CAIRO - 19 February 2024: Minister of Tourism and Antiquities, Ahmed Issa, announced that the revenues of the Supreme Council of Antiquities have multiplied fivefold during the current fiscal year 2023-2024 compared to the previous fiscal year (ending in June 2022), reaching LE 6 billion due to implemented projects.
Issa, speaking at the "CEOs" conference on Monday, added that the outstanding debt of the Supreme Council of Antiquities to the state's general budget decreased by about LE 1 billion during the current fiscal year compared to about LE 8 billion in debt at the end of June 2022.
He mentioned that the funding of the Supreme Council of Antiquities' expenses from the general budget has approached zero in the current fiscal year (with expenses totaling LE 6 billion, self-funded by the council) compared to funding two-thirds of its budget expenses in the fiscal year 2021-2022, which amounted to a total of LE 3 billion.
By the end of the fiscal year 2021-2022, the council's total debt to the budget was seven times its annual revenues, according to the minister.
Issa also stated that two new towers would be opened in the coming months to provide a new experience for tourists to climb the walls of the citadel. The visit duration will be extended to at least three hours, compared to one hour earlier, contributing to increased hotel operations in Cairo.
The Minister of Tourism, Ahmed Issa, emphasized that the local and foreign private sector leads Egypt's tourism sector, building hotels, attracting companies, and providing services.
He added that the strategic targets to support the tourism sector, approved by President Abdel Fattah El-Sisi in November 2022, aim to achieve an annual growth rate of incoming tourists between 25 percent and 35 percent to reach 30 million tourists in 2028 by enhancing private sector activity. This includes preparing an effective regulatory environment by the state as a regulator, licensor, and organizer.
Issa explained that Egypt has a real competitive advantage in four areas: beaches, entertainment, culture, and exploration.
He pointed out three challenges facing Egypt in 2022, 2023, and 2024: increasing the number of hotel rooms, tourist trips, and improving the tourist experience. He affirmed the state's commitment, according to the strategy, to overcome these obstacles.
Egypt's maximum capacity to receive tourists is currently 15 million, with only 220,000 hotel rooms. After opening 14,000 new hotel rooms last year, which is a record level in the history of tourism, the state aims to increase the number of rooms in the coming years to achieve the goal of attracting 30 million tourists in 2028, according to the minister.
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