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.



Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.