Multinational conglomerate Chaudhary Group seeks to invest in Egyptian hotels, especially in Cairo, in light of the remarkable increase in the tourism movement to Egypt.
The group’s Managing Director Nirvana Chaudhary stated that the group pays a great importance to the Egyptian market.
According to Chaudhary, the group owns approximately 136 companies operating in different fields and that the hospitality company operates around 82 hotels and resorts around the world in Asia, Africa, and the Middle East.
His remarks came during his meeting with Egypt’s Minister of Tourism Rania Al-Mashat, on the sidelines of Egypt’s participation in Bloomberg`s New Economy Forum held in Beijing from 21 to 22 November.
During the meeting they discussed cooperation between the Ministry of Tourism and the Chaudhary Group in the field of tourism investment in Egypt in the coming period.
For her part, Al-Mashat stated that her ministry has succeeded in changing perceptions of the sector, explaining that tourism is not just about figures.
She explained that hospitality is one of the highest exports, pointing out that the tourism sector is one of the fastest growing economic sectors that impact the economies of countries, contributing to
10% of the global GDP.
Regarding Egypt, the minister referred to the increase in tourist arrivals to Egypt from different countries, stating that 2019 witnessed a remarkable increase in the number of tourists coming to Egypt, reflected on the tourism revenues achieved in fiscal year (FY) 2018/2019.
Notably, Egypt’s tourism sector revenues achieved an unprecedented increase, increasing by 28.2% during the last fiscal year, recording $12.570bn, compared to only $9.804bn, according to the Central Bank of Egypt’s (CBE) balance of payment.
The minister assured that the political leadership gives great attention and interest to the tourism sector, pointing out that the state has viewed the tourism sector from an economic perspective as it contributes to about 15% of Egypt’s GDP.
