Investments

Egypt to Aims to Reach 7.4 Billion in Tourism Sector Investments in FY 2022/23


Egypt to Aims to Reach 7.4 Billion in Tourism Sector Investments in FY 2022/23

Hala El-Said: Frontierswoman of Egypt Vision 2030 - Daily News Egypt
Hala El-Said | Photo credit: Daily News Egypt

Egypt’s government has set new investment targets for the fiscal year (FY) of 2022/2023, aiming to reach 7.4 billion in investments for Egypt’s tourism sector.

The target was announced by the Minister of Planning and Economic Development Hala el-Said on 11 December.

These new targets aim to fortify the tourism and antiquities sector, which serves as one of the most lucrative and vital for Egypt.

Within a report issued by the Ministry of Planning and Economic Development, it is concluded that the number of tourists increased from 3.7 million in 2020 to 8 million in 2021, with the number of accommodations increasing from 43 million nights to 93.8 million respectively. As a result, approximately USD 9 million (EGP 222 million) was generated in touristic revenue for 2021.

Ahead of the Qatar World Cup, Egypt announced that it would grant holders of the FIFA Hayya Card permission to enter Egypt sans visa. Similarly, the hospitality sector has been encouraged, for the tournament’s duration, to adjust pricing to accommodate potential tourists.

Egypt has been working to stimulate tourism post-COVID-19 and the Russia-Ukraine war, both of whom “have been the main exporters of tourists to Egypt in recent years.” This has included communicating with the Russian government to recommence flights, and creating intensive charter programmes for main sending and arriving countries such as the United Kingdom, France, Germany, Italy, Spain, and several Eastern European countries whose numbers have not seen decline.

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