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Red Sea Yacht Marina To Expand

by Lorys Charalambous, Tax-News.com, Cyprus

22 November 2006


The M A Kharafi Group of Kuwait announced the opening of last week of the first resort hotel at their multi-billion dollar resort and marina of Port Ghalib on Egypt's Coral Coast. The marina is to be expanded to more than 1,000 berths in 2007.

UK-based marina consultants Camper & Nicholsons (C&N) Marinas said recently that the developers of Port Ghalib are to undertake a massive expansion programme that will make the Marsa Alam-based marina the largest privately owned marina in the Middle East. Around 3,833 yachts visited Port Ghalib marina in 2005, and traffic for 2006 is expected to be much higher. As a result, another 500 berths will be created to accommodate the rise in business.

"Our marina expansion programme has been accelerated due to dramatic growth in yacht traffic visiting the marina and with rapidly growing demand for marina and seafront land for resort hotel and tourism residential property development," says James Pringle, chief executive director of Port Ghalib.

By mid-2007, a new resort complex and residences operated by South Africa's Sun International are expected to come on line at Port Ghalib. To meet the demand for berths, capacity will be increased to accommodate 1,050 yachts of up to 50m (164ft) in length, as well as berthing for several superyachts. Excavation and construction of the marina expansion is expected to be completed by March 2007.

The marina became a port of entry on December 1st, 2004. According to new government regulations aiming to encourage foreign yachts to visit Egypt all entry formalities can be completed in the marina through the marina management without the need to hire an agent or travel to any other place.

Yachts up to 18 meters (60 feet) LOA pay a fee of US $10 for processing formalities (US $17 for larger yachts). Both rates are for each month or part of a month's stay in Egypt. The fee is payable only once per visit to Egypt at any licensed port of entry. The marina will issue a receipt which should be shown at subsequent ports or marinas so as not to have to pay additional fees for formalities.

At present Port Ghalib is the only privately owned marina on the south Red Sea coast of Egypt to be licensed by the government as an official port of entry, consequently the above new customs regulations and fee structure are applicable here (and will also be applied in any other privately owned marina to be licensed in the future as a port of entry).

Located at 25°32'N 34°38'E, 85 km south of Kusier and 60km north of Marsa Alam, the marina is part of a huge resort and town development which is still under construction. Marsa Alam International Airport has been built 4km from the marina and is operational since 2001 for chartered flights and local flights to Cairo. The Capitainerie building, located at the end of the entrance channel, opened last month and houses authorities and marina management offices. There are 300 berths in the outer basin (up to 50m LOA) dredged depth to 5m, fuel, water and electricity available. The Fairway Buoy at the mouth of the entrance channel has a white flash 2 every 10. The entrance channel is marked by buoys.


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