Land in Marsa Allam and Hurghada is set to be offered up to Gulf investors from the UAE, Kuwait and Qatar on a usufruct basis, Adel Abdel Razek, member of the Egyptian Federation for Tourism Chambers, has told AlBorsa newspaper.
“Facilities in some land purchases would be provided, besides offering hotels leasing,” he added.
Abdel Razek said the Gulf investments would not be limited to tourism, and would extend to establishing industrial projects in all fields.
According to a statement from the Ministry of Tourism, “Minister of Tourism Hisham Zaazou will meet a Gulf delegation including a number of Gulf investors to discuss establishing a group of projects complementary to the hotel capacity in the Red Sea touristic cities.”
The minister added that these projects support the tourism sector and would establish a number of large shopping malls, a chain of worldwide restaurants, and to sports and entertainment centres.
Zaazou asserted that the Gulf is cooperating in pumping new investments into projects complementary to the tourism sector, aimed at promoting shopping and entertainment tourism.
Egypt currently depends on attracting Gulf investments to compensate for its problems arising from credit level downgrading and difficulties reaching a final agreement with the IMF.