Some 11 new marinas for tourist yachts could be set up on the Red Sea and Mediterranean coasts, under an agreement between the Transport MInistry’s Maritime Transport Sector and several government agencies, Al Mal reported on Thursday, citing an unpublished document said it has seen.

Refresher: In an effort to capitalize on and standardize the country's burgeoning yacht tourism industry, the Madbouly government recently approved regulations to control yacht activity in domestic ports. All aspects of yacht travel to and from Egypt are spelled out in these rules, including the paperwork that must be completed, the services that will be offered by various government agencies, the responsibilities of yacht owners, and the docking fees that will be assessed once they arrive. Sources have told us that yacht tourism could prosper with these rules in place and with the help of our advantageous geographical position.

The proposed new marina locations are set to be spaced around 100 km apart to cover the length of Egypt’s coasts, according to Al Mal. The suggested spots include East Port Said; west of Gamasa; Alexandria’s Montazah area; a tourist resort in Rashid; the Galala Resort in Ain Sokhna; Port Ghalib; and a marina at the port of Berenice.

Yacht tourism can be a solid source of FX inflows, considering that it’s wealthy individuals who own or have access to yachts. The daily spend of those visiting Egypt via yachts is 94% more than the average tourist, former tourism minister Khaled El Anany previously said. Globally, the size of the yacht tourism economy, excluding onshore spending, hovers around the EUR 12 bn mark.

OTHER INFRASTRUCTURE NEWS-

A new berth at West Port Said port could be up and running in October 2022: The General Authority for the Suez Canal Economic Zone expects the first phase of the EGP 1.4 bn Abbas berth to open in West Port Said port in October, Al Mal reported, citing sources it claims have knowledge of the matter.