Egypt to set up yacht manufacturing company as part of yacht tourism promotion

Egyptian Prime Minister Mostafa Madbouly approved permitting the Suez Canal Authority (SCA) to co-establish Suez Canal for Modern Boats, State-run journal indicated Thursday December 7.
Per the State-run media, the future company will manufacture, maintain, and export yachts and maritime units. The Suez Canal for Modern Boats will have a value of $5.1 million. It will employ around 8000 individuals.
Seven companies are already affiliated with the SCA for the company’s creation.
The project is in line with Egypt’s ambition to promote yacht tourism and remove all obstacles facing foreign yacht tourists along the Egyptian coasts. In July 2023, authorities extended the visas granted to foreign yacht tourists to three months instead of one.
The country’s geographical location makes it an ideal country for attracting yacht tourism. Its waterways are connected with Europe, other areas of Africa, and Asia, and under the new decision, yachts can depart the country from any tourist port of their choosing.
The promotion of yacht tourism is in line with authorities’ target to attract up to 15 million tourists this year.