General Authority for Investment and Free Zones (GAFI) is to offer 10 mn square meters of land in the governorate of the Red Sea for industrial and tourist projects on January 22, AlBorsa News reported.

According to the news portal, the lands on offer are divided into 16 plots “dedicated for investment projects worth of EGP 49 bn,” Major General Salah El-Gamal, director of investment in the Red Sea.

This decision comes following the governorate’s several failed attempts to host an economic conference to promote the Egyptian destination and attract around 65 tourist and industrial projects, which GAFI estimates were worth EGP 200 bn. Therefore, the city authority went with offering lands on stages through GAFI.