Engineer Sherif El-Sherbini, Minister of Housing, Utilities, and Urban Communities, chaired a meeting of the Board of Directors of the General Authority for Tourism Development. The meeting focused on reviewing the Authority’s efforts to support development in the tourist sites under its jurisdiction, achievements from the past year, and strategies to accelerate tourism development. These efforts align with the government’s program to double the number of tourists visiting Egypt. The meeting also addressed several topics related to tourism development projects and made necessary decisions.
The Minister highlighted that over the past year, approximately 3,260 hotel rooms and 7,555 new accommodation units were added to ongoing projects on lands managed by the General Authority for Tourism Development, with total investments reaching 54 billion EGP. Additionally, the Authority achieved actual revenues of 2.85 billion EGP. The Board of Directors approved a waiver of late payment penalties for tourism development and investment companies that settle all outstanding land payments by August 31, 2025, provided they pay 10% of the installments by October 31, 2024, as a sign of good faith. This decision is part of the state’s support for the tourism sector investors.
Minister El-Sherbini also announced that the Board decided to explore the inclusion of hotel residence units or luxury serviced apartments in future projects. Furthermore, the Board approved the creation of a comprehensive electronic platform to facilitate interactions with tourism investors, in line with the state’s digital transformation agenda. This initiative aims to simplify procedures for investors and enhance the investment process in tourism projects.
Dr. Mostafa Mounir, CEO of the General Authority for Tourism Development, stated that the Board has granted an additional two-year extension for development programs in the Taba and Ras Sudr sectors, without fees, due to the current geopolitical challenges. This extension, along with other financial incentives, aims to encourage timely payments of financial obligations. The Board also decided to review existing regulations to ensure they align with security requirements and legal stability while respecting the rights of stakeholders.