The Egyptian government is finalizing the investment blueprint for the Ras Banas region on the Red Sea in an effort to attract both domestic and foreign tourism investors according to statements by Egypt’s Housing Minister, Sherif El-Sherbini on, 14 September, El-Sherbini said that Ras Banas offers “substantial potential” for tourism development and promising growth and development for potential investors, owing to its proximity to vital cities and its unique coastal location along the Red Sea.
He reiterated that local investors will deal in Egyptian pounds to safeguard the Central Bank’s currency reserves and curb dollar withdrawals that could fuel a black market. Meanwhile, an online platform for Egyptian-foreign partnerships will be launched. This platform will facilitate direct communication and transactions between local and foreign investors, allowing foreign investors to engage in US dollar-based investments via secure international transfers.
Located 356 kilometers from Luxor, Ras Banas is a 50-kilometer-long peninsula that extends into the Red Sea. It is home to a prominent port and a tourist hub celebrated for its diving sites and vibrant coral reefs, which feature the most extensive coral formations in Egypt.
Additionally, the minister provided an update on the Ras El-Hikma project, a large-scale development along Egypt’s Mediterranean coast. This ambitious project, which extends over an area of 40,600 feddans and includes plans for at least 10,000 residential units, is set to transform the region.
The first phase of land handovers to UAE investors is scheduled to begin in October, with final delivery expected by mid-November.
Ras El-Hikma project stems from a real estate deal signed in February between Egypt and the UAE. Abu Dhabi’s sovereign wealth fund, ADQ, secured development rights for USD 35 billion (EGP 1.7 trillion). Under the agreement, the Egyptian government will retain a 35 percent stake in the project and its revenues.
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