Second major investment on the way for Egypt’s tourism sector

Egypt, which has agreed with the United Arab Emirates for tourism investments in Ras-El Hekma on the Mediterranean coast, is also preparing to take a similar step for Sharm El Sheikh on the Red Sea.

Having signed a $24 billion deal with a consortium from the UAE for tourism investments in Ras-El Hekma, Egypt is also preparing to make a similar agreement for the development of a large area in Sharm El Sheikh in the tourism sector. Of the $24 billion investment to be made by the UAE, $13 billion will be allocated for the development of the resort area, and $11 billion will be invested in other development projects. In addition, the UAE consortium will also take over the management of the airports in the region.

35 PERCENT OF REVENUE TO STAY IN EGYPT

For this purpose, the Egyptian government has established a state-owned company to make investments with the UAE consortium. It was stated that the tourism zone to be built would be comparable in size to Sharm El Sheikh and would take 5 years to complete. While 35% of the revenue generated in the Ras-El Hekma tourism zone will stay in Egypt, the remaining portion will go to UAE companies.