Egypt plans to offer peninsula-based Berenice as one of five key coastal concessions by the Red Sea in its ongoing strategy to draw in potential investors, Senior Assistant to the Housing Minister, Abdel Khalek Ibrahim, told Asharq Business on 29 September. Known for its pristine beaches, vibrant coral reefs, and rich historical sites, the Red Sea region is already a hotspot for tourism, making it a prime location for further investment. Berenice, an ancient Ptolemaic port near the Ras Banas peninsula, possesses crystal clear waters, a deep historical value, and a strategic location in the Red Sea. In September, Prime Minister Mostafa Madbouly unveiled a plan to offer five strategic locations, including the Ras Banas peninsula, to private investors. These projects aim to leverage the region’s natural appeal for tourism and business development, replicating the scale of development anticipated in Ras El-Hikma on Egypt’s Mediterranean coast. The Ras El-Hikma USD 35 billion (EGP 1.6 trillion) megadeal signed with the United Arab Emirates aims to turn the North Coast area into a functioning city with a thriving tourism and business sector. Now, the government is looking to replicate that investment along…
