The Suez Canal Authority (SCA) is in the process of acquiring South Red Sea Shipyard company, which specialises in building super yachts, sources close to the deal told Daily News Egypt.
The sources added that the SCA has already completed the evaluation and due diligence procedures, and is expected to complete the acquisition during the coming period.
South Red Sea Shipyard is a private company operating in the Port of Safaga.
In September, the SCA signed a memorandum of understanding with South Red Sea Shipyard for cooperation in the tourism yacht industry in Egypt.
The MoU allows the manufacture of tourist yachts of different models in the shipyards of the authority and the South Red Sea Shipyard, which enables the introduction of new technical expertise and maximizing the use of the assets and resources of the authority.
Also in September, SCA Chairperson Osama Rabie revealed that Egypt plans to establish its first yacht marina powered by renewable energy, on an area of 25,000 square metres, with a capacity of about 65 yachts.
Rabie indicated that the plan will include the establishment of a hotel and a commercial area, as well as a tourist walkway with a length of 850 metres. Another marina with a capacity of 75 yachts will also be launched in Port Said.
The Suez Canal Authority has recently revealed a strategy to promote yacht tourism, under which there are three yacht marinas along the course of the canal in Port Said, Ismailia, and Suez.
The authority is working under a strategy to develop yacht marinas, where the efficiency of a number of facilities and services has been raised in the Ismailia Marina.
Rabie has previously said that the targeted vision of the development seeks to increase the capacity of the marina from 12 to 60 yachts, and add refuelling, maintenance, and waiting services for long periods, in cooperation with the private sector.
