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 Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
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Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP

Oil prices dipped on Monday amid a strong US dollar ahead of key economic data by the US Federal Reserve and US payrolls later in the week.
Brent crude futures slid 28 cents, or 0.4%, to $76.23 a barrel by 0800 GMT after settling on Friday at its highest since Oct. 14.
US West Texas Intermediate crude was down 27 cents, or 0.4%, at $73.69 a barrel after closing on Friday at its highest since Oct. 11, Reuters reported.
Oil posted five-session gains previously with hopes of rising demand following colder weather in the Northern Hemisphere and more fiscal stimulus by China to revitalize its faltering economy.
However, the strength of the dollar is on investor's radar, Priyanka Sachdeva, a senior market analyst at Phillip Nova, wrote in a report on Monday.
The dollar stayed close to a two-year peak on Monday. A stronger dollar makes it more expensive to buy the greenback-priced commodity.
Investors are also awaiting economic news for more clues on the Federal Reserve's rate outlook and energy consumption.
Minutes of the Fed's last meeting are due on Wednesday and the December payrolls report will come on Friday.
There are some future concerns about Iranian and Russian oil shipments as the potential for stronger sanctions on both producers looms.
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, two sources with knowledge of the matter said on Sunday.
Goldman Sachs expects Iran's production and exports to fall by the second quarter as a result of expected policy changes and tighter sanctions from the administration of incoming US President Donald Trump.
Output at the OPEC producer could drop by 300,000 barrels per day to 3.25 million bpd by second quarter, they said.
The US oil rig count, an indicator of future output, fell by one to 482 last week, a weekly report from energy services firm Baker Hughes showed on Friday.
Still, the global oil market is clouded by a supply surplus this year as a rise in non-OPEC supplies is projected by analysts to largely offset global demand increase, also with the possibility of more production in the US under Trump.