The move aims to encourage yacht tourism and develop marine tourism in the Red Sea region by providing facilities and incentives for yachts crossing the canal, the SCA said in a statement on Saturday.

According to the new circular, yachts with a tonnage of fewer than 300 tons travelling from the north to the Red Sea will receive a 20 percent discount on transit fees for the return journey.

This is provided they re-cross the Suez Canal again from the Red Sea to the Mediterranean within a maximum of 60 days from the initial trip.

Yachts staying at the Ismailia Yacht Marina for more than 90 days will be granted a 20 percent discount on transit fees for the journey during which the storage occurred.

Yachts that arrive at an appropriate time for transit and moor at a yacht Marina in Port Said or Suez to complete transit procedures will receive a 50 percent discount on mooring fees at these Marina.

This is provided they do not stay overnight or use any services such as electricity, water, etc., the circular added.

Additionally, yachts with a gross tonnage of 300 tons or more will be allowed to join the direct convoy of ships and transit directly without waiting at the anchorage in the Great Bitter Lakes area.

Yacht Tourism
 

Egypt has been working to attract more foreign yacht tourists by removing obstacles and capitalizing on its strategic location. It has extended tourist visas for foreign yacht owners from one to three months.

In July, the foreign ministry launched an online portal for visa applications. The Yacht Single Window allows visa issuance within 30 minutes and accepts US dollar payments.

Furthermore, Yachts now can depart from any Egyptian tourist port, rather than only the port of arrival.

Red Sea Tensions
 

Revenues from the Suez Canal fell to $7.2 billion in the past fiscal year, down from $9.4 billion, due to ongoing tensions in the Red Sea.

Tensions in the Red Sea have escalated following the Houthis' recurring attacks on ships linked to Israel, the US, and the UK near the strategic Bab El-Mandeb Strait.

The group, which controls much of Yemen but is not recognized internationally, says the attacks were meant to pressure Israel to end its deadly war on the Gaza Strip.

The man-made canal – which connects the Mediterranean and the Red Sea – is one of Egypt’s major sources of hard currency.