Tourism sector recovered to see 14% growth compared to pre-COVID numbers
According to Minister of Tourism and Antiquities Sherif Fathy, in 2023, the country's tourism sector experienced a 14 percent growth compared to pre-COVID levels, with positive results in both tourist numbers and revenue generation.
Despite ongoing geopolitical challenges, Egypt expects that it will have welcomed 15.3 million tourists in 2024, representing a 4 percent growth.
Looking further ahead, the country aims to attract 30 million tourists by 2030, he explained during a cabinet meeting chaired by Prime Minister Mostafa Madbouly.
Outlining key initiatives to foster a favorable environment for tourism investment in Egypt, Fathy emphasized that achieving this ambitious growth will require significant investments, particularly in expanding hotel capacity.
Already in 2024, 7,200 additional hotel rooms have been added, with 55 percent of these being new developments.
Madbouly stressed the importance of enhancing coordination between ministries to address the key issues impacting the sector and boost Egypt's unique tourist destinations to increase foreign visitors.
The Prime Minister highlighted the need to overcome several obstacles that hinder tourism investment, including the complex approval processes and fees related to tourism projects. He proposed solutions to streamline these challenges, aiming to facilitate the growth of the industry and ensure that Egypt remains a top global tourist destination.
A major focus of the meeting was the simplification of procedures for investors, particularly in regards to the collection of fees and the unification of inspection authorities. Madbouly called for the implementation of a transparent and efficient system, which would allow for better oversight and improve the overall quality of service offered to tourists.
To further support the tourism sector, the Prime Minister directed that proposals for various incentives and benefits for tourism projects—such as the granting of the Golden License—be presented to the Cabinet. This move is expected to provide a significant boost to the industry by making investment processes smoother and faster.