Egypt has unveiled an ambitious plan to welcome 30 million tourists each year by 2028, aiming to enhance its tourism industry.
This initiative was highlighted by Ghada Shalaby, the Vice
Minister for Tourism at the Ministry of Tourism and Antiquities, during the
Arabian Travel Market exhibition.
Shalaby underscored the government's commitment to
attracting investments from the Gulf Cooperation Council (GCC) to support
various tourism development projects throughout the nation.
“We have set a target to hit 30 million tourists by 2028,
and we are actively meeting with investors from this region to fund more
tourism developments in select areas of the country,” stated Ghada Shalaby. She
highlighted the attractiveness of projects in the South Sinai region,
particularly for investors, and expressed the government’s commitment to
further develop these areas.
Egypt is actively seeking to attract investments from the
Gulf Cooperation Council (GCC) in key tourist locations such as Luxor and
Aswan.
The government is focused on revitalizing tourism
initiatives in these regions, which had previously been hindered by financial
limitations and geopolitical issues. Ghada Shalaby emphasized Egypt's
commitment to increasing GCC investments to stimulate growth in the tourism
sector.
The nation is particularly interested in improving
infrastructure and amenities along the North Coast and in South Sinai to
accommodate the rising influx of tourists.
This initiative coincides with encouraging economic
developments for Egypt, highlighted by Fitch Ratings' recent upgrade of the
country's outlook from stable to positive. This change signifies a boost in
foreign direct investment (FDI) and a rise in foreign capital inflow.
Earlier this year, Egypt's tourism sector experienced a
significant uplift with the completion of the $35 billion Ras Al Hekma project,
spearheaded by ADQ, an investment and holding company based in Abu Dhabi.
Furthermore, an enhanced $8 billion financial support
package from the International Monetary Fund (IMF) has further strengthened
confidence in Egypt's economic future.