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.
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.
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,
Gouna and in the promising Marsa Allam
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.