Egypt receives 1.3 million tourists in October

On a different note, the minister stated that the Grand Egyptian Museum will be opened in mid-2024.

Essa made these remarks on the sidelines of the World Travel Market, held in London from 6-8 November.

The minister noted that Egypt is adamant about achieving its goal of receiving 15 million tourists this year.

Essa had announced that Egypt plans to add 25,000 new hotel rooms by mid-2024 and increase the number of tourists to 30 million by 2028, according to Asharq Business.

In a report released Monday, interest rating agency S&P predicted a decline in Egypt's tourist revenues ranging from 10 to 30 percent, which could cost the country 4 to 11 percent of its foreign exchange reserves.

In FY2022/23, Egypt's tourism revenues hit a record high of $13.6 billion, up 26.8 percent from $10.7 billion in FY2021/2022, according to data released by the Central Bank of Egypt (CBE).

This surge in tourism revenues helped Egypt transform a $10.5 billion deficit in its balance of payments in FY2021/2022 into a surplus of $882 million last fiscal year.