Falling ruble keeps Russian tourists off Egypt's beaches

The slide of the ruble is keeping Russian tourists away from Egyptian beaches and halting the nascent recovery of a tourism industry already suffering from three years of turmoil, industry insiders say.

The demand from Russian vacationers is down 40 percent this December compared with last year as spending a holiday in Egypt becomes more expensive, Ehab Wahdan, general manager of the Egypt office of Moscow-based tour operator Tez Tour, said of his company's business.

The worst hit places are Egypt’s Red Sea resorts, the most popular destination for Russian tourists, particularly in the winter months when Egypt offers a warm climate at relatively affordable prices.