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 Gains as Dollar Slips on Trump Tariff Uncertainty

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 Gains as Dollar Slips on Trump Tariff Uncertainty

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 rose on Tuesday as the US dollar eased due to uncertainty around President-elect Donald Trump's tariff plans, with further support coming from top consumer China's central bank adding to its gold reserves for a second straight month.

Spot gold was up 0.5% at $2,648.75 per ounce, as of 1218 GMT. US gold futures also rose 0.5% to $2,660.20.

"The main factor is the softening of the US dollar over the last two sessions, which has provided some relief for the precious metal," said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index eased towards a one-week low versus major peers as traders considered whether President-elect Donald Trump's tariffs would be less aggressive than promised following a report in the Washington Post, Reuters reported.

Trump however denied the report, deepening uncertainty about future US trade policies.

A stronger dollar makes bullion more expensive for other currency holders.

Traders are setting their sights on Friday's US jobs report for Fed policy clues, along with job openings data due later in the day, ADP employment and the minutes from the Fed's December meeting on Wednesday.

Fed Governor Lisa Cook on Monday said that the Fed can be cautious about any further rate cuts given a solid economy and inflation proving stickier than previously expected.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.

Meanwhile, China's gold reserves stood at 73.29 million fine troy ounces at the end of December as the central bank kept buying gold for a second straight month, official data showed.

"By re-entering the market in December, Beijing signaled that its gold acquisition program remains active—a development likely to lend continued support to the precious metal's price," Evangelista added.

Gold prices gained about 27% in 2024, mainly boosted by robust central bank purchases and Fed rate cuts.

Spot silver gained 0.8% to $30.19 per ounce, platinum added 1.2% to $944.39 and palladium rose 0.9% to $928.38.