A EGP 10 billion tourism project will be established in Ghazala in Dabaa district in the governorate of Marsa Matrouh on the Mediterranean coast, on an area of 2.14 million-square metres which was allocated on Monday to tourism investment company Madar, according to an statement from the ministry of investment and international cooperation.
The governor of Marsa Matrouh, Alaa Abu Zeid, signed an agreement for the land plot allocation with Madar’s chairman, Mohamed Fouad Abu El-Yazid Beshtah, on Monday, in an event attended by Sahar Nasr, the minister of investment and international cooperation, and Abu Bakr El-Gendy, the minister of local development.
The project is the largest Egyptian investment project following the ratification of the investment law and amendments to the companies law late last year, Nasr said.
The implementation of the project will begin within six months, and is expected to be completed in three phases.
In a separate project, Marsa Matrouh governorate is establishing a investment zone 75 kilometres to the west of Marsa Matrouh city, as part of the West Egypt development project. The zone will include a world-class economic and touristic centre, residential housing, a hospital, a logistical zone and a commercial port, Abu Zeid said.