Egypt’s tourism segment is luring more foreign and Arab financiers

Friday, September 8, 2023

Egypt’s tourism segment is luring more overseas and Arab financiers, specifically after the initiation of the
Egyptian pound compared to the US dollar. The segment gains advantage from currency variations and local tourism and anticipates more encouraging funds in the upcoming days.

The segment started to recuperate slowly from the effects of the COVID-19 pandemic and the Russia-
Ukraine war at the end of 2021, with tourist entrances amplifying by 117.5% year-on-year to touch 8 million, following a severe reduction of 71.8% year-on-year in 2020 because of travel limits connected to the pandemic.

Mohamed Alabbar, the chair of Emaar Properties said that Egypt’s tourism segment is encouraging and that Emaar’s funds in the segment would double to EGP 100bn from EGP 50bn in the year before. He said that Egypt is presently the third biggest market for Emaar, after the UAE and India. He hopes that it would turn into the second biggest in the next few years owing to the enormous prospects obtainable.

Emaar Misr, a secondary of Emaar Properties, aims to progress 10 hotels with approximately 3,000 rooms in Egypt’s North Coast area, with an outlay of EGP 26.3bn, in keeping with Alabbar.

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