The Tourism Development Authority (TDA) is studying proposals for a number of investment opportunities in the North Coast to Egyptian and Arab investors before the end of this year, according to a TDA official.
The areas of investment opportunities the TDA intends to propose range between 200,000 to 2m sqm, according to the official. Investment opportunities are related to hotels and establishing tourism housing units.
The government held the Egyptian International Economic Conference of the Matruh Governorate recently to develop the area by attracting tourism and agriculture investments.
The official said they met with the governor of Matruh to coordinate the process of proposals of investment opportunities to serve the development goals in the area. The TDA will send documents, and a portfolio addressing the mechanisms of pricing lands to the General Authority for Investment and Free Zones (GAFI) and a letter to send to the New Urban Communities Authority (NUCA).
The hotel investments established on the TDA’s lands amount to EGP 68bn, less than 3% of which are Arab investments, according to head of the TDA Serag El-Din Saad.
Saad said the TDA is ready to propose lands in accordance with the development plans in coordination with the different bodies, whether in the Red Sea, South Sinai, or the North Coast.
The Ministry of Tourism is working on promoting a number of mega investment opportunities proposed in a conference in Dubai in May 2014 on areas exceeding 2m meters square for each project. Arab investments seek to obtain tourism housing, especially in the North Coast and Red Sea.
He said some tourism investment companies sold about 50 tourism housing units with revenues of more than EGP 100m in one year. Most of the units were sold to Arab businessmen looking for privacy and comfort in Egypt.