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Egypt has completed finalising preparations for a new initiative valued at LE50 billion ($1,6 billion) for investments in hotel accommodations and strengthening the tourism sector.
Egypt Today cited Deputy Minister of Tourism and Antiquities for Tourism Ghada Shalaby as saying that 15,000 new hotels would open in 2023.
The Egyptian government is planning to boost the yearly influx of tourists by 25 to 30%, with a specific deadline of 2028 in sight.
The Secretary of the Cultural Tourism Investors Fund, Ihab Abdelaal, said that this will include covering 40% of the outstanding installments on hotels benefiting from it in US dollars
He said that the initiative would primarily benefit Egyptian hotels, which comprise 75% of the market share.
This initiative, which the Cabinet had previously authorised in December 2023, aimed to assist the tourism industry through the establishment, operation, or acquisition of closed hotel rooms.
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