The Egyptian authorities is finalizing the funding blueprint for the Ras Banas area on the Purple Sea in an effort to draw each home and international tourism traders in response to statements by Egypt’s Housing Minister, Sherif El-Sherbini on, 14 September, El-Sherbini stated that Ras Banas affords “substantial potential” for tourism improvement and promising progress and improvement for potential traders, owing to its proximity to important cities and its distinctive coastal location alongside the Purple Sea.
He reiterated that native traders will deal in Egyptian kilos to safeguard the Central Financial institution’s forex reserves and curb greenback withdrawals that would gasoline a black market. In the meantime, an internet platform for Egyptian-foreign partnerships might be launched. This platform will facilitate direct communication and transactions between native and international traders, permitting international traders to have interaction in US dollar-based investments through safe worldwide transfers.
Situated 356 kilometers from Luxor, Ras Banas is a 50-kilometer-long peninsula that extends into the Purple Sea. It’s residence to a distinguished port and a vacationer hub celebrated for its diving websites and vibrant coral reefs, which function probably the most intensive coral formations in Egypt.
Moreover, the minister offered an replace on the Ras El-Hikma challenge, a large-scale improvement alongside Egypt’s Mediterranean coast. This bold challenge, which extends over an space of 40,600 feddans and consists of plans for at the least 10,000 residential items, is ready to remodel the area.
The primary section of land handovers to UAE traders is scheduled to start in October, with ultimate supply anticipated by mid-November.
Ras El-Hikma challenge stems from an actual property deal signed in February between Egypt and the UAE. Abu Dhabi’s sovereign wealth fund, ADQ, secured improvement rights for USD 35 billion (EGP 1.7 trillion). Underneath the settlement, the Egyptian authorities will retain a 35 % stake within the challenge and its revenues.
