16.1 C
Delhi
Saturday, January 11, 2025

Egypt announces new tourist project in North Coast

Date:

Share post:

Donate-GC-Razorpay

Cairo: Egyptian Prime Minister Mostafa Madbouly announced on Tuesday the launch of a new tourist project in the country’s North Coast on the Mediterranean Sea with an investment of 1 trillion Egyptian pounds (20.76 billion U.S. dollars).

The new project is expected to generate 1.6 trillion Egyptian pounds in sales and 1.6 million direct job opportunities through construction-related industries, according to a statement by the Egyptian cabinet.

The South Med project, which is going to be carried out in partnership with the private sector, integrates with the projects implemented and being implemented in this promising area to achieve the goals that include doubling the current number of tourists by 2030, Madbouly told a press conference in Egypt’s New Administrative Capital.

“We are keen to make the North Coast of Egypt a destination that is focused on by various state agencies to maximize the tourism sector and provide a large number of hotel and tourist rooms in this area,” Madbouly said.

Madbouly said the state seeks to provide more job opportunities for young people in North Coast to encourage and attract many of them to reside in the area through the implementation of a large and integrated group of projects, including New Alamein City.

Madbouly said the government expects that this project, along with other mega projects being implemented in New Alamein City, will attract people to reside and foreign tourists to visit.

In February, Egypt and the United Arab Emirates (UAE) signed a deal to build a new city on Egypt’s North Coast to boost tourism, investment and foreign currency reserves.

The tourism sector is one of the main sources of foreign currency for Egypt, contributing about 12 percent to the GDP and providing jobs for around 3 million people.

Related articles

Get the exact cost of your next trade with a brokerage calculator

Investing wisely begins with knowing the true cost of each trade. Whether you are buying stocks or other...

Telangana CM unveils vision for Future City to rival global metropolises

Hyderabad: Telangana Chief Minister A Revanth Reddy unveiled an ambitious plan to develop a “Future City” in Hyderabad,...

Security Forces recover arms and ammunition in J&K’s Kupwara

Srinagar: Security forces in Jammu and Kashmir’s Kupwara district recovered a cache of arms and ammunition close to...

BSF jawans working tirelessly to keep our borders & country safe: BJP MP

Darjeeling: BJP Darjeeling Lok Sabha member Raju Bista on Friday visited the Indo-Bangladesh Border Outpost 132BN, BOP Karzigach...