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Egypt will open approximately 25,000 new hotel rooms in the coming months, Minister of Tourism and Antiquities Ahmed Issa said, while delivering the keynote address at the opening session of the Cairo CFO Summit 2023.
Egypt will open approximately 25,000 new hotel rooms in the coming months, Minister of Tourism and Antiquities Ahmed Issa said, while delivering the keynote address at the opening session of the Cairo CFO Summit 2023.
The tourism minister also highlighted the significant growth opportunities within Egypt’s tourism sector, especially the hotel industry. This, he said, will contribute to achieving the target of having 400,000 hotel rooms by the end of 2028. He announced plans to introduce a range of incentives to encourage private sector investment in building new hotel rooms and 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.
Egypt has the goal of receiving 15 million tourists this year, with this increasing to 30 million by 2028. Increasing the number of hotel rooms is not only for accommodation purposes but also to generate employment opportunities and stimulate economic growth in the tourism sector.
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The Central Bank of Egypt (CBE) stated that Egypt’s tourism revenues increased by 26.8 percent, recording US$13.6 billion in FY 2022-23, compared to US$10.7 billion in FY 2021-22. The report also featured 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 2022-23.
