Minister of Antiquities Khaled El-Anany said the value of insurance coverage for 166 pieces of King Tutankhamun’s belongings that will be exhibited abroad is estimated to be $862m.
The minister added that 166 pieces of King Tut’s belonging will be exhibited in an American city soon to contribute to improving the image of Egypt and push tourism this year.
The number of inbound tourists to Egypt reached 8.3 million last year, a 54% growth, achieving revenues of $7.6bn.
Daily News Egypt learned that the Ministry of Tourism expects the number of tourists to reach 11 million this year, which would be an over 30% growth.
On the sidelines of a forum held by the Association of Tourist Writers, El-Anany said the revenues expected by the Ministry of Antiquities from exhibiting these pieces is $5m.
The minister described the value of the insurance coverage of the 166 pieces as the highest in the history of exhibiting antiquities outside Egypt, with an equivalent value of EGP 15bn.
“We have requests to exhibit these pieces in 10 countries across the world, including in Europe and East Asia” El-Anany said.
He added that the ministry has been working for a year and a half to arrange such exhibitions outside Egypt, noting that the main aim of these exhibitions is not only to achieve financial revenues, but to create awareness of Egypt’s culture and leadership, in a way that leaves a positive impact on the Egyptian economy.
The Ministry of Antiquities plans to complete the first phase of the Grand Egyptian Museum before the middle of this year.
“We have not revealed the name of the company that will be managing the Grand Egyptian Museum,” El-Anany said, adding, “work is moving quickly now.”
El-Anany said in an earlier statement that the cost of establishing the Grand Egyptian Museum is over $1bn and 75% of its funding is through loans from the Japan International Cooperation Agency (JICA).