Saudi Investors Propose Establishment Of Funds To Develop Egypt's Tourism Sector

Saudi investors have put forward a plan to create investment funds aimed at developing tourist destinations and projects in Egypt. This initiative seeks to involve both public and private financial institutions from Saudi Arabia and Egypt. Additionally, the proposal includes allocating Egyptian airports to improve the experience for tourists visiting from across the globe.

The suggestion was made during a meeting held today between Sherif Fathy, the Minister of Tourism and Antiquities of Egypt, and representatives from the Saudi private sector at the Federation of Saudi Chambers (FSC). This event was organised 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.

Minister Fathy expressed admiration for Saudi Arabia's tourism system, noting its digital advancements that rival those found in European countries. He emphasised the need for increased cooperation between tourism companies in both nations. "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 extended an invitation to Saudi investors to participate in managing Egyptian archaeological sites. He also highlighted potential collaboration opportunities in yacht tourism. The chairman of the Saudi-Egyptian Business Council, Bandar Al-Ameri, stated that economic success in both countries benefits all Arabs.

Al-Ameri pointed out the comparative advantages of investing in Egypt's tourism sector. He anticipates that there will be unprecedented collaboration in various fields, especially hospitality and tourism, during the upcoming period. He proposed forming Saudi-foreign partnerships to invest in Egypt's tourism industry.

Both parties hope these discussions will lead to increased Saudi investments in Egypt. Currently, these investments are valued at approximately $32 billion and play a crucial role in supporting the Egyptian economy.

With inputs from SPA