Egypt is working on a package of incentives to be offered to local and foreign investors to build new hotels to support its target of 400,000 hotel rooms within five years, the country’s Tourism Minister has said.

New completed projects are expected to add nearly 25,000 hotel rooms to Egypt as it is pushing ahead with plans to stimulate tourism, buoyed by growth in the past month, Ahmed Issa told a business conference in Cairo on Tuesday.

In his comments, carried by Al-Ahram newspaper on Thursday, Issa said Egypt has set a target to increase the number of inbound tourists to 30 million in 2028.

He noted that the tourism sector grew by nearly 11 percent in the first quarter of 2023 compared with the same period of 2019, which recorded peak tourism activity.

“We are now working on a set of incentives to encourage the private sector and foreign investors to build new hotel rooms to help Egypt attain the targeted number of tourists,” he said, adding that nearly 400,000 hotel rooms would be added by 2028.                              

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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