Egypt establishes special free zone for modern boats

CAIRO - 18 April 2024: The Egyptian Cabinet has endorsed a project to establish a special free zone named "Modern Boats Company (S.A.E)" over an area of 51,150 square meters, located at kilometer 8 south of Safaga, adjacent to the South Red Sea Shipyard from the west.

This zone aims to engage in manufacturing and maintenance of yachts and maritime units, subject to obtaining all necessary licenses and approvals from relevant authorities.

The project aims to manufacture, maintain, and export world-class marine yachts comparable to European and international shipyards. This endeavor seeks to position Egypt on the global map of yacht manufacturing, providing significant foreign currency returns and positively impacting employment and workforce training.

According to the draft resolution, the company is obligated to export no less than 100% of its annual production volume abroad. Additionally, it must utilize local components in its products, accounting for at least 50% within a maximum period of three years from the start of operations.