Egypt to auction land for tourism

2nd Nov 2012

Plots of land covering a total of 28 million square metres will be auctioned for tourism developments in Egypt in a bid to boost the country's tourism numbers.

The sites across the nation, including in Red Sea resorts such as Ain Sokhna and Marsa Allam, will be sold in the next 14 months as part of a project led by tourism minister Hisham Zaazou.

He has been tasked with boosting tourism numbers to levels seen before the uprising that led to removal of President Hosni Mubarak last year. In 2010, around 14.5 million people visited Egypt, earning the country $12.5 billion (£7.7 billion). It is hoped similar numbers will travel to Egypt next year.

Mr Zaazou told Reuters that the sale of land for tourism developments would help meet the target of attracting 30 million people to the country by 2020.

He stated: "I will start auctioning (the land) maybe next month and before the end of 2013 all of the 28 million square metres will have been put on offer." He added that there had been a number of expressions of interest for the land from European and Gulf investors.

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