A US-Saudi consortium is set to invest $3 billion in a new amusement park complex in Matrouh Governorate, Egypt.
Alaa Abu Zeid, Governor of the north-western Egyptian governate of Matrouh announced the investment at a press conference. However he did not give any details about who the investors are. He also did not say exactly what the project will comprise.
Matrouh is an area of intense activity for Egypt. The Western Egypt Development Project was launched by President Abdel Fattah al-Sisi in July during the fourth National Youth Conference held in Alexandria.
Sahar Nasr, Minister of Investment, began promoting the project in August. He stated that it would include an investment zone, a resort complex, and urban development projects. Investors in the Matrouh governate were invited to come forward.
The amusement park will be the second project in the area beside the New Alamein City, reports the Egypt Independant.
The overall project will have a footprint of 250,000 feddans (one feddan = 1,025 acres.) It will be carried out in three phases spanning ten years. The total cost is expected to be in the region of US $10 billion in total. The first phase is set for completion within two years and will cost US $2 billion.
The project is expected to create 25,000 direct jobs. In addition, it will generate indirect employment for hundreds of thousands.
Abu Zeid added that investors have agreed upon a further 21 investments for projects in the area. These are worth in the region of EGP 165 billion.
Matrouh Governorate covers a large area of north-western Egypt. It has a long stretch of coastline which is popular with tourists. The new developments will ramp up the region’s profile to a vast degree. New Alamein City is being created as a new eco-city for Egypt. If it, and the other projects touted, are successful they will profoundly alter the North Coast and impact positively on Egypt’s future.