Tourism

Tourism continues to be a growth sector, despite the occasional setback, and the Country is striving to further develop its infrastructure to capitalize on its attraction as a dual cultural and recreation destination. 2000 witnessed another record year in terms of foreign tourist arrivals with an increase of 16% over the buoyant 1999. The Red Sea, with its pristine environment and spectacular reefs, is a year round destination.

CIIC participates with two major properties on both sides of the Red Sea. The well-established Ghazala Hotel in Sharm El Sheikh, and the largest hotel in Hurghada - The Grand Hotel. Both are sporting occupancy rates well above the average. The flagship of CIIC's sector investments is a significant participation in Gezirah Sheraton in Cairo, one of the capitals landmark hotels.

The company is also represented in the less price sensitive cultural tourism market with a stake in ISIS for Nile Cruises, owner of seven cruise boats on the Luxor-Aswan route. Further smaller stakes are held in properties in Taba, El Gouna and in the promising Marsa Allam development.

CIIC intends to maintain its commitment to a sector for which a doubling is forecast in the next five years and which remains a major contributor to domestic employment and to the balance of payments.

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