Ethiopian diplomat: Renaissance Dam will be built 'with its full capacity'

23 June 2014
Source:Middle East Monitor

 Ethiopia is moving forward with the construction of the Grand Renaissance Dam with its full capacity and according to the original plans despite Egyptian reservations, an Ethiopian diplomat told Arabi 21 website Sunday.

The suspension of an Egyptian anchorwoman from Tahrir TV channel has reopened discussions on the crisis of the dam's capacity, amid reports of a UAE-Israeli mediated initiative in the horizon.
Tahrir anchorwoman Rania Badawy has been suspended after a complaint from the Ethiopian ambassador in Cairo following an argument she had with him during a live call-in with her show. Badawy has hung up on ambassador Mahmoud Dardir after he accused her of arrogance due to her question whether Ethiopia will carry on with the construction of the dam based on the original plan.
Responding to a question by Badawy regarding the dam's current capacity and its impacts on Egyptian water security, the ambassador stressed that this is a sovereign matter, and that Ethiopia has "moved beyond Egyptian dictations and conditions in this regard."

Arabi 21 website asked an Ethiopian diplomat regarding the implications of the ambassador's remarks. The diplomat confirmed that his country had not changed its initial construction plans and would not accept any discussions with Egypt on them.

The diplomat confirmed reports of an Emirati-Israeli initiative that calls for the continuation of the construction according to initial plans, with an Ethiopian pledge not to use the full capacity of the dam in a way that impacts Egyptian and Sudanese share of the water.

The diplomat pointed out that the initiative, if approved, would not resolve the crisis because Addis Ababa would still be able to use the full capacity of the dam whenever it sees fit.

Link: www.middleeastmonitor.com/news/africa/12290-ethiopian-diplomat-renaissance-dam-will-be-built-with-its-full-capacity.

Corrupt Egypt gas deals revealed

09 June 2014
Source: Middle East Monitor



In Egypt's Lost Power, Al Jazeera's Investigative Unit reveals the hidden story of Egypt's oil and gas industry. It describes how tycoons cashed in as a nation lost out - and provides compelling new evidence that the Arab world's most populated country may soon become energy dependent on Israel.

The documentary describes how Egypt - once a major natural gas exporter - made a series of deals from so corrupt that it has devastated the nation's energy sector. What's more, the country that it sold gas to from 2008 to 2012 at below market prices - Israel - is now in possession of massive gas reserves that it intends to sell to Egypt.

Sources in Tel Aviv describe how, after the overthrow of President Mohammed Morsi, Egypt made clandestine approaches to the Israeli government in order to "ensure the flow of gas" to Egypt.
Former Israeli Energy Minister Yosef Paritzky told the program: "Egypt needs gas. We can sell it. What else can be better?"

More than a dozen industry specialists, including former and current officials, were interviewed over the course of this five-month investigation.

Investigative reporter Clayton Swisher tracked down and located fugitive billionaire Hussein Salem in Madrid as well as his former business partner (and former Mossad officer) Yossi Maiman outside his offices north of the Israeli capital, Tel Aviv.

The program examines Egyptian government records, court filings, and corporate records and discovered that powerful energy companies are now suing Egypt in numerous international arbitration courts.

The investigation also addresses how deliberately generated gas shortages played a role in the toppling of Egypt's first democratically elected President, Mohammed Morsi.

Edward Walker, a former U.S. Ambassador to Egypt and Israel, tells the show that many in Washington welcomed last year's coup. "He's attractive because he's not Morsi. And the concern has always been to maintain and sustain the relationship between Egypt and Israel. So it was not really in our interest to see them (the Muslim Brotherhood) succeed."

 Admiral William Fallon, a former head of U.S. Central Command rejected the policy of promoting democracy in the Middle East. "It isn't just about having elections. That's wonderful," he told Egypt's Lost Power. "But what comes after the election? If there's not a framework for making government work to accomplish things, then it's very hollow".

Former Israeli Ambassador Oded Eran, an advisor to the Knesset, welcomed a new energy relationship with Cairo. "If we can get into an agreement...supplying gas to Egypt, this will also cement the relations, political and economic, between Israel and Egypt."

Al Jazeera's Investigative Unit's previous scoops include the Palestine Papers, The Bin Laden Files, What Killed Arafat?, and Killing Arafat.

Egypt's Lost Power broadcasts on Al Jazeera English on Monday, June 9th at 2000 GMT, and 1900 GMT on Al Jazeera Arabic.

Link: www.middleeastmonitor.com/news/middle-east/11971-corrupt-egypt-gas-deals-revealed.

Has Al-Sisi turned down Qatari gas in favour of dependency on Israel?

14 June 2014
 Ahmad Al-Laythi
Source: Middle East Monitor

"The Egyptian public can make the calculation that it's happier to have electricity 24 hours a day because they deal with Israel in getting actual gas or they would prefer to be in the dark for some hours a day as a matter of principle," with this statement Simon Henderson of the Washington Institute concluded a documentary broadcast on Al Jazeera on Monday. The film addressed the corruption that marred the gas deal between Egypt and Israel and the role of the military in overthrowing president Mohamed Morsi to protect their economic interests with Tel Aviv.

Even though Egypt halted gas exports to Israel after the January 25 revolution, Tel Aviv discovered at that time massive amounts of gas in the Mediterranean fields of Leviathan and Tamar, enough to cover domestic consumption and export the surplus to neighbouring countries, topped by Egypt whose domestic gas demands exceeded its ability to produce. Moreover, Cairo has become unable to meet its obligations towards foreign oil companies with which Egypt signed contracts to export its share of gas discoveries after the government was forced to direct all production towards the domestic market.

In addition to the huge challenges facing General al-Sisi, the energy problem remains as one of the most serious problems he has to swiftly address. Otherwise he would risk weakening his grip on power in country which ousted two presidents in three years mainly due to instability and poverty.

Israel or Qatar

The drop in domestic gas production has led to a crisis of routine power outages in the country. At the same time, the government finds itself indebted with 8 billion dollars -which is more than half the country's foreign currency reserves. Foreign companies are now prosecuting Egypt and threatening to pull out of the domestic market and to halt their entire production, which would exacerbate the problem at an unprecedented scale. So, what would Al-Sisi do to alleviate this dilemma?

Analysts suggest that he has limited options. More specifically, he only has two options: importing gas from Israel, or Qatar. According to observers, importing from Israel constitutes a direct threat to Egyptian national security, since the Egyptian "energy security" would be fully in the hands of Tel Aviv. Furthermore, this option has another drawback as it would be embarrassing for Egypt, which until two years ago was exporting gas with staggeringly low prices, in flagrant squandering of the resources of the Egyptian state.

According to a report by Forbes magazine, purchasing gas from Israel would be tantamount to "a political land mine", particularly with reports that show that Egypt lost approximately $11 billion due to low-price gas sales to Israel, in addition to another $20 billion losses in the form of debts and liabilities. Forbes quoted Sherif al-Diwany, the executive director of the Egyptian Center for Economic studies, as saying that the ongoing tension between the governments of Egypt and Israel due to those losses will increase the cost of purchasing Israeli gas at a rate much higher than expected.

"In a volatile political situation, its not wise to become dependent on Israel – Al-Sisi will not do it," al-Diwany told Forbes. Egypt relies on natural gas to generate 70 percent of its power.

Gas in exchange for Muslim Brothers?

The second option for Al-Sisi would be to import gas from Qatar, a backer of the Egyptian Muslim Brotherhood. It is no secret that Qatar has become a foe of the new regime in Egypt after the military coup. It has been the main financial backer of Morsi and Egypt's major energy partner. Morsi has signed an agreement with Qatar to build a floating terminal designed to convert LNG to natural gas, and to provide Egypt with five free shipments to help reduce the price of gas cylinders intended for home use. However, after the overthrow of the elected president, Egypt severed its political relations with Qatar, cancelled the agreement, thus losing supply of natural gas necessary to generate electricity. It has also been deprived of the possibility of converting the import of liquefied gas to natural gas to meet its needs.

Despite the political support of Gulf countries -such as Saudi Arabia, UAE, and Kuwait- to Al-Sisi and offering him with free oil shipments, these countries cannot replace Qatar, one of the largest gas producers in the world.

A report by Mid-Africa Time website mentioned that Tariq al-Mullah, the chairman of the Egyptian general petroleum authority, started in April negotiations for the resumption of importing natural gas from Qatar, yet has so far failed to reach any agreement. The website quoted a source in the Qatari ministry of industry as saying that the only condition for resuming talks is "easing pressures on the Muslim Brotherhood and its supporters."

British journalists David Hearst said in a recent article that Morsi was an obstacle to an attractive deal between Egypt and Israel, a deal which is about to be reached, now that Morsi has been ousted.

The Al Jazeera documentary revealed Al-Sisi's secret communications with Israel to insure his political future through importing gas from Israel to cover the deficit in Egypt. The first part of Al-Sisi's plot was implemented last January by lifting the restrictions from foreign oil and gas companies operating in Egypt so they would be capable of importing gas from any foreign supplier, for the first time in the country's history, a move which opened the door for importing gas from Israel.
The Israeli military analysis website DEBKA file said that Egypt will soon start importing 4.5 billion cubic meters of gas annually from the Israeli Tamar field, which renders Israel the biggest gas exporter to Egypt. Nimrod Novick, a former adviser to the Israeli prime minister, said that Egypt, which is facing a number of lawsuits because of its failure to fulfil its obligations towards foreign companies, is currently planning to use the gas deal with Israel to solve this problem first, rather than solving the power outage problem. He pointed out that the agreement may stipulate Egypt's approval to export Israeli gas to the world through the liquefaction plants built on its territory. It seems that Al-Sisi has made up his mind to surrender to Tel Aviv and reject Qatari gas, as if he were telling Egyptians: "Accept Israeli gas or drown in your sweat and live in the dark."

Translated from Arabi21, June 13, 2014

Link:  www.middleeastmonitor.com/articles/africa/12114-has-al-sisi-turned-down-qatari-gas-in-favour-of-dependency-on-israel.

Despite economic meltdown Al-Sisi buys 1,100 cars for army officers

15 March 2014
Source: Middle East Monitor

Following his calls for austerity in the face of the meltdown of the Egyptian economy, coup leader Abdel Fattah Al-Sisi has bought 1,100 Peugeot cars for army officers.

The Arab Development and Investment Company announced that its subsidiary Cairo for Development and Car Manufacturing-Peugeot has signed a contract with the Armed Forces to supply the vehicles, which have a total value of 103 million Egyptian Pounds. The details of the deal were reported in Al-Borsa economic magazine. Sources close to the Peugeot dealer said that the order will be delivered within days.
Meanwhile, Al-Sisi repeated his call for austerity measures during a meeting with young doctors last week. He advised students to walk to their universities every day to save the cost of transportation "for the sake of Egypt".

Link: https://www.middleeastmonitor.com/news/middle-east/10323-despite-economic-meltdown-al-sisi-buys-1100-cars-for-army-officers.

Egyptian Stock Market losses total 2.3 billion pounds

07 March 2014
Source: Middle East Monitor

Egyptian stock indices fell at the end of Thursday's trading due to the massive sale of blue chip stocks in the absence of any stimuli.

The benchmark index EGX 30 fell by about 0.94 per cent to stand at 7949.6 by the close. The index for small and medium-sized shares, Eiji X 70, declined at a lower rate of 0.59 per cent and closed at 645.35 points. The losses extended to the broader Eiji X 100 index, which lost 0.54 per cent to close at 1103.66.
The market capitalisation of the listed stocks lost nearly 2.3 billion Egyptian pounds to stand at 488.67 billion pounds; the weekly losses were recorded at around 3.2 billion pounds. Brokers explained the falls in the context of strong sales, despite foreign and Arab investment and purchases.

"The absence of stimuli," said one broker, "has combined with the fact that Al-Sisi hasn't announced his intention to run for presidential elections to push dealers to limit sales in an attempt to make a profit until a clearer vision is set out."

Link:  www.middleeastmonitor.com/news/africa/10168-egyptian-stock-market-losses-total-23-billion-pounds.

Abandoning Egypt: Travel Operators Report Further Declines

Feb 11, 2014
 By  By Christina Zander
Source: The Wall Street Journal

 Companies in the European travel business are crossing their fingers for Egypt, after political unrest in late 2013 put another dent in the North African nation’s appeal as a vacation destination.

British travel companies Thomas CookTCG.LN -0.05% and TUITT.LN +1.29%, and Helsinki-based FinnairFIA1S.HE -0.74% all cited slack demand for winter holidays in their most recent earnings calls. “The whole European travel industry was hit by the decline in the Egypt market and we were no exception,” Thomas Cook Chief Executive Harriet Green said in a call Tuesday.

The direct impact could be seen at Finnair, a Nordic carrier with hefty reliance on flights to warmer locales, such as Thailand or Southern Europe. The airline said fourth-quarter leisure traffic sagged 20% compared with the prior year, and a lack of interest in Egypt played “a major part” in the decline.

Finland’s largest airline by passenger numbers posted a net loss of $18.7 million in the fourth quarter, compared with a loss of EUR4.8 million the same period 2012, as sales fell by 8.5% to $767 million.
While many travel companies have avoided Egypt altogether, even customers interested in visiting face complications. Insurers, for instance, have been hesitant to write policies for package tours due to the uncertain situation in the country.

Thomas Cook posted 0.9% drop in sales in the three months ended Dec. 31 to $2.78 billion. Excluding Egypt, first-quarter revenue grew 4.1% compared with the same period a year earlier.

Thomas Cook’s Ms Green said the company was “very encouraged to see people beginning to return, particularly from the U.K., Germany and Russia.”

No such optimism could be detected from Finnair. For 2014, the airline said uncertain economic outlook in Europe and Asia is contributing to weak consumer demand in some of its main markets. The carrier noted in its report for the third quarter that the impact of Egypt cancellations would be reflected in the fourth quarter as well as in the first quarter 2014.

Finnair said Egypt package tour cancellations will also impact the first quarter and the drop in leisure traffic can be seen in the traffic data for January that the company reported last week.

British travel operator TUI also cited Egypt as a challenge. “We had pretty much no customers there during the month of October,” Chief Financial Office William Waggot said in an earnings call last week.  ”And the program for the rest of winter is about 50% down on where we were planning to be.”

- Jana Weigand contributed to this article

Link:   http://blogs.wsj.com/corporate-intelligence/2014/02/11/abandoning-egypt-travel-operators-report-further-declines/?mod=yahoo_hs.

 

 

 

 

 

 

Lacking Energy: Egypt's economic crisis

04 February 2014
Source: Middle East Monitor

Government estimates forecast Egypt's energy crisis will worsen in the next fiscal year with the failure of gas production to accommodate the growing domestic demand, Reuters news agency reported Monday.
According to the Ministry of Petroleum, gas production will be 5.4 billion cubic feet (bcf) per day versus 5.57bcf per day consumption in the next fiscal year.

In the current fiscal year, gas production is still estimated to exceed consumption at 5.31bcf per day versus 4.95bcf per day, a ministry source told Reuters.

Meanwhile, the Wall Street Journal (WSJ) said allowing private-sector firms to import natural gas won't resolve Egypt's energy crisis.

"The North African country, which was once a gas exporter to markets from Asia to South America, was pushed to become an importer for the first time last year after failing to keep pace with its demand growth. It has in the past guaranteed subsidised energy supplies to the private sector, while exporting about a quarter of its gas output," Summer Said of the WSJ said.

Following the July 3 military coup, Egypt froze talks with Qatar over liquefied natural gas (LNG) imports. Due to the continued political unrest since the coup, Egypt has delayed building a LNG import terminal and its attempts to appeal to foreign investors have failed. Companies want to get out of the country because of the worsening political situation, a former senior official at the state-run Egyptian Natural Gas Holding Co. told the WSJ.

"So if the government does not wake up and find a serious solution for both its energy sector and its energy-intensive factories, you will have local companies going out of business because they cannot be cost effective and international energy firms running away because they are not making profit," he added.

Source: Wall Street Journal & Reuters

Link: 
 https://www.middleeastmonitor.com/news/americas/9585-lacking-energy-egypts-economic-crisis.

Nile Disputes Threaten Africa’s Largest Hydropower Project

January 10, 2014
By Oilprice.com
Source:  The Motley Fool 

This article was written by Oilprice.com -- the leading provider of energy news in the world

The largest Hydropower project in Africa, the 6,000MW Grand Ethiopian Renaissance Dam, is under threat as Ethiopia and Egypt remain unable to come to an agreement over the flow of the River Nile.

The giant dam is being constructed on the Blue Nile River, the largest tributary of the Nile, and Egypt is fearful that it might restrict the flow of the river which provides almost all of the country's water. Historically, as one of the most powerful countries along the length of the Nile, Egypt has benefited from almost complete control, but recent attempts to secure almost all rights in the future have just been rejected by Ethiopia.

Egypt claims that it signed a 1959 agreement with Sudan that granted them the rights to 55.5 billion cubic metres of water from the total 84 billion cubic metres flowing through the river. However, Ethiopia and other upriver countries have rejected the agreement, which they were never a part of, and claim that Egypt's monopolisation of the Nile would deprive them of a vital resource that runs through their country.


  In 2010, Ethiopia, along with five other countries based along the river Nile (Kenya, Uganda, Rwanda, Tanzania, and Burundi in 2011) signed a Cooperative Framework Agreement that addressed issues of using the water in ways that do not cause significant harm to other countries reliant on the water. Basically these countries were fed up with always having to ask permission from Egypt before they could attempt to use the river in any development project. The agreement lays the foundations for creating a Nile River Basin Commission that would manage all water rights and development projects along the river.

Ethiopia claims that the $4.2 billion hydroelectric dam would benefit agriculture and any energy consumers in East Africa, while at the same time not affecting the flow of water downstream; even Sudan has shown its support for the project.

Egypt remains determined to retain its dominance of the River Nile, claiming that it is a matter of national security and that they actually need an even larger share of the water now due to the growing population. Politicians have even suggested the use of force against Ethiopia to prevent the dam from being completed.
Mohamed Abdel-Moteleb, the Egyptian Irrigation Minister, said that the country "has escalatory steps to assert our historic rights to the Nile waters."

Egypt suggested that a panel of neutral experts should be appointed to study the dam's impact on the river and the surrounding environment however Ethiopia was quick to reject this proposal. Eventually a committee was created, that included members from Ethiopia, Egypt, and Sudan, on the recommendation of international experts who were worried by the lack of understanding about the dam's downstream impact.

Link: http://www.fool.com/investing/general/2014/01/10/nile-disputes-threaten-africas-largest-hydropower.aspx.

Presidential aide says Egypt is going downhill

02 December 2013
Source: Middle East Monitor (MEMO)

Kuwait's Al-Watan newspaper has reported that a spokesman for the Interim President of Egypt has said that the country is "going downhill" as long as the current situation continues. Ahmed Muslimani's statement has "shocked and surprised" his colleagues, claimed the pro-coup newspaper.
Commenting on the statement, which was made in a private reception, Al-Watan said, "It seems that the officials of the state and the presidency are making public statements that are the opposite of what they say behind closed doors." The newspaper argued that Muslimani's statement provides clear evidence for this duplicity. "He is, after all, the media spokesman for the president."
Al-Watan pointed out that Muslimani justified his comment by saying that Egypt is suffering from an economic crisis which will affect it dramatically during the coming days. "However, the resources of the state can no longer handle the recession," he said, "including the withdrawal of investments, the disruption to the wheels of production, and meeting the demands of the individual groups."
Muslimani's statement has not only shocked those present at the function at which he spoke, but also triggered panic among the Egyptian and other elites which have supported the coup from the very beginning.

Link: 
 www.middleeastmonitor.com/news/middle-east/8618-presidential-aide-says-egypt-is-going-downhill.

Egypt's agricultural exports increased by 43 per cent under President Morsi

Egypt's agricultural exports increased by 43 per cent under President Morsi

Egypt Anti-Coup National Alliance Rejects Putschist Regime Financial, Economic Agreements

October 9,2013
Source: Ikhwanweb

 Egypt’s coalition of parties and movements opposed to the military coup warns all local, regional and international banks and other financial institutions and authorities that it deems void all the military-appointed so-called interim government's financial and economic dealings and agreements.



Under the July 3 coup military-appointed regime, Egypt faces a very serious economic situation as a result of declining foreign exchange reserves in the country, rising prices, the collapse of tourism and investment, the rampant and persistent problem of unemployment and the closure of many factories and companies.


The putschist government has failed to provide any economic vision or a specific vision of any fiscal policy through which they can address the growing economic losses faced by the country because of the brutal treasonous coup.


Therefore, the Anti-Coup, Pro-Legitimacy National Alliance declares its unequivocal rejection of any financial dealings or agreements signed by the military coup government.  The Alliance also affirms that it does not recognize any dealings or agreements signed by any authority or ministry belonging to this government.

The Alliance warns all financial institutions and economic organizations not to deal with an illegitimate government that does not represent the Egyptian people.  The Alliance emphasizes that procedures or decisions made by the coup government are void in form and content, and any consequences thereof are also void.

The Alliance urges all international, regional and local institutions from falling into the trap of economic dealings with this government.

In this regard, the Alliance points that the Finance Ministry of the coup government issuing bonds and treasury bills today (October 8th, 2013) for the total amount of LE10 Bn - according to the ministry's official web site - is void, and is by an illegitimate government that does not represent the Egyptian people.

The Anti-Coup, Pro-Legitimacy National Alliance


http://www.ikhwanweb.com/article.php?id=31353

Egypt seeks French help with wheat imports

 1 hr 26 mins ago
By John Irish and Valerie Parent | Reuters
Source: Yahoo News

PARIS (Reuters) - France has received a formal request from Egypt for free grain storage and far easier payment terms for imports, official sources said, as the world's largest wheat buyer grapples with a prolonged economic crisis.

France, the European Union's top wheat exporter and one of Egypt's leading suppliers, is studying the request and is open to helping Egypt on a vital food security issue, a French diplomatic source said.

"We need to make an effort and if the French government has to push this forward it will," a diplomatic source told Reuters on Tuesday.

"It's an urgent matter. It won't be settled within hours but we're not talking either about an agreement in six months."

The diplomatic source said Egypt's request included assistance with building grain silos in Egypt; the stocking in France of French wheat bought by Egypt for up to six months free of charge, with shipment as and when needed by Egypt; and an extended payment period for wheat sales of nine to 12 months from shipment.

The extended period compares starkly with the "cash against documents" terms Egypt normally applies, in which grain is paid for on agreement of terms.

A source at the foreign trade ministry said it was too early to say whether France would approve the request.

Two years of political turmoil and economic crisis have eroded Egypt's hard currency reserves, making it difficult for the country to finance essential food and fuel imports.

Egypt's state grain buyer General Authority for Supply Commodities (GASC), which together with private importers normally obtains around 10 million tonnes of wheat per year, has not bought on international markets since February.

While Egyptian authorities have said they expect a bigger local harvest this year to replenish wheat stocks as part of a plan to phase out imports within four years, they are also trying to get assistance from suppliers.

Egyptian President Mohamed Mursi failed in April to secure grain and a loan from Russia to help ease a deepening economic crisis.

The French finance ministry was now studying with French grain exporting firms a possible response to Egypt's request, the source said.

Traders were sceptical over the outcome.

"They (Egypt) have to import and the crux of the matter is money. And France isn't Qatar, Russia or the IMF," a European trader said.

The request was initially sent several weeks ago to the French embassy in Cairo, and was then discussed last week by the Egyptian ambassador in Paris with France's food industry minister, the source added.

Egypt visitor numbers to rise 20% in 2013 - MENAFN

Egypt visitor numbers to rise 20% in 2013 - MENAFN
 06/05/2013 

(MENAFN - Arab News) Egypt's historic and solid tourism base is helping it to withstand negative impacts and improve its performance, says Tourism Minister Hisham Zaazou.

"Despite the challenges, I expect the tourism industry to return to normal levels. We are determined to reach the tourism peak levels achieved in 2010," said Zaazou, who is currently visiting Dubai to attend the Arabian Tourism Market events.

Zaazou said the Egyptian tourism industry is continuing to grow and tourism is a top priority for the government.

"Our target is to increase visitor numbers 20 percent this year," he said.

"Egypt has 200,000 hotel rooms, most of them located in the Red Sea and Sinai, and another 208,000 are under construction," he said.

"Almost of 50 percent of service exports are due to tourism; 14.4 percent of foreign currency earnings and 11.3 percent of GDP are directly and indirectly due to tourism," said the minister.

"The number of inbound tourists rose to 11.5 million in 2012 from 9.8 million in 2011," said the minister.

He said the number of Arab tourists visiting Egypt hit a record of 2.3 million compared with 1.8 million in 2011 and 2.1 million in 2010.

Zaazou said the tourism ministry is launching a range of measures to restore tourism rates to normal levels and consequently driving more investments into the country.

Addressing a press conference in Dubai, Zaazou said his ministry has plans to offer many incentives and offers for Arab families who visit Egypt during the summer season.

He said the ministry has installed cameras in popular tourism locations to provide live feeds online which will reflect the calm and stable state they are in. This will aid in providing peace of mind for tourists, through showing them the level of safety found in these areas.

Zaazou said the tourism industry is considered to be a key pillar of Egypt's national economy, accounting for 11.3 percent of GDP.

The industry also provides 15.2 percent of foreign exchange earnings, 45.1 percent of exports services and 9.2 percent of the volume of investments in the services sector.

In addition, it provides job opportunities for 12.6 percent of the total workforce in Egypt.

He also highlighted Egypt's ranking as the 18th destination from the top 50 destinations worldwide and receiving the first place among the tourism destinations in MENA region during the year 2012.

"Tourism rates have started to return to normal levels, and to move toward the high rates witnessed in 2010," he said.

read more:

Link: 

http://www.menafn.com/menafn/1093633013/Egypt-visitor-numbers-to-rise-20-2013&src%3DNLEN