New 25,000 hotel rooms to open in next few months: Tourism Minister

CAIRO - 18 October 2023: Egypt will open approximately 25,000 new hotel rooms in the coming months, Minister of Tourism and Antiquities Ahmed Issa said. This came during his participation as a keynote speaker in the opening session of the Cairo CFO Summit 2023.

Tourism minister also highlighted the significant growth opportunities within Egypt's tourism sector especially the hotel industry, which will contribute to achieving the target of having 400,000 hotel rooms by the end of 2028. He announced plans to introduce a range of incentives to encourage private sector investment in building new hotel rooms. He 

Issa also provided an overview of the strategies and targets for Egypt's tourism industry until 2028 during his speech. He emphasized the importance of the national strategy for tourism development in Egypt and its role in achieving the industry's goals, including the ambitious target of welcoming 30 million tourists by 2028.

Egypt has the goal of receiving 15 million tourists this year, with this increasing to 30 million by 2028.

Increasing the number of hotel rooms is not only for accommodation purposes but also generate employment opportunities and stimulate economic growth in the tourism sector.

Earlier this month, the Central Bank of Egypt (CBE) stated that Egypt's tourism revenues increased by 26.8 percent, recording $13.6 billion in FY2022/2023, compared to $10.7 billion in FY2021/2022.

The report also featured the number of inbound tourists increased by 35.6% to about 13.9 million tourists, and the number of nights spent by tourists in Egypt increased by 27.6% to record 146.1 million nights in FY 2022/2023.