Since the announcement of the historic agreement to develop the city of Ras El-Hekma in Egypt on the Mediterranean coast with the largest amount of foreign direct investment in the history of the region, which is estimated at $150 billion in direct investments over the course of the project, attention has been eagerly turning to learn more about the agreement and the philosophy of developing this unique region. Mediterranean coast
This agreement goes beyond being merely a real estate and tourism development agreement for the region, as it includes the rapid establishment of the company developing the region and the issuance of its golden licence, the approval of the free zone law to support the development of its industrial and services sector, in addition to the establishment of a port area for yachts at the head of the geographical triangle called Ras Al-Hikma, which It makes it a distinctive future destination for yacht tourism in the world
The yacht tourism industry has witnessed tremendous development over the past two decades, as it has expanded to become an influential figure in the economies of countries that have succeeded in making their ports a hub for this industry. Yacht tourism is one of the highest spending tourism sectors in the world, making Ras El Hekma a promising investment destination that contributes to revitalizing the Egyptian economy and attracting foreign investments.
Ras El Hekma Yacht Port: A qualitative shift in tourism in Egypt
Today, the Egyptian government announces in the Official Gazette the establishment of a specialized port for yachts on the yachting coast of Ras Al-Mathlat, in the city of Ras Al-Hikma. This decision is considered a qualitative leap in terms of investment and tourism development in the Egyptian northern coast, especially with the good exploitation of the competitive costs of services related to this industry, which is considered one of the finest and most expensive tourism sectors ever. The unique geographical location of Ras El Hekma also has a huge advantage, as it is located between three continents, making it an ideal destination for yacht tourism.
Economic benefits of yacht tourism in Egypt
Let us learn about the economic benefits of yacht tourism, one of the richest and finest types of tourism that awaits the Mediterranean coast of Egypt in the coming years.
The Mediterranean is an ideal destination for yacht tourism, as it makes up half of global yacht tourism. The number of tourist yachts on average is estimated at more than 30 thousand yachts, with an average annual expenditure of 12 billion euros
Huge economic advantages:
Yacht tourists spend 94% more on land than a traditional tourist, which means a higher profitability rate and less pressure on services and infrastructure.
Yacht tourism also contributes to doubling tourism revenues in foreign currency and balancing the trade balance.
Yacht tourism also plays an important role in direct and indirect employment. Yacht tourism provides an average of 5 direct job opportunities for every yacht docked in an Egyptian port, in addition to 100 indirect job opportunities in the services sector, restaurants and hotels, car companies, and food and fuel suppliers.
It is estimated that the contribution of yacht tourism in Europe in 2023 will create more than 280 thousand jobs. How many future jobs can be created on the Egyptian coast for yacht tourism?
To achieve leadership in yacht tourism in the Mediterranean, the Egyptian state must work effectively and efficiently to stimulate this industry and apply the six standards necessary to develop this important industry. Prime Minister’s Decision No. 2721 of 2022, which regulates foreign yacht tourism on the coast of Egypt, and localizes licensing and sailing technology electronically with the least and simplest procedures, must also be activated. We must start where others left off, and not allow the idol of bureaucracy any way to influence it
