The Egyptian government is planning to offer four to five coastal areas along the Red Sea, including some in the Ras Benas peninsula, to investors, Prime Minister Mostafa Madbouly said in a press conference.
Ras Banas is a 30 km peninsula across the Red Sea from Saudi Arabia. The region is one of few parts of Egypt’s coastline that has not yet been developed for tourism.
“There are several other regions plotted for complete urban development, which will include all types of activities and infrastructure, such as airports, ports, and marinas for international tourism,” Madbouly said in a press conference, as reported by ahram.
“This falls within the government’s efforts to attract foreign direct investment to create job opportunities and boost the economy,” he added.
The decision aims to boost tourism and attract international investments similar to the $35 billion deal signed with ADQ, an Abu Dhabi-based investment and holding company, for the development of land in Ras El-Hekma. The project aims to build one of the largest new city developments created by a private consortium.
Earlier this week, Egypt’s Cabinet said Saudi Arabia’s Public Investment Fund (PIF) plans to invest $5 billion into the Egyptian economy, based on a directive issued by HRH Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.
