Egypt signs $1.5 billion deal to build nation’s first health resort
The Egyptian General Authority for Investment and Free Zones (GAFI) has signed a $1.5 billion investment contract to establish the North African nation’s first medical and health resort.
The $1.5 billion investment deal signed with Egyptian investment company Maxim Investment Group (MIG) will be located in the investment zone in Al-Saf Centre in Giza, an Egyptian city on the west bank of the Nile, near Cairo, the Egyptian Cabinet announced on January 9.
“Naya Spa, Egypt's first medical and wellness resort that combines lodging and medical services in one location. As part of the State's commitment to increasing investment in the health sector, it will be the first facility of its kind in Egypt to promote medical tourism,” said the Egyptian Cabinet in a statement
The CEO of GAFI, Hossam Heiba mentioned that the 40-acre investment is expected to create over 4,500 jobs. “The project intends to utilise the area to become a hub for commercial, craft, tourism, therapeutic, and tourism activities, all of which have a significant positive impact on the development of the project's establishment area and the Egyptian economy overall,” said Heiba.
The resort will feature several medical clinics for in-depth examinations, analysis labs, cosmetic clinics, lodging hotels, dining establishments, and a variety of spaces for workshops and other events.
Egypt in 2022 was ranked 4th in the African region and 26th globally in the medical tourism index. The global medical tourism industry was valued at approximately $19.28 billion in 2022 and is projected to grow from $24.14 billion in 2023 to $93.38 billion by 2030.
