Egyptian government plans to announce a new private equity fund to upgrade its hotels as well as new investment opportunities on islands in the Red Sea
The number of tourists to Egypt soared 40 percent in the first nine months of 2018 from a year earlier, recovering from a slump that began with the Arab Spring and continued as unrest persisted, the tourism minister said.
“We expect that by the end of 2018 we will not be at the levels that we’ve seen in 2010, but we are approaching that,” Rania Al-Mashat told Bloomberg TV. “The rebound is quite steep and we’re trying to put the industry on a competitive base compared to our peers.”
The government plans to announce a new private equity fund to upgrade its hotels as well as new investment opportunities on islands in the Red Sea, she said.
Tourism is critical to Egypt’s economy, accounting for 20 percent of output, according to Al-Mashat. The annual number of visitors began plummeting from a 2010 peak of more than 14 million following the popular uprising that deposed longtime ruler Hosni Mubarak the following year.
Another revolt that ousted Mubarak’s Islamist successor in 2013 and frequent militant attacks including the 2015 bombing of a Russian jetliner that killed all 224 on board have further depressed the industry. The death of two British tourists at a Red Sea resort this year added health-related concerns.
Some 8 million tourists visited Egypt last year.
Al-Mashat added: “The government is trying to diversify tourist base, targeting travellers from Asia and Latin America The $1 billion Grand Egyptian Museum, with more than 10,000 artifacts, will open in 2020.”For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.