Egypt has shown significant achievements in attracting investment from the UAE to develop a new resort on the Mediterranean coast, in the Sharm el-Sheikh area.
This success is the result of a record deal with UAE investors to invest $24 billion in the Ras al-Hekma resort project. This project promises to transform the area into a resort city with an airport operated by the UAE.
The state-owned company set up to work on the Ras al-Hekma project will work closely with the UAE and guarantee Egypt 35% of the revenues from the future mega resort. The rest of the revenue will reach UAE investors. Thus, this deal not only contributes to the development of this area, but also helps stabilize the economy of the entire country.
Due to the success of this deal, Egypt offers other resort areas for investment, including Ras Gamila and lands from Hurghada to Marsa Alam. Investor interest from Saudi Arabia and Qatar, including the Saudi Sovereign Fund, is also involved in these projects. There are plans to attract international companies to manage airports to strengthen inbound tourism and make Cairo Airport an important international transportation hub.
All these measures will enable Egypt to further develop its tourism potential, attract more foreign investment and boost economic growth.
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