top of its priorities, noted the report – tourism is measured based on increasing government spending on the sector.

This report measures standards of travel and tourism competitiveness in 140 countries around the world and takes into consideration policies framework put by states.

Egypt’s progress came as a result of remarkable growth achieved in 11 of the 14 axes of travel and tourism competitiveness –further, Egypt's performance improved in six of these axes with an average exceeding 10 percent.

Egyptian Tourism Minister Rania al-Mashat expressed delight for Egypt’s progress in light of the structural reform program to develop the tourism sector launched by the ministry. The report takes into account the policies frameworks that lead to sustainable growth in the tourism sector and enhances competitiveness.

Mashat pointed out that Egypt’s progress in promoting and marketing indicators reflect the ministry’s efforts to change the patterned image of Egyptian tourism to a more modern one.

The report showed that Egypt is leading in cultural tourism, coming 22nd globally as it houses the most famous heritage sites in the world.



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.