Experts: Financial Fruits to Bear Through Organizing African Cup

By: Yassmine ESayed

CAIRO, Jan. 9 (SEE) - Egypt’s upcoming hosting to African Cup of Nations 2019 as many advantages to the country where it is expected to have economic benefits. Among those, the hosting country is said to receive financial rewards for the participation of its national team as well as 20% of the revenues of Tv. airing rights, advertisements exist on the stadium and the sale of special tickets for every football match.

Economic experts agreed that the tourism sector is the biggest winner of this thing, especially that masses of fans who will accompany their teams will raise the occupancy rates at hotels in all regions participating in the organization process, as well as will increase revenues from foreign currency.

On his part, Dr. Fakhri El Feki, an economist and former IMF adviser, said that although the costs of cup organization will be high, the revenues are expected to be much higher. “Not only will this process will benefit the tourism sector, but it will also benefit the communication one, as it will raise the revenues of the telecom companies from foreign currency because of the international roaming services,” he added.

He pointed out to the fact that the winning of Egypt to organize such tournament asserts that Egypt is secure and stable, which represents free promotion for Egypt in all countries of the world, with these types of tournaments attract global viewership.

He said that the rate of consumption of goods by the masses of fans will also lead to a great commercial success as well as put more winds in the sails of banks and exchange offices. He expected every fan to convert currency to the Egyptian pound between 500 $ 800.

On his part, Mohammed Abdel Salam, head of the garment industry at the Federation of Industries, said that the upcoming tournament is expected to revive 30-40% of the outfits factories that are working in the manufacture of the national team outfits and bring the industry out of recession.

He also said that it will activate the sale of flags and whistles and fans' caps that bear Egypt's flag in light of the expectations of the participation of Egyptian masses significantly.