Egypt to establish free economic zone in Nuweiba

Egypt is set to establish a free economic zone in South Sinai’s Nuweiba, bringing the number of free zones in the country to 11.
In an official statement, Egypt’s investment and international cooperation minister Sahar Nasr said the government decided to establish the free zone as part of a comprehensive development plan for Sinai that involves pumping domestic and Arab investments.

In a separate statement, South Sinai governor Khaled Fouda revealed that the free zone covers 26 feddans at a total cost of $400 million, and that the project will be established in around two years and will provide 14,000 job opportunities.

Fouda highlighted that Nuweiba city has been suffering from a lack of tourism, despite other South Sinai cities like Sharm El-Sheikh and Dahab seeing increases in tourism of up to 40 percent.