Arab Finance: Egypt is probing yacht tourism development with Saudi Arabia, Asharq Business reported, citing Minister of Tourism and Antiquities Sherif Fathi.

Over the next five years, the government plans to double the number of hotels in the North Coast, Fathi said.

The country aims to welcome 15.2 million tourists in 2024, he noted, adding that the ministry has a plan to draw in 30 million tourists annually by 2031.

Fathi also announced that the ministry has received 40 requests to benefit from the Central Bank of Egypt's (CBE) tourism initiative, stressing that the North Coast is not a part of this initiative.

He also noted that every dollar spent on the aviation incentive program generates $71 in return.

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