{"id":657726,"date":"2024-12-25T00:00:00","date_gmt":"2024-12-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/25\/fitch-expects-a-5-5-y-o-y-increase-in-tourist-arrivals-next-year\/"},"modified":"2024-12-25T00:00:00","modified_gmt":"2024-12-25T00:00:00","slug":"fitch-expects-a-5-5-y-o-y-increase-in-tourist-arrivals-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/25\/fitch-expects-a-5-5-y-o-y-increase-in-tourist-arrivals-next-year\/","title":{"rendered":"Fitch expects a 5.5% y-o-y increase in tourist arrivals next year"},"content":{"rendered":"

TOURISM- <\/p>\n

Fitch Solutions sees Egypt welcoming 16.8 mn tourists next year<\/strong>, up 5.5% from this year\u2019s estimate, it said in a report picked up by Al Mal<\/a>. The figure is expected to climb steadily at an average 4.8% year after year to hit 18.8 mn in 2028. Tourism revenues are also expected to jump to USD 17.4 bn next year and reach USD 19.8 bn in 2028. The forecast is supported by rising demand from the European and American markets and increased investments in expanding hotel infrastructure and capacity, set to reach around 1.8k properties by 2028. While challenges such as geopolitical tensions and inflation persist, Fitch expects Egypt\u2019s affordability and diverse offerings will continue driving long-term growth.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Remember: <\/strong>The government aims to attract some 25 mn tourists annually<\/a> by 2030. <\/p>\n

ENERGY-<\/p>\n

Infinity Power awarded solar project in South Africa:<\/strong> Renewable energy player Infinity Power and South Africa-based Pele Green Energy<\/a> were awarded six solar plants in South Africa's latest renewable energy procurement round, the company said in a press release (pdf)<\/a>. The project will triple Infinity's generating capacity in the country and push closer to its goal of deploying 10 GW of renewable energy across Africa by 2030.<\/p>\n

In details:<\/strong> The projects \u2014 which will be 51% owned by Infinity Power \u2014 include three 240-MW plants and three additional facilities with a combined capacity of 560 MW spread across the country. Implementation and power purchase agreements with the South African government and grid operator Eskom are expected to be signed within eight months.<\/p>\n

\n

REAL ESTATE<\/strong>- <\/p>\n

Tabarak Holdings eyes global expansion: <\/strong>Real estate player Tabarak Holding plans to step into new European markets as part of a wider expansion plan that will see it expand in the Saudi market, according to a press release (pdf)<\/a>. <\/p>\n

ICYMI: <\/strong>In September<\/a>, the company announced plans to make its long-awaited EGX debut by listing 30% of its shares on the exchange in the 2H 2025. <\/p>\n

\n

EXPANSION-<\/p>\n

Arab Contractors sets up concrete JV in Oman: <\/strong>State-owned construction firm Arab Contractors has partnered with Al Abrar Real Estate to set up a concrete industries JV in Oman dubbed Global Precast Concrete Industries, according to a st<\/a>atement<\/a>. The company will specialize in the production of precast concrete products and Arab Contractors will hold a 49% stake. <\/p>\n

First contract secured: <\/strong>The new firm inked a OMR 15.9 mn agreement with Al Abrar to supply precast concrete products for its villas and residential buildings over a four-years period. <\/p>\n

\n

HEALTHCARE- <\/p>\n

Dar El Salam under new French management: <\/strong>The Healthy Ministry will ink the contract handing over the management and operations of Dar El Salam Hospital to the French medical institute Gustave Roussy in early January, Health Minister Khaled Abdel Ghaffar told Al Ma<\/a>l<\/a>. The French medical institute will expand the hospital with a new nine-storey building, increasing capacity by 209 inpatient beds, 30 intensive care units, and 33 bone marrow transplant units.<\/p>\n

\n

CAPITAL MARKETS-<\/p>\n

CPME taps advisor ahead of upcoming acquisitions spree: <\/strong>Impact investor Catalyst Partners\u2019 SPAC, Catalyst Partners Middle East\u2019s (CPME) board approved the appointment of FACT as the independent financial advisor to determine the fair value of acquisition-targeted companies, including digital lending marketplace Qardy, according to an EGX disclosure (pdf)<\/a>. The board also approved increasing the company\u2019s issued capital to EGP 235 mn, up from EGP 10 mn.<\/p>\n

Remember:<\/strong> The SPAC is looking to acquire six to ten companies \u2014 including two fintech and NBFS firms \u2014 the firm\u2019s Chairman Maged Shawky previously said. The company said earlier this month<\/a> that it is looking to acquire Qardy through a share swap.<\/p>\n

\n

TELECOMS-<\/p>\n

Telecom Egypt and China Mobile International (CMI) have inked a strategic agreement <\/strong>to \u201caddress the rapidly growing data needs of businesses and consumers worldwide,\u201d according to a statement (pdf)<\/a>. The agreement focuses on expanding international connectivity, enhancing network resilience, and delivering tailored DICT solutions to drive digital transformation. <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Infinity Power and South Africa-based Pele Green Energy were awarded six solar plants in South Africa<\/p>\n","protected":false},"author":1,"featured_media":657727,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[111,833,102,466,93,72,7115,8729,83,843,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-arab-contractors","tag-capital-markets","tag-catalyst-partners","tag-energy","tag-enterpriseam","tag-healthcare","tag-qardy","tag-real-estate","tag-telecoms","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"c5179b13-e09f-4aef-9561-bde4693bba6d","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2210.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fitch expects a 5.5% y-o-y increase in tourist arrivals next year","related_issue":[657707],"teaser":"PLUS: Infinity Power and South Africa-based Pele Green Energy were awarded six solar plants in South Africa","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.6514bd12-8e42-4674-af1b-fae909cfb8d6.mp3"},"yoast_head":"\nFitch expects a 5.5% y-o-y increase in tourist arrivals next year - 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Fitch Solutions forecasts revenues to reach a record high USD 13.6 bn this year, up 17.7% from 2022, according to a\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\/328.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582983,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/14\/tourist-arrivals-jump-by-a-third-in-january-and-february-plus-madbouly-meets-gm-egypt-saudi-interconnector\/","url_meta":{"origin":657726,"position":1},"title":"Tourist arrivals jump by a third in January and February. PLUS: Madbouly meets GM + Egypt-Saudi interconnector.","author":"enterpriseam admin","date":"14 March 2023","format":false,"excerpt":"Fitch expects tourism revenues to rise almost 20% this year","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Tourist-in-Aswan-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579033,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/23\/travco-wants-to-capitalize-on-the-tourism-rebound-govt-calls-for-usd-30-bn-investments-to-reach-30-mn-guests\/","url_meta":{"origin":657726,"position":2},"title":"Travco wants to capitalize on the tourism rebound + Gov\u2019t calls for USD 30 bn investments to reach 30 mn guests","author":"enterpriseam admin","date":"23 January 2023","format":false,"excerpt":"High-profile tourism firm Travco Group plans to invest EGP 7 bn this year to raise its hotel capacity amid expectations of an increase in tourist arrivals, Bloomberg Asharq reports. 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":585658,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/27\/another-sign-that-more-tourists-are-heading-our-way\/","url_meta":{"origin":657726,"position":3},"title":"Another sign that more tourists are heading our way","author":"enterpriseam admin","date":"27 April 2023","format":false,"excerpt":"Revenues are forecast to reach USD 13.6 bn this year","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\/4\/874.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556371,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/24\/fitch-ratings-affirms-egypts-long-term-fx-issuer-default-rating-at-b-outlook-stable\/","url_meta":{"origin":657726,"position":4},"title":"Fitch Ratings affirms Egypt\u2019s long-term FX issuer default rating at B+; outlook stable","author":"enterpriseam admin","date":"24 October 2021","format":false,"excerpt":"Fitch Ratings affirmed Egypt\u2019s long-term foreign-currency issuer default rating (IDR) at \u2018B+\u2019 with a stable outlook on Wednesday. The rating is supported by Egypt\u2019s \u201crecent track record of fiscal and economic reforms,\u201d coupled with its large economy, which has remained stable and resilient through the global health crisis, as \u201ccontinued\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/239.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597497,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/egypts-current-account-deficit-to-continue-to-widen-as-trade-balance-deteriorates-fitch\/","url_meta":{"origin":657726,"position":5},"title":"Egypt\u2019s current account deficit to continue to widen as trade balance deteriorates -Fitch","author":"enterpriseam admin","date":"29 July 2019","format":false,"excerpt":"We may be close to finishing the IMF program, but our trade balance isn\u2019t looking much better: Egypt\u2019s current account deficit will continue to widen over the coming quarters as the country\u2019s trade balance deteriorates, Fitch Solutions says in a new report. The report forecasts the deficit increasing to 2.8%\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\/2019\/7\/2220.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\/657726","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=657726"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657726\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/657707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/657727"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=657726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=657726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=657726"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=657726"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=657726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}