Egypt’s Ministry of Tourism is aiming to develop 5 tourism projects at a cost of EGP 3bn (US$428m) in Ain Al-Sokhna and Ras Sudr after approval of allocation of land by the Tourist Development Authority (TDA).
TDA has offered five pieces of land that will be developed as tourist sites by successful developers at a cost of EGP 500m (US$ 71m) following 50 bids submission.
Ras Sudr will be developed on a land area of 323.8 square kilometers at a rate of EGP 140 (US$20) and EGP350 (US$50) for every square meter while Ain Sokhna will be developed on an area of 120 square kilometer and it will be built at a cost of EGP 1141(US$163) per square meter with another area of 140 square kilometers developed for EGP1050 ($150) per square meter.
Among projects that are to be developed is a global wellness center that will comprise apartments covering 215,000 square meters of land at a price of US$75 per meter, hotels, restaurants and a marina that links Nakhella and Ras Sudr and another linking South Abo El Darag area to Ain El-Sokhna.
Tourism contributes 11.3% of the GDP of Egyptian economy and employs 12.6% of the country’s work force..
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