Tourism investment in Egypt to grow 64 percent, says minister

Published on : Monday, November 29, 2021

In the fiscal year 2021/22, the planning and economic development sector of Egypt are hopeful that investments in the tourism and antiquities sector might rise 64 percent. Hala El-Said estimated that investments will reach 8.5 billion Egyptian pounds ($540 million) up from 5.2 billion Egyptian pounds in the fiscal year 2020/21.

For the Egyptian economy, tourism sector occupies a special importance because of its high growth rates and its large sectoral contribution to the GDP of the country, the minister said.

The report of the ministry included the targets of the said sector in the 2021/22 plan.

The production level of the tourism sector is anticipated to reach approximately 120 billion Egyptian pounds at current prices in comparison to 93 billion Egyptian pounds during 2020/21. It would be a growth rate of nearly 29 percent. In the next fiscal year, it’s aimed to extend the GDP of the tourism sector to 91.4 billion Egyptian pounds compared to 69.5 billion Egyptian pounds in the year before.