Hisham Talaat Moustafa, CEO of Talaat Moustafa Group (TMG Holding), described the opening of the Grand Egyptian Museum (GEM) as a landmark event in Egypt’s modern history, underscoring its role in positioning tourism as a key driver of Egypt’s economic growth and foreign currency inflows.

 

Speaking during a press conference attended by Prime Minister, Mostafa Madbouly, the Minister of Tourism and Antiquities, and a number of official partners of the GEM opening ceremony, Moustafa said the museum’s inauguration will act as a catalyst for record tourism performance in the coming year, with Egypt expected to achieve unprecedented occupancy rates nationwide.

 

“The Grand Egyptian Museum will be a powerful global attraction that reshapes Egypt’s tourism map,” he stated, adding that the project reflects Egypt’s economic transformation and growing global visibility.

 

Tourism’s Expanding Economic Role

 

Moustafa emphasized that tourism has become one of the most vital pillars of the national economy, playing a direct role in boosting foreign currency reserves, shielding the economy from global fluctuations, and contributing to inflation control through balanced inflows and outflows of hard currency.

 

He revealed that current tourism indicators show a record surge in hotel prices across major destinations. “The average room rate in Aswan has reached around $1,050 per night, and in Cairo $1,100 per night, levels unseen in the past 20 years,” he said, noting that this has led to a three- to fourfold increase in foreign currency inflows into Egypt’s tourism sector.

 

Strategic Projects Adjacent to the GEM

 

Moustafa also announced the development of a major tourism and hospitality project covering approximately 350,000 square meters behind the Grand Egyptian Museum. The project will feature underground pedestrian tunnels linking it directly to the museum, integrated with a large entertainment zone, and is expected to open within three years.

 

In parallel, TMG has inaugurated a new Four Seasons Hotel adjacent to the GEM, built over 3,500 square meters, representing a premium addition to Egypt’s luxury tourism landscape and completing the cultural and urban transformation of the Giza Plateau.

 

Reviving Egypt’s Historic Hotels

 

The group is also implementing a comprehensive renovation plan for Egypt’s iconic hotels, including the Mena House, Marriott Zamalek, and Winter Palace in Luxor, aligning with the broader urban and tourism development of the Giza and museum area.

 

Sharm El-Sheikh Tourism Rebound

 

Moustafa noted that Egypt’s tourism revival is already underway, pointing to Sharm El-Sheikh’s strong performance following the recent Peace Conference hosted in the city. Hotel occupancy rates reached 85%, while average room prices quadrupled compared to previous years, contributing directly to an increase in foreign currency inflows.

 

“The transformation we are witnessing in Egypt’s tourism sector is not temporary, it’s structural,” Moustafa said. “From the Grand Egyptian Museum to national urban development, we are creating an ecosystem that combines culture, investment, and modern infrastructure, paving the way for sustainable economic growth.”