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Egypt plans to build a huge tourist attraction on the Mediterranean Sea. Egyptian Prime Minister Moustafa Madbouly announced this on Friday. The plans cover an area of 170 million square kilometers, with room for hotels, homes, sports and commercial centers. In addition, an airport will also be built.
In this way, the Ras Al-Hikma peninsula, about 350 kilometers northwest of the Egyptian capital Cairo, should develop into a new tourist hotspot. The intention is that the project will attract up to eight million visitors per year.
Over the next two months, the United Arab Emirates will inject 35 billion dollars (more than 32 billion euros) into the project. This is the largest foreign investment ever in the country. In total, the North African country is aiming for 150 billion dollars (138.5 billion euros) in investments. The project should also create millions of jobs and help to cope with the economic crisis.