CAIRO, April 18 (Xinhua) -- The Egyptian cabinet approved on Thursday the establishment of a special free zone to manufacture, maintain, and export marine yachts to meet standards on par with those of Europe and other international counterparts, according to a government statement.

       The special free zone, named the Suez Canal Company for Modern Boats, will span 51,150 square meters south of Safaga town along the Red Sea coast, more than 500 km from the Egyptian capital of Cairo.

       This initiative is designed to establish Egypt's position in the global yacht manufacturing sector, bolster the country's foreign currency earnings, and facilitate the employment and training of professionals in the industry, the statement said.

       According to the cabinet, the company will export 100 percent of its annual production and ensure a minimum local component of 50 percent in its products within three years of commencing operations.