Saudi Investors Propose Establishment of Funds to Develop Egypt Tourist Destinations

Riyadh, October 3, 2024, SPA -- Saudi investors have proposed the establishment of investment funds to develop tourist destinations and projects in Egypt. The initiative involves the participation of public and private financing institutions from both countries and the allocation of Egyptian airports to enhance the tourist experience for visitors from around the world.
The proposal was made during today's meeting between Arab Republic of Egypt Minister of Tourism and Antiquities Sherif Fathy and the Saudi private sector at the Federation of Saudi Chambers (FSC), organized by the Saudi-Egyptian Business Council.
"The opportunities for collaboration in the tourism sector between the Kingdom and Egypt are extensive and require the facilitation of logistical challenges,” Minister Fathy stated. He praised the Saudi tourism system and its digital development, which rivals that of European countries, and called for increased cooperation between tourism companies in the two countries.
"We are currently developing an investment map to attract tourism investments to Egypt, which includes incentives such as expediting approvals and reducing fees. Egypt possesses largely untapped tourism resources, and we look forward to it becoming a leading country in tourism diversity,” Fathy said.
The Egyptian minister invited Saudi investors to invest in the management of Egyptian archaeological sites, highlighting opportunities for collaboration in yacht tourism.
Saudi-Egyptian Business Council chairman Bandar Al-Ameri affirmed that the economic success of Saudi Arabia and Egypt is a success for all Arabs. He pointed out the comparative advantages of investing in Egypt's tourism sector and expects the coming period to witness unprecedented collaboration in various fields, particularly in hospitality and tourism. He suggested establishing Saudi-foreign partnerships to invest in Egypt's tourism sector.
Both sides hope that these discussions will lead to increased Saudi investments in Egypt, which are currently estimated at around $32 billion and constitute an important pillar of the Egyptian economy.
-- SPA