Egypt's Sharm el-Sheikh Boom Threatened by Morsi Assault on Foreign Ownership

(Telegraph-UK) Alastair Beach - 40 years ago Sharm el-Sheikh was a sleepy fishing village with a handful of guesthouses erected by the Israelis after the Six-Day War. Today its 100-plus hotels can accommodate 200,000 visitors a week at this glittering resort of palm trees and pools at the mouth of the Gulf of Aqaba. Now, some of the entrepreneurs who developed Sharm el-Sheikh say the resort's future is in doubt because of a clampdown on foreign ownership by the Egyptian government led by Islamist president Mohamed Morsi. A controversial law appears to give dual national Egyptians a six-month deadline to sell all of their property in the region.

2013-02-14 00:00:00

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