{"id":577459,"date":"2022-11-23T04:00:47","date_gmt":"2022-11-23T04:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/"},"modified":"2022-11-23T04:00:47","modified_gmt":"2022-11-23T04:00:47","slug":"the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/","title":{"rendered":"The cost of Egypt\u2019s ambitious tourism targets? USD 20 bn, according to the tourism minister"},"content":{"rendered":"

Among the other stories we\u2019re paying attention to this morning:<\/strong><\/p>\n

TOURISM-<\/strong><\/p>\n

Egypt is going to need USD 20 bn if it\u2019s going to realize its <\/strong>ambitions<\/a><\/strong> to attract 30 mn tourists a year<\/strong>, Tourism Minister Ahmed Eissa told MPs yesterday. \u201cEgypt needs at least half a mn rooms to receive 30-40 mn tourists a year and this will cost around USD 20 bn,\u201d he said during his appearance at the House yesterday. The government is expected to unveil a new strategy to attract more people to Egypt in 1Q 2023. Around 13 mn tourists visited Egypt in 2019.<\/p>\n

INVESTMENT- <\/strong><\/p>\n

Qalaa Holding<\/strong> plans to invest EGP 15 bn<\/strong> in its subsidiaries<\/strong> over the next three years, co-founder and managing director Hisham El Khazindar reportedly told Al Borsa<\/a>.<\/p>\n

El Sewedy Electric <\/strong>is set to launch a Saudi subsidiary<\/strong>. (Statement, pdf<\/a>)<\/p>\n

ENERGY- <\/strong><\/p>\n

Rosatom<\/strong> will start shipping equipment for the Dabaa nuclear plant<\/strong> in March<\/strong>, Nuclear Power Plant Authority head Amgad El Wakeel reportedly told Al Mal<\/a>. The Russian state nuclear company started building the 4.8 GW plant over the summer<\/a>, and began work<\/a> on the second reactor this week.<\/p>\n

GREEN ECONOMY- <\/strong><\/p>\n

The initial portfolio size of Contact Financial Holding\u2019<\/strong>s planned green<\/a><\/strong>financing<\/a><\/strong> covering solar power plants and modern irrigation systems \u2014 which could launch as soon as next month \u2014 is EGP 1.25 bn.<\/strong> (Al Mal<\/a>)<\/p>\n

FOOD & BEVERAGE- <\/strong><\/p>\n

Foodics<\/strong> is integrating Paymob<\/strong> POS devices into its restaurant management platform, creating what it says is \u201cthe first of its kind backend wireless API integration\u201d in the Egyptian F&B sector. (Statement<\/a>)<\/p>\n

REGULATION- <\/strong><\/p>\n

Grievance committees handling non-bank financial services <\/strong>complaints have been restructured<\/strong> following a decree by Prime Minister Moustafa Madbouly, the Financial Regulatory Authority (FRA) said (pdf)<\/a> yesterday. The changes restructure committees for capital markets, ins., real estate finance, microfinance, and leasing and factoring, with some of the activities getting grievance committees for the first time. The move aims to \u201cbolster confidence levels by stakeholders in NBFS activities supervised by the authority,\u201d and to create a favorable environment for doing business.<\/p>\n","protected":false},"excerpt":{"rendered":"

Among the other stories we\u2019re paying attention to this morning: TOURISM- Egypt is going to need USD 20 bn if it\u2019s going to realize its ambitions to attract 30 mn tourists a year, Tourism Minister Ahmed Eissa told MPs yesterday. \u201cEgypt needs at least half a mn rooms to receive 30-40 mn tourists a year […]<\/p>\n","protected":false},"author":1,"featured_media":577460,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,471,72,76,125,595,677,343,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-dabaa-nuclear-plant","tag-enterpriseam","tag-financial-regulatory-authority","tag-investment-watch","tag-non-banking-financial-services","tag-nuclear-energy","tag-regulation","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"de04de5c-3980-4f28-b274-c3b997133c2a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/361.jpg","photo_position":"above","related_issue":[577438],"teaser":"","voice_url":""},"yoast_head":"\nThe cost of Egypt\u2019s ambitious tourism targets? 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The company is aiming to increase the number of rooms by 13% to 17k, Chairman Hamed El Chiaty reportedly told the\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/386.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565692,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egypt-targets-usd-6-7-bn-in-2021-tourism-revenues\/","url_meta":{"origin":577459,"position":1},"title":"Egypt targets USD 6-7 bn in 2021 tourism revenues","author":"enterpriseam admin","date":"25 April 2021","format":false,"excerpt":"Egypt expects to see tourism revenues of USD 6-7 bn in 2021, with tourist arrivals recovering to 60% of 2019 levels, Deputy Tourism Minister Ghada Shalaby told Reuters. This is a slightly ambitious target, as around 500k tourists visited Egypt in the first two months of 2021, generating USD 600-800\u2026","rel":"","context":"In "SPEED ROUND: TOURISM"","block_context":{"text":"SPEED ROUND: TOURISM","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562529,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/tourism-revenue-targets-bumped-up-to-usd-9-bn-for-2021\/","url_meta":{"origin":577459,"position":2},"title":"Tourism revenue targets bumped up to USD 9 bn for 2021","author":"enterpriseam admin","date":"27 May 2021","format":false,"excerpt":"Tourism revenues are expected to reach somewhere between USD 6 bn and USD 9 bn in 2021 on the back of increased rising arrivals from Eastern European and Gulf tourists, Tourism Minister Khaled El Enany said yesterday at a conference in Riyadh, according to Bloomberg. The announcement is an upwards\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602825,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/08\/egypts-tourism-revenues-grew-50-y-o-y-to-usd-11-4-bn-in-2018\/","url_meta":{"origin":577459,"position":3},"title":"Egypt\u2019s tourism revenues grew 50% y-o-y to USD 11.4 bn in 2018","author":"enterpriseam admin","date":"8 April 2019","format":false,"excerpt":"Tourism revenues grew 50% y-o-y to c. USD 11.4 bn in 2018, from USD 7.6 bn in 2017, an unnamed government official told the local press. The growth came as more tourists arrived and spent more, on average, each day: Tourist arrivals came in at 11.34 mn visitors, while average\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568851,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egypt-tourism-expenditure-to-nearly-double-in-by-2024-colliers\/","url_meta":{"origin":577459,"position":4},"title":"Egypt tourism expenditure to nearly double in by 2024 -Colliers","author":"enterpriseam admin","date":"5 February 2020","format":false,"excerpt":"Tourist spending in Egypt is expected to hit USD 29.7 bn in 2024 from USD 16.4 bn in 2019, according to Colliers International forecasts (pdf). German tourists accounted for the largest share of spending in Egypt last year, and continued to be the top tourism source market for Egypt with\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/76.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566621,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/04\/more-tourists-are-trickling-in-this-year\/","url_meta":{"origin":577459,"position":5},"title":"More tourists are trickling in this year","author":"enterpriseam admin","date":"4 July 2021","format":false,"excerpt":"Egypt\u2019s tourism revenues reached USD 3.5-4 bn in 1H2021, Deputy Tourism Minister Ghada Shalaby told Reuters. This is up from USD 2.6 bn in 1H2020, according to Egypt\u2019s FY2019-2020 balance of payments (pdf). Meanwhile, some 3.5 mn tourists visited the country from January to June. She notes that each tourist\u2026","rel":"","context":"In "SPEED ROUND: TOURISM"","block_context":{"text":"SPEED ROUND: TOURISM","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/311.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=577459"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577459\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577460"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577459"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577459"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}