{"id":657904,"date":"2024-12-29T00:00:00","date_gmt":"2024-12-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/29\/how-egypts-tourism-sector-fared-in-2024\/"},"modified":"2024-12-29T00:00:00","modified_gmt":"2024-12-29T00:00:00","slug":"how-egypts-tourism-sector-fared-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/29\/how-egypts-tourism-sector-fared-in-2024\/","title":{"rendered":"How Egypt\u2019s tourism sector fared in 2024?"},"content":{"rendered":"

A look back at 2024 through the lens of tourism: <\/strong>The year that passed has been a challenging one, with regional conflict raising the questions about one of Egypt\u2019s main sources of FX \u2014 tourism. <\/p>\n

All these challenges led the government to revise downwards its tourism target<\/strong> \u2014 the government now aims to welcome 25 mn tourists annually by 2030<\/a>, down from a previously-set goal of 30 mn tourists by 2028<\/a>. Also, the government had expected to welcome 15.7 mn tourists<\/a> during the current fiscal year, but most recent data see Egypt welcoming 15.3 mn tourists<\/a> by the end of FY 2024-25, not too far off the initially set goal for the year, and still 5% above last year\u2019s record.<\/p>\n

Speaking of targets:<\/strong> To realize its ambitious tourism targets, the government plans to add some 240-250k rooms to existing hotel room capacity. That\u2019s at least 20% more than the 200k hotel rooms<\/a> that were initially planned.<\/p>\n

A helping hand:<\/strong> To encourage investors to build more hotels and reach the targets set, the finance and tourism ministries last month launched a new EGP 50 bn subsidized loan program<\/a> for the tourism sector. The program offers financing at 12% interest, providing tourism operators with extended support to expand facilities and accommodate an anticipated growth in visitor numbers \u2014 with a focus on key tourist destinations in Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai governorates. Eligible companies can access up to EGP 1 bn in financing \u2014- rising to EGP 2 bn for related entities, over the course of one year. <\/p>\n

More gov\u2019t support in the works:<\/strong> The Madbouly government is looking into launching a new initiative to support investors looking to set up new hotels in the local market, Tourism Minister Sherif Fathy said during a presser earlier this month<\/a>. The initiative is pending discussions with the Finance Ministry and the central bank, seeing as they will be providing the funds needed, he explained.<\/p>\n

There are lots of strategic locations the government is prepping for tourism projects:<\/strong> The government is looking into launching four-to-five new investment zones along the Red Sea coast, hoping to create similar projects to the multi USD bn Ras El Hekma project that is expected to attract an additional 8 mn tourists every year<\/a> once it is up and running. There are already plans to offer the Red Sea\u2019s Ras Banas area to private sector players in a transaction similar to ADQ\u2019s Ras El Hekma USD 35 bn agreement<\/a>. <\/p>\n

What about non-costal tourism?<\/strong> The Madbouly government is also working to overhaul other in-city locations to attract more tourism investments, such as the Grand Egyptian Museum (GEM)<\/a> \u2014 which opened its doors for trial operations of its main galleries in October<\/a>, and is expected to be officially open for visitors sometime in 2025. The museum is the centerpiece of the EGP 30 bn development of the Giza Plateau area \u2014 a project that has been long in development<\/a>. Moreover, the Transport Ministry is working on a corridor that will link GEM to the Giza Plateau<\/a>, creating a seamless connection between two of Egypt\u2019s most iconic sites. Orascom Investment Holding said in early December it will bring its total investments in the plateau through subsidiary Orascom Pyramids Entertainment to EGP 1.5 bn<\/a> by February 2025.<\/p>\n

The hoteliers business fared well in 2024:<\/strong> The hospitality industry kicked off 2024 with an an agreement that saw ADQ snapping 40.5% of Icon<\/a> \u2014 the hospitality arm of Talaat Moustafa Group (TMG), and the company that acquired a 39% stake<\/a> in seven historical hotels under the state privatization program. We also saw a slew of transactions by regional and international companies to set up new hotels across Egypt.<\/p>\n

A snapshot of what\u2019s in the works:<\/strong> Egyptian hotelier Baron Hotels and Resorts<\/a> pledged more than EGP 3 bn<\/a> worth of investments in self-financed projects to add 2k rooms<\/a> in Hurghada and Sharm El Sheikh over the next two years. Travco subsidiary Jaz Hotel Group<\/a> plans to set up six new hotels<\/a> next year, under a USD 215 mn investment plan. Egyptian b\u2019naire Naguib Sawiris also plans to invest at least USD 150 mn to establish one or two hotels<\/a> near the Pyramids and Sphinx International Airport. Meanwhile, hospitality giant Hilton is working on tripling its presence in the local market by opening 25 new hotels<\/a> across the country \u2014 part of a larger goal for Hilton to have 40 hotels operating in Egypt over the coming years.<\/p>\n

Airports up for grabs:<\/strong> The Madbouly government concluded that in order to realize its ambitious tourism targets, it had to upgrade its airports, prompting it to invite private sector players<\/a> \u2014 including foreign companies \u2014 to take over the management of airports to improve services and increase revenues. The list of airports earmarked for the private management plan initially started with only five, but now includes all of Egypt\u2019s airports<\/a> after the government agreed last week with the International Finance Corporation to spearhead the airports privatization plan.<\/p>\n

Domestic flights by foreign airlines?<\/strong> The ministries of tourism and aviation are in discussions over potentially allowing foreign airlines to operate domestic flights<\/a> in Egypt, aiming to boost the number of domestic flights operated.<\/p>\n

Yacht tourism also got some love:<\/strong> The government has been working to boost Egypt\u2019s yacht tourism for years now<\/a>. And over the past year, the Suez Canal Authority (SCA) rolled out fresh incentives and facilities<\/a> for yachts passing through the waterway. The Madbouly government is also working to finalize<\/a> a contract to develop Galala Marina \u2014 expected to become Egypt\u2019s premier yacht destination in the years to come.<\/p>\n","protected":false},"excerpt":{"rendered":"

the government now aims to welcome 25 mn tourists annually by 2030<\/p>\n","protected":false},"author":1,"featured_media":657905,"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":[8966],"tags":[72,7388,238,9012],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-year-in-review-tourism","tag-enterpriseam","tag-ras-el-hekma","tag-tourism","tag-year-in-review-tourism-3","wpautop","entry"],"acf":{"mongo_id":"84cd8b6e-530e-4567-af23-5a9622b4c276","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2386.jpg","photo_position":"above","homepage_title":"","full_issue_title":"How Egypt\u2019s tourism sector fared in 2024?","related_issue":[657894],"teaser":"the government now aims to welcome 25 mn tourists annually by 2030","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.be816ccf-171f-4b98-a8da-9ae183e88755.mp3"},"yoast_head":"\nHow Egypt\u2019s tourism sector fared in 2024? 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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":595887,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/egypt-aims-to-increase-tourist-visits-by-11-in-fy2019-2020\/","url_meta":{"origin":657904,"position":2},"title":"Egypt aims to increase tourist visits by 11% in FY2019-2020","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"Egypt is hoping to attract 12 mn tourists in FY2019-2020, an 11% y-o-y increase, according to a government document seen by Reuters. The government is also looking at increasing the cumulative number of nights spent by tourists in the country to 127 mn from 113 mn during the last fiscal\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578951,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/tourism-revenues-projected-to-hit-record-high-in-2023\/","url_meta":{"origin":657904,"position":3},"title":"Tourism revenues projected to hit record high in 2023","author":"enterpriseam admin","date":"19 January 2023","format":false,"excerpt":"Egypt\u2019s tourism revenues will rise almost 20% in 2023 as more people visit the country on the back of a weaker EGP and the easing of covid-era travel curbs. 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":561331,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/04\/egypt-has-made-up-to-usd-800mn-from-500k-tourists-visiting-egypt-in-2021-so-far\/","url_meta":{"origin":657904,"position":4},"title":"Egypt has made up to USD 800mn from 500K tourists visiting Egypt in 2021 so far","author":"enterpriseam admin","date":"4 April 2021","format":false,"excerpt":"Some 500k tourists visited Egypt in 1Q2021, generating USD 600-800 mn in tourism revenues, Deputy Tourism Minister Ghada Shalabi told Sky News Arabia on Thursday.For comparison: This is roughly on par with the USD 800 mn brought in by the sector in 3Q2020, and is a lot better than 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645784,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/30\/govt-aims-to-attract-over-10-mn-tourists-in-current-fiscal-year\/","url_meta":{"origin":657904,"position":5},"title":"Gov\u2019t aims to attract over 10 mn tourists in current fiscal year","author":"enterpriseam admin","date":"30 July 2017","format":false,"excerpt":"The Planning Ministry is expecting tourism inflows to increase to 10.5 mn from 6.5 mn in FY 2017-18, reports Daily News Egypt.","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657904","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=657904"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657904\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/657894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/657905"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=657904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=657904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=657904"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=657904"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=657904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}