File photo of yacht port in one of Egypt s Red Sea tourist cities. Photo courtesy of Ministry of Transportation
According to a cabinet statement, the zone will be affiliated with the Suez Canal for Modern Boats company, established over an area of 51,150 square metres, and located south of Safaga city on the coast of the Red Sea.
“The project aims to manufacture, maintain and export world-class marine yachts comparable to European and international arsenals,” read the statement, adding that the project will place Egypt "on the global map of the yacht industry, given its financial return in foreign currency.”
Furthermore, the cabinet noted that the Modern Boats company would be required to export no less than 100 percent of its annual production and incorporate local components in its products, amounting to at least 50 percent, within three years from starting operation.
In December, Egyptian Prime Minister Mostafa Madbouly granted the Suez Canal Authority (SCA) permission to co-establish The Suez Canal for Modern Boats, a joint-stock company.
The Egyptian government is keen to promote yacht tourism and remove all obstacles facing foreign yacht tourists along the Egyptian coasts.
The country's coastlines extend for 2,400 kilometres along the Mediterranean and Red Seas, with 23 developed tourist ports able to receive yachts.
In July, the government extended the visas granted to foreign yacht tourists to three months as opposed to the previous one-month allowance.
Moreover, since mid-2023, tourist yachts have been able to apply for and receive their visas within 30 minutes through a specialised online portal and pay fees in US dollars.
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