Hossam El-Shaer, chairperson of Blue Sky Travel Agency, said that the company’s revenues dropped by a quarter in 2016 compared to 2015. He attributed the fall to the low tourism inflow from Europe, following the tragic incident of the Metrojet Russian airliner crash at the end of October 2015. The company owns about 20 hotels and floating hotels in all Egyptian tourism destinations, especially in the Red Sea area, South Sinai, Luxor, and Aswan. El-Shaer said that his plan to complete the projects worth EGP 1.3bn will hinge on the return of Russian and British tourism. He explained that putting the projects on hold was mainly due to the lack of tourism inflow, as well as the high costs.

Source: Daily News Egypt January 19, 2017 07:43 UTC