RIYADH: Tourism revenues in Egypt recorded an annual rise of 14.9 percent during the first nine months of the fiscal year, reaching approximately $14.4 billion, the country’s prime minister revealed.
Speaking at a weekly cabinet meeting Mostafa Madbouly also revealed remittances from Egyptians working abroad rose to approximately $34.9 billion over the period, compared with about $26.4 billion a year earlier, according to a statement.
He also pointed to a decline in annual inflation to 13 percent in May, indicating easing inflationary pressures and a slower pace of price increases compared with previous months.
Tourism remains a key pillar of Egypt’s economic strategy. The government aims to attract 30 million tourists annually by 2030, more than double current levels, as part of a broader plan to expand tourism capacity, increase foreign currency inflows, and strengthen the sector’s contribution to economic growth.
The improvement in key economic indicators comes as the Central Bank of Egypt expects the economy to expand by between 4.3 percent and 4.5 percent in the current fiscal year, with average annual inflation projected at around 12 percent.
“The monthly inflation rate declined to 1.2 percent in April and 1.4 percent in May, after peaking at 3.3 percent in March 2026, indicating a shift toward a more moderate rate of price growth. However, some structural factors related to production costs and global economic developments persist,” the cabinet statement said.
During the meeting, Madbouly said the Ministry of Petroleum and Mineral Resources has completed the settlement of all outstanding payments to oil and gas investment partners, bringing the total to zero for the first time in years, compared with approximately $6.1 billion in June 2024.
He pointed out that this marks the end of one of the biggest challenges facing Egypt’s oil and gas sector in recent years, opening a new chapter focused on investment, growth, and production.
Investor sentiment toward Egypt has also improved in recent months. In April, S&P Global affirmed Egypt’s sovereign credit ratings at “B/B” with a stable outlook, citing progress in macroeconomic reforms and stronger external buffers.
In its report at the time, the ratings agency said the affirmation reflects a balance between Egypt’s reform progress over the past two years, its external buffers, and its medium-term growth prospects, despite risks stemming from prolonged regional geopolitical tensions.
