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Tuesday, 10 April 2018

Tourism Ministry to relaunch Papyrus Private Equity Tourism fund, to issue tender for new promotional campaign

The Tourism Ministry is relaunching the Papyrus Private Equity Tourism fund to help finance struggling hotels and tourism-related businesses, Minister Rania Al Mashat told reporters last week. The ministry will work with state-run Ayadi Company for Development and Investment, which had established the EGP 50 mn fund back in 2016 to revitalize the battered tourism industry. El Mashat, who announced the ministry’s plans to help bolster the resurgent sector, said that it would issue a tender for PR companies to manage Egypt’s tourism promotional campaigns abroad in August, after its existing contract with JWT expires, Ahram Gate reports. This apparently would not include China, as the ministry plans to sign an MoU with Huawei to help promote tourism to Egypt there, according to Al Shorouk.

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