Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, chaired the meeting of the Board of Directors of the General Authority for Tourism Development. The meeting aimed to review the Authority’s files, follow up on the implementation of tourism development projects, and strengthen investment in the tourism sector.
At the beginning of the meeting, the Minister emphasized the importance of continuously enhancing the Authority’s role while ensuring that projects are implemented according to the highest standards and regulations. He also highlighted the need to simplify procedures for investors in the tourism sector, maintain continuous monitoring of projects, and promptly address any challenges that may arise.
During the meeting, the revenues achieved by the Authority since the start of the current fiscal year were presented, amounting to approximately EGP 3.21 billion—exceeding the target by 284%. The Minister noted that the Authority is currently working on updating the technical regulations and requirements to improve the investment environment within the sector.
The Board discussed the possibility of rescheduling the payment installments for tourism development and investment companies while maintaining future payment commitments, in line with the system of facilities approved by the Board of Directors.
In addition, the Board approved new facilitations for tourism development companies operating in the Taba and Nuweiba areas, including extending the exemption period from payments for six months and granting an additional free grace period of one year.
The Board also agreed to extend the deadline granted to tourism development and investment companies that have received initial approvals and have fulfilled their financial obligations, allowing them to complete the procedures for final allocation.
At the end of the meeting, Engineer Sherif El-Sherbiny called for strengthening coordination and intensifying efforts to advance tourism investment while keeping pace with developments in various sectors and providing more promising investment opportunities.
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