The Gaza war on the border with Egypt's Sinai Peninsula comes after the impact of Russia's invasion of Ukraine and the coronavirus pandemic exposed long-standing frailties in the Egyptian economy.
"Foreign sentiment on Egypt is so weak, and now with this coming along it's last thing that Egypt needed.
A foreign currency shortage has led to a $5 billion backlog of imports stuck at ports, and problems for foreign companies repatriating dividends, bankers say.
So far, the Gaza war has affected the popular Sinai destinations of Taba, Nuweiba, Dahab and Sharm el-Sheikh but left the rest of the country relatively unscathed.
Egypt's tourism minister told Reuters this week that the impact of the war was contained to under 10% of bookings.
Persons:
Mohamed Abd El Ghany, Monica Malik, Moataz, Sharm, Karim ElMinabawy, Siamak Adibi, Egypt's, Olumide Ajayi, Malik, Patrick Werr, Sarah El Safty, Aidan Lewis, Toby Chopra
Organizations:
REUTERS, Abu, Tourism, Countrywide, Emeco, Middle East Gas, FGE, United Arab, Thomson
Locations:
Giza, Cairo, Egypt, CAIRO, Gaza, Ukraine, Dhabi, Taba, Dahab, Luxor, Aswan, Israel, Europe, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Gulf . Saudi