Minister of Public Business Sector: New Hotel Expansions, Higher Service Quality and Diversified, Upgraded Tourism Programs
Eng. Mohamed Shimy, Minister of Public Business Sector, chaired the General Assembly meeting of the Holding Company for Tourism and Hotels to approve the planning budget for fiscal year 2025-2026, in the presence of members of the General Assembly and the Board of Directors and representatives of the Central Auditing Organization.
During the meeting, accountant Amr Attia, Executive Managing Director of the holding company, reviewed the Board of Directors' report, which included the targeted financial indicators, as the holding company and its subsidiaries seek to achieve revenues of EGP 13.1 billion and a consolidated net profit of EGP 6.5 billion, in addition to planned investments of EGP 4.2 billion, in the presence of Mohamed Maged El-Menshawy, Chairman of the holding company.
Shimy affirmed that the ministry is moving forward with implementing an integrated strategy to restructure and develop the companies of the Holding Company for Tourism and Hotels, enhancing their contribution to the national economy and raising the competitiveness of the Egyptian tourist destination. He pointed to the importance of expanding hotel capacity, modernizing infrastructure and providing tourism services that keep pace with the latest international standards.
The Minister of Public Business Sector explained that the efforts include reviving historic hotels, increasing hotel rooms, and new tourism programs and products, to improve the tourist experience and enhance Egypt's appeal as a global tourist destination.
The meeting reviewed a number of projects of the holding company and its subsidiaries, including: developing the Nefertari Hotel in Abu Simbel, extending the El Lessan Hotel in Ras El Bar, reviving the historic Continental Hotel, developing the Shepheard and Nile Ritz-Carlton hotels in downtown Cairo, extending the Aura Hotel on the North Coast, developing the "Sound and Light" shows at the Pyramids, Qaitbay Citadel and Karnak Temple, virtual reality experiences at a number of archaeological sites, in addition to modernizing branches of domestic trade companies (the upscale fashion houses "Hannaux/Benzion", Sednaoui and Omar Effendi), developing hotel institutes and updating training programs, and a new plastic wood factory for the Commercial Wood Company.
The minister stressed the need to adhere to project timelines without exceeding them, while raising the efficiency of hotel institutes and qualifying human cadres, and strengthening occupational safety and health standards and environmental protection. He also directed accelerating the implementation of the ERP system for digital transformation and strengthening governance, and developing the tourist transport system and related services, stressing the importance of measuring performance according to clear indicators to ensure efficient implementation and achievement of goals.
The Minister of Public Business Sector affirmed that the ministry places at the top of its priorities achieving the optimal use of state-owned assets and turning them into sustainable sources of income and operation, in line with sustainable development targets and Egypt Vision 2030. He said: "We seek to offer a modern tourism and hotel product that keeps pace with global trends, while adhering to international standards of occupational safety and health and environmental sustainability," according to the official page of the Egyptian Cabinet on Facebook.
