Kuwait topped the list of the biggest Arab investors in tourism projects in Egypt with investments worth EGP9.025 billion, reveals UAE-based Al Khaleej citing a report.
Kuwait’s investments in Egypt’s tourism sector are focused in the Ain Sukhna, Red Sea and Ras Sudr areas.
The report, which deals with the size of the Arab capital’s contribution to projects under the supervision of the Tourism Development Authority, states that Arab investments in Egypt’s tourism sector amounted to EGP17.6bn.
According to the report, the Red Sea area accounted for the largest share of Arab investments, amounting to nearly EGP15.2bn, while the Gulf of Aqaba region came in second place at around EGP1.39bn, followed by the Ras Sudr area with nearly EGP625 million and then Ain Sukhna with EGP597m.
Saudi investments, worth EGP3.43bn, occupied the second place among Arab countries with projects in the Red Sea, the Gulf of Aqaba, Ain Sukhna and Ras Sudr, followed by the UAE with investments in the Red Sea and Ras Sudr worth EGP2.6bn.
(EGP1 = AED0.48, at the time of publishing)