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Tuesday, 27 February 2018

Housing Ministry rolls out ambitious EGP 32 bn Sinai development strategy

Housing Ministry rolls out ambitious EGP 32 bn Sinai development strategy: The Housing Ministry has completed mapping out a EGP 32 bn development strategy for Sinai, Al Mal reports. The strategy relies heavily on new incentives to attract investors to do business in the peninsula, which the ministry hopes would spur urbanization and population growth. The strategy includes establishing a new economic center in North Sinai and converting the governorate’s capital city to a freezone. The ministry also plans to establish a commercial port on the Mediterranean, and several specialized industrial zones that would capitalize on Sinai’s resources, including its mineral wealth.

The strategy sees tourism as playing a key role in the peninsula’s development, and focuses specifically on promoting religious tourism to The Holy Family Trail and recreational tourism to beach resorts by improving infrastructure and constructing new hotels. A new airport would also be constructed in North Sinai to facilitate tourist arrivals to the area. Incentives to drive population growth include constructing housing projects; establishing new schools, research centers and hospitals. Arab News also has the story.

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