Egypt wants to build a huge tourist attraction on the Mediterranean. This was announced by Prime Minister Mostafa Madbouly, today, Friday. It covers an area of 170 million square kilometers, accommodating hotels, homes, sports and shopping centres. An airport will also be built.
In this way, the Ras El Hekma Peninsula, located about 350 kilometers northwest of the Egyptian capital Cairo, should develop into a new tourist attraction. The aim is for the project to attract up to eight million visitors annually.
Over the next two months, the United Arab Emirates will pump $35 billion (more than 32 billion euros) into the project. This is the largest foreign investment ever in the country. In total, the North African country aims to invest $150 billion (138.5 billion euros).
The project is also supposed to create millions of job opportunities and help confront the economic crisis. Egypt has large external debts.
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