Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, chaired a meeting of the Board of Directors of the General Authority for Tourism Development to follow up on the progress of work within the authority, review the status of ongoing tourism development projects, and strengthen investment in the tourism sector while ensuring adherence to the highest quality standards and regulations.
At the beginning of the meeting, the minister stressed the need for the authority’s role to be continuously strengthened and for tourism projects to be implemented in accordance with the highest approved standards. He also highlighted the importance of facilitating procedures for investors, closely monitoring their projects, and removing any obstacles they may face—measures that significantly enhance the attractiveness of tourism investment in Egypt.
During the meeting, the financial results of the authority since the start of the current fiscal year were reviewed, showing revenues of approximately 3.21 billion EGP, representing a 284% growth compared to the targeted figure for the same period. This achievement reflects the success of the authority’s plans in attracting investments and generating significant returns. It was also noted that the authority is currently working on updating the technical regulations related to standards and requirements to further improve the investment climate within the sector.
In support of investors in the Taba and Nuweiba regions, the board approved several facilitations, including restructuring the payment schedule for outstanding installments owed by companies without affecting the deadlines for future payments. In addition, tourism development companies in these areas were granted an extra six-month grace period from payment, along with a full year free of charge to enhance their operational flexibility.
The board also discussed accelerating the issuance of final allocation decisions for tourism projects by extending the grace period for companies that have received initial approvals and fulfilled their financial obligations. This step aims to streamline the initiation of final procedures, thereby supporting tourism development and advancing sustainable development goals.
At the conclusion of the meeting, Engineer Sherif El-Sherbiny emphasized the importance of enhancing cooperation among various entities and intensifying efforts to support tourism investment. He also stressed the need to keep pace with economic and investment developments and to open new horizons and promising opportunities that contribute to the prosperity of the tourism sector and drive economic growth in Egypt.
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