Planning, Tourism Ministers discuss TSFE’s projects in the development of archaeological sites

H.E. Dr. Hala El-Said, Egypt’s Minister of Planning and Economic Development, held a meeting with Mr. Ahmed Issa, Minister of Tourism and Antiquities to discuss the most important projects that the Sovereign Fund of Egypt is working on in the tourism sector and the development of archaeological sites.

At the beginning of the meeting, El-Said welcomed the Minister of Tourism and praised his support for the plans and projects of The Sovereign Fund of Egypt (TSFE), and the important contribution of the Ministry of Tourism and Antiquities to the work of the Sub-Fund for Tourism and Real Estate Assets.

El-Said added that the fund is preparing an integrated plan for the exploitation of real estate that will be vacated with the transfer of ministries to the administrative capital, especially in the central Cairo region, according to an integrated vision to develop these assets after preparing studies with major consulting institutions in the world to ensure the highest possible benefit from them.

  This vision includes converting some of these assets into hotels and tourist facilities, which requires complete coordination with the Ministry of Tourism and Antiquities, in addition to the fact that the sub-fund concerned with the tourism sector has plans for projects in several governorates based on the needs monitored by some studies.

El-Said stressed the importance of starting to increase hotel rooms in Cairo and the governorates, according to the studies that were conducted to achieve the volume of demand for rooms. 

“Work is being done to provide more hotel rooms in downtown Cairo and some governorates, in cooperation with investors in the tourism sector,” she said.

For his part, Minister Ahmed Eissa praised the achievements of TSFE and its success in attracting partners from the Egyptian and foreign private sectors to invest in the tourism sector.

El-Said stressed that the Ministry of Tourism and Antiquities supports efforts to encourage and attract tourism investments.

 Moreover, it seeks to achieve competitive neutrality that ensures the development of the tourism and hotel industry in Egypt with the latest systems in force globally.

During the meeting, Amr Elhamy, Executive Director of the Sovereign Tourism Sub-Fund, reviewed several projects that the Fund is working on, what has been achieved in them, as well as the Fund’s vision for exploiting real estate assets in the central Cairo area.

The meeting witnessed the presence of Counselor Mohamed Abazid, Legal Advisor to the Minister of Planning and Economic Development, Engineer Najla Al-Baili, Assistant Minister for Asset Management and Investment, Kamal Nasr, Assistant Minister for Technical Office Affairs, and Saif Saleh, Assistant Minister for Public Policies and Investment.