Egypt tourism receipts slip nearly 30 %in 2011

Egypt’s tourism minister says revenues from the vital tourism sector fell by nearly 30 percent in 2011 compared to the previous year, amid the unrest stemming from the mass uprising that ousted former President Hosni Mubarak. The state-run Al-Ahram on Thursday quoted Tourism Minister Mounir Abdel-Nour as saying that the number of tourists coming to Egypt last year dropped by over 33 percent, to 9.8 million, compared to 14.7 million in 2010. Tourism revenues for 2011 came in at $8.8 billion versus $12.5 billion in 2010. Unrest following Mubarak’s ouster in mid-February has sharply undercut both the vital tourism industry and foreign investments. Egypt has asked the International Monetary Fund for a $3.2 billion loan to help bridge a burgeoning deficit.