Egypt will announce a wave of large-scale investments on its Mediterranean North Coast to turn the area into a year-round tourism hub, Prime Minister Moustafa Madbouly said Sunday. "The coming period will see more major investments announced one after another in the North Coast," Madbouly said, "as part of efforts to make the area a year-round tourist destination rather than just a summer spot." The announcement followed the signing of partnership contracts with Emaar Misr, a unit of Dubai-based Emaar Properties, and City Stars to launch the Marassi Red Sea development. The project, valued at about 900 billion Egyptian pounds ($18.4 billion), is among the country's biggest private-sector tourism and real estate investments. Madbouly called the scheme "exceptional," saying it will expand hotel capacity, lift tourism receipts, and create tens of thousands of jobs. The state will also secure a share of direct returns from the developed land. The North Coast has long been viewed as a summer hotspot, but Egypt is seeking to transform it into a global destination, leveraging the success of Emaar's Marassi North Coast, which drew more than 4 million visitors in three months. Tourism and real estate remain cornerstones of Cairo's strategy to attract foreign capital, generate foreign exchange, and accelerate economic growth. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
