Egypt has approved the creation of a special free zone and international tourist port on the Ras al-Hikma peninsula, west of Alexandria, according to a government statement released on Wednesday.
This ambitious project comes on the heels of a significant investment deal signed with the United Arab Emirates (UAE) in February.
The $35 billion partnership agreement, one of the largest of its kind for Egypt, will fuel the development of the Ras al-Hikma peninsula.
The envisioned free zone is expected to attract businesses with its relaxed regulations and potential for streamlined operations.
The international tourist port, meanwhile, aims to bolster Egypt’s tourism industry, a vital sector that has faced challenges in recent years.
This project signifies a major step forward for Egypt’s economic development plans.
The influx of foreign investment and the creation of a dedicated tourist hub hold the promise of job creation, increased foreign currency reserves, and a revitalized tourism sector.
The success of the project will depend on attracting investors and ensuring smooth implementation, but it has the potential to be a game-changer for the region.
