EGYPT – Egypt’s thriving and steadily improving tourism sector has attracted the attention of Chaudhary Group, a multinational conglomerate, which has since made public its intentions to invest in Egyptian hotels, especially in Cairo.
Data from the Central Bank of Egypt’s balance of payment show that Egypt’s tourism sector revenues achieved an unprecedented increase, increasing by 28.2% during the last fiscal year, recording US$12.570 billion, compared to only US$9.804 billion achieved during the 2017/2018 period.
Chaudhary Group’s Managing Director Nirvana Chaudhary stated that the group pays a great importance to the Egyptian market and was planning to make investments in the sector in the near future.
His remarks came during a meeting with Egypt’s Minister of Tourism Rania Al-Mashat, on the sidelines of the 2019 edition of Bloomberg`s New Economy Forum held in Beijing, China.
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.
Al-Mashat on her part, stated that her ministry has succeeded in changing perceptions of the sector resulting on an increase in tourist arrivals to Egypt from different countries across the globe.
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.
The minister assured that Egypt’s 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.
Chaudhary Group is a multi-national conglomerate headquartered in Nepal. Its businesses include financial services, consumer goods, education, hospitality, energy, consumer electronics, real estate, biotech, and alternative medicine
The group owns approximately 136 companies operating in different fields named above with the hospitality division of the company operating around 82 hotels and resorts around the world in Asia, Africa, and the Middle East.