Egypt Daily News – Egypt has initiated the development of an investment plan for the “Ras Banas” area on the Red Sea, aiming to present it to private sector companies for development, similar to the “Ras Al-Hikma” project, as stated by Housing Minister Sherif Al-Shorbiny.
“Ras Banas” is recognized as one of the largest pristine coral reef areas in the world. The peninsula extends 50 kilometers into the Red Sea and includes the ancient port of Berenice.
During a press conference held in Cairo on Saturday, Al-Shorbiny disclosed that the process of handing over the first phase of the “Ras Al-Hikma” project to the Emirati side is set to begin at the start of October and to be completed by November 15.
In February, Egypt and the UAE formalized a real estate investment deal whereby the “Holding” Company (ADQ) acquired the rights to develop the Ras Al-Hikma project on the Mediterranean coast for $35 billion.
The Egyptian government will maintain a 35% stake in the project and its revenues. Al-Shorbiny estimated the value of the land stock and units belonging to the Ministry of Housing, which have been cataloged and will be offered gradually, at two trillion pounds.
He clarified that Egyptian investors will be dealt with in pounds to minimize the withdrawal of dollars from the central bank and to prevent the resurgence of the black market. An electronic platform has also been established specifically for Egyptian-foreign partnerships to provide investment opportunities in dollars through remittances from abroad.
