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Beach holidays in Egypt are very popular among the Swiss. As a rule, you travel to the Red Sea, Hurghada, Sharm-el-Sheikh or Marsa Alam.
But now Egypt continues tourism at full speed on the Mediterranean coast. Egypt wants to build a huge tourist resort on the Ras Al Hikmah peninsula, about 200 kilometers west of the city of Alexandria.
Cost: Only $150 billion. The United Arab Emirates (UAE) will provide 35 billion of this as a development partner within the scope of direct investment in the next two months. In return, the UAE will receive a 65 percent share of the new facility.
Hotels and own airport
A new city is being built on an area of 170 square kilometers with hotels, residences, entertainment and commercial areas. A new international airport will be built south of Ras Al Hikmah. The project also includes a new cruise port.
Overall, Egypt expects 8 million new visitors per year from this project alone. The first construction phase is planned to be completed in 2028.
Egypt already has some tourism infrastructure on the Mediterranean coast at Marsa Matruh, about 75 kilometers west of Ras Al Hikmah. The place, which is so far not well known among international tourists, plays a role only in domestic tourism.
Why sell to Emirates?
The question still remains as to why the Emirates was given such a large share in an important tourism project.
The answer is simple: Egypt urgently needs foreign currency. Revenue from the Suez Canal is being hurt by Houthi attacks on merchant shipping near the Horn of Africa, and the construction of a new administrative capital near Cairo is costing billions of dollars. At the same time, the Egyptian pound is constantly losing value.
Egypt’s prescription is to expand tourism in the region, which has been neglected until now. Last year, Egypt hosted a total of 14.9 million foreign tourists. There’s still a lot of room for improvement.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
