Prime minister Mostafa Madbouly in his meeting on developing yacht tourism in Egypt on Monday in Cairo
Madbouly and representatives of the Italian group discussed plans to promote yacht tourism in both the Mediterranean Sea and the Red Sea, as well as the expected revenues from this type of tourism.
The plan is based on leveraging Egypt's unique strategic geographical location through raising the efficiency of yachts and their maintenance centres, they added.
At the end of the meeting, an agreement was reached on formulating a memorandum of understanding (MoU) that includes aspects of proposed cooperation with the Italian group in preparation for signing an agreement to immediately start implementing the necessary steps to promote yacht tourism.
According to Madbouly, the meeting aims to draw up an action plan to position Egypt as a distinguished yacht tourism destination in an effort to increase foreign currency resources.
The meeting was attended by the Commander of the Strategic Command and Military Industrialization Supervisor Ahmed Khaled and CEO and Managing Director of Talaat Mostafa Group Hisham Talaat Mostafa.
A national plan has been implemented since August 2021 to raise the efficiency of existing ports and marinas as well as to construct new ones in areas important to tourism.
In September 2022, Egypt launched its first online platform to maximise yacht tourism in Egypt.
The government is also set to launch a marketing plan to boost yacht and ship tourism in Egypt.
Egypt’s geographical position makes it attractive for yacht tourism as it has coastlines on the Mediterranean Sea (995 km), the River Nile (which runs the length of the country) and the Red Sea (1,941 km).