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JEDDAH: Egypt has welcomed 15 million tourists in the first nine months of 2025, a 21 percent increase compared with last year, bringing the country close to its end-of-year target of 18 million visitors, an official said.

Speaking to Asharq, Egyptian Minister of Tourism and Antiquities Sherif Fathy said: “The growth is continuing, and I hope that by the end of the year we can reach our target of 17.5 to 18 million tourists. Tourism revenues also rose by nearly 18 percent.”

Tourist arrivals reached 8.7 million in the first half of the year, rose to 12.8 million by the end of August, and reached around 15 million by the end of September, Fathy noted.

Tourism remains one of Egypt’s most important sources of foreign exchange. Last year, the country welcomed 15.78 million tourists, marking a record high.

The government has launched a national tourism strategy aiming to attract 30 million visitors by 2028 through expanded capacity and enhanced visitor experiences.

Fathy said: “Egypt is the world’s leading country in tourism diversity. We are the unmatched diversity.”

The minister did not provide figures for tourism revenues in the first nine months of 2025. Asharq cited Central Bank of Egypt data showing that revenues in 2024 rose 9 percent year on year to $15.3 billion.

With the full opening of the Grand Egyptian Museum in early November, Fathy said visitor numbers are expected to triple from the current 5,000 to 6,000 daily visitors.

The 120-acre museum, the world’s largest archeological museum, is projected to attract around 5 million visitors annually and will house approximately 100,000 artifacts, including items from King Tutankhamun’s tomb.

Beyond established attractions, Egypt continues to uncover new archaeological sites that could further boost tourism.

In June, authorities announced the discovery of the ancient city of Emet in the Tell El-Faraoun area of Sharqia governorate, following excavations by a British team from the University of Manchester.

The dig revealed residential buildings dating back to the early or mid-fourth century BC, including multi-story “tower houses” designed for large populations, as well as service structures for grain storage and animal shelters.

In the temple area, archaeologists uncovered a large limestone floor and remnants of two massive mudbrick columns above a processional road linked to the historic Wadjet Temple.

Notable artifacts included a finely crafted green faience ushabti statue from the 26th Dynasty, a stone stela depicting Horus, and a bronze sistrum decorated with Hathor heads from the Late Period.

These discoveries highlight Egypt’s enduring archaeological richness, offering new attractions for cultural tourism and supporting the country’s broader strategy to strengthen its tourism sector.e

RIYADH: ��������’s Finance Minister Mohammed Al-Jadaan has reiterated the Kingdom’s commitment to financing strategic, productive investments rather than resorting to tax increases or fiscal austerity. 

Speaking during a discussion hosted by the Atlantic Council on the sidelines of the 2025 annual meetings of the International Monetary Fund and the World Bank in Washington D.C., Al-Jadaan said �������� borrows to fund strategic, productive programs that create investment and employment opportunities.  

He emphasized that borrowing supports development priorities in tourism, industry, technology, and logistics, according to a report by Asharq. 

Al-Jadaan’s comments reflect growing international confidence in ��������’s economic outlook, underscored by the IMF’s latest upgrade of the Kingdom’s growth forecast to 4 percent for both 2025 and 2026.  

“We have no intention of increasing the tax burden on the economy,” Al-Jadaan said, adding that the Kingdom’s objective is to expand the overall size of the economy, thereby generating higher revenues through growth.

Al-Jadaan also highlighted the country’s economic momentum, noting that non-oil activities expanded 4.8 percent in the first half of 2025, contributing more than half of ��������’s GDP.  

“If you can generate non-oil growth of 4.8 percent with a borrowing cost lower than that, then you are on the right path,” Al-Jadaan said, adding that such policies ensure “returns for the current generation and future ones.”  

He noted that �������� maintains one of the lowest debt-to-gross domestic product ratios among G20 nations and ruled out the possibility of that ratio approaching 50 percent, citing the country’s disciplined fiscal policy. 

In its latest report, the IMF said the stronger outlook is driven by robust non-oil expansion and continued investment momentum, in line with Vision 2030 objectives to diversify the economy. 

The revision brings the IMF’s expectations closer to those of the World Bank and the Organization for Economic Cooperation and Development, which also project sustained acceleration in Saudi growth over the coming years. 

Al-Jadaan underlined that national spending is guided by Crown Prince Mohammed bin Salman’s directive that public interest remains the ultimate benchmark for all economic programs. 

“The Crown Prince’s message was clear — we must avoid any pride over projects we undertake. If a project no longer makes sense, we will not hesitate to change it, suspend it, or extend it,” he said. 

Contrary to speculation about scaled-back spending, he stressed: “�������� continues to spend generously on tourism, industry, technology, and artificial intelligence.” 

Al-Jadaan added that some projects have been accelerated, particularly in logistics, to support the rapid growth of tourism and manufacturing.  

He revealed that the Public Investment Fund has completed a comprehensive portfolio review and will announce its updated strategy soon. 

The minister described the current budget deficit as “intentional,” reflecting the government’s choice to invest in diversifying the economy.  

Al-Jadaan emphasized the importance of prudent borrowing, noting that when debt is directed toward productive areas such as infrastructure, connectivity, and human capital, it transforms into long-term wealth for future generations instead of becoming a financial burden.