He highlighted the significant growth opportunities within Egypt's hotel sector, which will contribute to achieving the target of 400,000 hotel rooms by the end of 2028
Ahmed Issa, Egypt’s Minister of Tourism and Antiquities, revealed that approximately 25,000 new hotel rooms are set to be opened in the coming months. This came in Issa’s speech when he was taking part as a keynote speaker in the opening session of the Cairo CFO Summit 2023.
During his speech, Ahmed Issa also provided an overview of the strategies and targets for Egypt's tourism industry until 2028. He emphasized the importance of the national strategy for tourism development in Egypt and its role in achieving the industry's goals, including the ambitious target of welcoming 30 million tourists by 2028.
Minister Issa announced plans to introduce a range of incentives to encourage private sector investment in building new hotel rooms. He highlighted the significant growth opportunities within Egypt's hotel sector, which will contribute to achieving the target of 400,000 hotel rooms by the end of 2028.
The addition of these new hotel rooms will not only provide more accommodation options but also generate employment opportunities and stimulate economic growth in the tourism sector.
Earlier this month, Egypt's tourism revenues increased by 26.8%, reaching $13.6 billion in FY2022/2023, compared to $10.7 billion in FY2021/2022, according to a report by the Central Bank of Egypt (CBE).
In addition to that, the number of inbound tourists increased by 35.6% to about 13.9 million tourists, and the number of nights spent by tourists in Egypt increased by 27.6% to record 146.1 million nights in FY 2022/2023.
