The minister also highlighted a reduction in the Supreme Council of Antiquities' debt to the state's general budget. The debt has decreased by EGP 1 billion during the current fiscal year, compared to EGP 8 billion at the end of June 2022
The Supreme Council of Antiquities’ revenues surged fivefold during the fiscal year (FY) 2023/2024 compared to FY2022/2023, to record EGP 6 billion, according to recent statements made by the Minister of Tourism and Antiquities, Ahmed Issa.
During his speech at the CEOs conference, the minister also highlighted a reduction in the Supreme Council of Antiquities' debt to the state's general budget. The debt has decreased by EGP 1 billion during the current fiscal year, compared to EGP 8 billion at the end of June 2022.
The tourism minister mentioned that the funding the council expenses from the general budget has approached zero in the current fiscal year (with expenses totaling EGP 6 billion, self-funded by the council) compared to funding two-thirds of its budget expenses in the FY 2021/2022, which amounted to a total of EGP 3 billion.
By the end of the FY 2021/2022, the council's total debt to the budget was 7 times its annual revenues, emphasizing the significant progress achieved in reducing this debt burden, Issa disclosed.
In addition to the financial updates, he announced the upcoming opening of two new towers that will offer tourists a unique experience of climbing the citadel walls. The extended visit duration, now lasting at least 3 hours compared to the previous one-hour limit, is expected to contribute to increased hotel operations in Cairo.
He further highlighted the strategic targets that aim to enhance the tourism sector, as approved by President Abdel Fattah El Sisi in November 2022. These targets aim to achieve an annual growth rate of incoming tourists between 25 and 35%, ultimately reaching a target of 30 million tourists in 2028.
He acknowledged three challenges facing Egypt in the years 2022, 2023, and 2024: increasing the number of hotel rooms, boosting tourist trips, and improving the overall tourist experience. However, he reaffirmed the state's commitment to overcoming these obstacles in alignment with the strategic goals.
