Egypt's ministry of sport has decided to offer a comprehensive sport city project, located in the coastal resort city of Sharm El Sheikh on the Sinai Peninsula, for public private partnership (PPP), Dr. Mostafa Azzam, director of the Investment Unit at the ministry, told Zawya.
"The project stands over an area of 200 acres and will be the future site of a complete and comprehensive sports city. It will also feature a variety of touristic attractions and hotel facilities. The streets and restaurants will bear the names of various international cities, reflecting the project's multi-cultural and global approach to drawing visitors," he said.
The exact cost of the project is yet to be determined through a feasibility study, which is currently being compiled by the ministry of sport, in collaboration with the ministry of investment. Azzam said the intention to offer the project to investors is expected to be announced during the second half of 2013.
"All anticipated projects to be issued by the ministry of sport through PPP will be furnished with basic project infrastructure works, in addition to incorporating additional extensions. The same applies to Sharm El Sheikh Sports City, since an indoor court was constructed at a total cost of USD 40 million. We expect investors would be enticed by the project, especially since it already hosts and supports various activities and services," added Azzam.
Egypt has several sports facilities located in 5,079 premises across the country, according to the latest data published by the Central Agency for Public Mobilization and Statistics (CAPMAS). Sports clubs in the country stand at 854 and are currently serving the needs of 16,000 sports teams, 195,000 players and 9,275 coaches. There are also 404 youth centers with 11,000 teams and 114,000 players, as well as 3,821 village youth centerswith 68,000 teams and 591,000 players.
The sports environment in Egypt is relatively active, with over 21,000 students graduating from specialized sports faculties, and with around 525,000 employment opportunities being generated for the industry. This is further strengthened by the presence of a designated sports syndicate with a total of 68,000 members, and 51,000 sports players registered with various Egyptian sports clubs.
"Investors in the domestic sports industry are guaranteed to receive a return on their investment within three years' time due to the high price of club memberships. Members of El Shams Club, for instance, pay a total of EGP 150,000 for membership. Other clubs such as the Egyptian Shooting Club charges EGP 90,000 per member while the Al Ahly Football Club and the Heliopolis Sporting Club charges EGP 131,000 and EGP 121,000 per member, respectively," said Azzam.
© Zawya 2013
