UK tour operators have welcomed the $1 billion investment fund announced by Egypt’s new tourism minister, Khaled Ramy.
The Papyrus private equity fund is part of a series of measures to boost travel to the country, which has seen revenues from tourism drop by 55% over the past four years.
Egypt has set a target of achieving pre-crisis revenues of $11.6 billion by 2016 and $15 billion by 2018.
Philip Breckner, managing director of Discover Egypt (pictured above, left) met Ramy (pictured above, right) – a former tourism director based in the UK – last week and described him as “one of the most proactive directors of tourism and a great friend to the UK travel trade”.
He added: “This is a very positive step forward as tourism has suffered greatly and this is a much needed boost. As a UK specialist we will be working hard to help Egypt realise its return on this investment.”
A Kuoni spokesperson said: “Any investment on this scale can only be a good thing for the destination.
“We have seen a steady increase in bookings to Egypt this year, but the numbers are still a long way from where they were a few years ago when there was much greater consumer confidence. We welcome anything which makes improves security and enhances, guest experience and puts Egypt back on the tourist map.”
A Thomas Cook spokesperson said: “Egypt has long been a favourite with Thomas Cook customers.
“We welcome this move, which reflects President Abdel Fattah al-Sisi’s government’s commitment to tourism in the country. This will most certainly benefit tourism to the destination, but it is important that it is spent in the right areas and not just the development of new resorts.”
Harry Kyrillou, director of Planet Holidays, also praised the move.
He said: “Egypt is a great destination and this is a great confidence boost for the country’s unique appeal as a year-round tourist option.”
