Market Trends of Hospitality Industry In Egypt
Rise in the Number of Hotel Construction Projects
Egypt is developing a package of incentives for both domestic and international investors to build new hotel so that it can meet its five-year target of 400,000 hotel rooms. In the most recent Middle East Hotel Construction Pipeline Trend Report from Lodging Econometrics, the total pipeline climbed by 10% and 5% year over year by projects and rooms to stand at around 600 projects, with 146,521 rooms at the end of the second quarter. As of the end of the previous year, there were 330 projects totaling 90,619 rooms under construction. The number of projects anticipated to begin construction within a year increased by 17% year over year to 102 projects with 23,909 rooms. International operators are showing great interest in Egypt's hospitality and tourism industry. It may result in the introduction of new projects all around the city.
Strong Performance in Egypt's Tourism Sector Is predicted to Boost the Hospitality Sector
In the first half of the previous year, around 5 million tourists traveled to Egypt, an 85% increase over the same period in the previous year. In the previous year, hotel occupancy increased as well. The Ministry of Tourism is constantly working to enhance visitor safety and security as well as their overall experience in the nation through innovative national tourism policies and enhanced international marketing activities. The remarkable results provided were bolstered by an extra 35% rise in visitors to project a boom in the business. It reached seven million in the first half of the current year.
Egypt is broadening the list of nationalities that are eligible for visa-upon-arrival privileges. These include Chinese, Turkish, Algerians, Moroccans, Indians (with residency in the Gulf Cooperation Council), and Iraqis (with visas for developed countries).
