The new incentive packages aims to attract local and foreign investors for the construction of new hotel projects. Credit: Marten Bjork on Unsplash.

The Government of Egypt is reportedly planning to introduce new incentive packages to attract local and foreign investors for the construction of new hotel projects in the country, Zawya reports.

The move is expected to create 400,000 hotel rooms within five years, according to Egypt Tourism Minister Ahmed Issa.

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Issa explained that the new hotel projects that have been completed in the country would add nearly 25,000 hotel rooms.

Speaking at a business conference in Cairo, Issa said that, considering last month’s growth in the tourism sector, the Egyptian government aims to further stimulate the sector in the country.

According to an Al-Ahram newspaper report, Issa said the country aims to increase the number of inbound tourists to 30 million in 2028.

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Issa was quoted by the newspaper as saying: “We are now working on a set of incentives to encourage the private sector and foreign investors to build new hotel rooms to help Egypt attain the targeted number of tourists.”

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The Tourism Minister also added that the tourism industry recorded an 11% increase in the first quarter of this year in comparison to the same period of 2019, during which the sector is said to have recorded peak tourism activity.

In August this year, Egypt reported a 35% price surge in hotel rooms, due to more tourists from abroad and an increase in domestic tourism in the summer (June–August), reported Asharq Business.

Egypt has set a target to attract 15 million foreign tourists in 2023, exceeding the previous record of 14.7 million tourists in 2010.