Economics
Egypt Earmarks Red Sea Spots in Search of More Tourism Megadeals
Tourists relax on beach chairs at a beach along the Red Sea in Sharm El Sheikh, Egypt.
Photographer: Ed Giles/Getty ImagesThis article is for subscribers only.
Egypt’s government said it earmarked five areas on the Red Sea coastline to offer to investors for tourism development, looking to mirror a Mediterranean megadeal earlier this year that helped it overcome a grueling economic crisis.
The locations will include Ras Banas, a peninsula in southern Egypt sitting across from Saudi Arabia, Prime Minister Mostafa Madbouly told reporters Thursday. He didn’t identify the other spots, but cited the precedent of February’s $24 billion investment by the United Arab Emirates to develop the Mediterranean headland of Ras El-Hekma.