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Ministry of Tourism finalises studies for March economic summit: Chairman of TDA - Daily News Egypt

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Ministry of Tourism finalises studies for March economic summit: Chairman of TDA

Tourism Development Authority projects hope to attract investments worth EGP 5bn

A new flight service is scheduled to begin between Istanbul and Sharm el-Sheikh (File photo) AFP PHOTO / ERIC FEFERBERG
Four tourism projects to be presented for investors during the March economic summit

The Tourism Development Authority (TDA) plans to propose four projects during the economic summit in March 2015, according to Serag ElDin Saad, Chairman of the executive office of TDA.

The proposal would come within the integrated development system “mega project”.

The TDA sent the projects to Prime Minister Ibrahim Mehleb and the Ministry of International Cooperation after conducting studies, according to Saad. He added that land areas for the different projects measure 13.9m square metres.

TDA is considered the economic arm of the Ministry of Tourism, distributing land to its owners. The land areas of the four projects are divided into 2.9m square metres in north Hurghada, 4.5m metres in south Hurghada, 1.5m square metres in north Marsa Alam, and 5m square metres in south Marsa Alam.

According to Saad, the initial investments are estimated at between EGP 5bn and EGP 6bn in different projects, and the integrated development is the best model to propose these projects.

Tourist investments on the authority’s land areas are worth EGP 68bn and the TDA is studying increasing this amount, despite the decline in tourism during the last four years, according to Saad. He also stated that “we will create demand and offer land according to appropriate use, which will raise the country’s tourist capabilities and challenges”.

Egypt’s tourism revenues reached $5.9bn at the end of last year, with a decline of 41% compared to the same period for the year before.

The TDA continues to hold sessions with the Tourism Investment Association (TIA) in different areas to view the issues they face and work on solving them, according to Saad.

“We met with the Investors Association of Marsa Alam and a group of investors in the Red Sea, and soon we will meet with many investors’ associations in South Sinai,” he said.

Saad believes that the tourism investment sector will recover within the next year due to strong signs of recovery and the lifting of travel warnings to Egypt by most countries in October.

He also added that tourist arrivals to Hurghada and Sharm El-Sheikh are increasing, and the winter season shows promise that next year will be the “launching” year.

According to Ministry of Tourism, the number of hotel rooms in Egypt is 225,000 rooms, two-thirds of which are located in the Red Sea and South Sinai regions, as well as about 101,000 rooms under construction.


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