Egypt Plans to Bolster Tourism by 30% Annually Over Next Five Years

Tourism is a vital economic sector to Egypt which has suffered from the Covid-19 pandemic. Today, the country has plans to revive the sector and stimulate its growth.

Egypt is looking to boost tourism by up to 30% annually over the next five years with the help of private firms and through the opening of a huge museum towards the end of 2023, according to Egypt's Tourism Minister Ahmed Issa.

"I think Egypt deserves and should be able to grow its tourism industry by 25% to 30% per annum consistently over the coming decade. And that should get us to about 30 million (visitors) by the year 2028," stated the minister.

Issa outlined Egypt's immediate priorities in the sector, including flight capacity increase and investment climate upgrade, which is to be implemented through streamlining regulation.

According to the minister, increasing the number of hotel rooms to half a million by 2030 from 212,000 last year could attract $30 billion in private finance.

Private companies were involved in pilot projects to manage ten sites, such as the Giza pyramids, the Egyptian Museum in central Cairo, and the Grand Egyptian Museum (GEM) that will house prestigious artifacts of Egypt, said Issa.

According to Egypt's tourism minister, losses from the two largest markets of Egypt – Russia and Ukraine – were counterbalanced by the increase in the number of visitors from Europe and other regions. The official added that he expects an increase in the number of Chinese tourists in 2023.

Tourism is a crucial part of Egypt's economy, being both a vital source of foreign currency and jobs for Egypt. The sector earned $10.75 billion in the fiscal year ending June 2022, compared to $4.86 billion a year earlier when it was hit by a coronavirus pandemic. Egypt will exert efforts to develop a market for independent travelers along with packages of tour operators in the longer term, the minister concluded.