Egypt plans to supply peninsula-based Berenice as one among 5 key coastal concessions by the Pink Sea in its ongoing technique to attract in potential traders, Senior Assistant to the Housing Minister, Abdel Khalek Ibrahim, informed Asharq Enterprise on 29 September.
Recognized for its pristine seashores, vibrant coral reefs, and wealthy historic websites, the Pink Sea area is already a hotspot for tourism, making it a first-rate location for additional funding. Berenice, an historical Ptolemaic port close to the Ras Banas peninsula, possesses crystal clear waters, a deep historic worth, and a strategic location within the Pink Sea.
In September, Prime Minister Mostafa Madbouly unveiled a plan to supply 5 strategic areas, together with the Ras Banas peninsula, to personal traders. These tasks goal to leverage the area’s pure attraction for tourism and enterprise growth, replicating the size of growth 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 goals to show the North Coast space right into a functioning metropolis with a thriving tourism and enterprise sector. Now, the federal government is trying to replicate that funding alongside the Pink Sea.
Egypt’s push to draw extra personal sector involvement aligns with its broader financial reform agenda, backed by a USD 8 billion (EGP 386 billion) expanded mortgage program from the Worldwide Financial Fund (IMF). The IMF-supported initiative seeks to stabilize the economic system, increase overseas funding, and promote sustainable progress.
Earlier this yr, Egypt grappled with a overseas foreign money scarcity that hampered its means to import important items. Nonetheless, the inflow of investments, akin to these from the Ras El-Hikma undertaking, has supplied a much-needed increase to the economic system, serving to it get well from the latest monetary pressure.
Latest financial information means that Egypt’s efforts are starting to bear fruit. The S&P Buying Managers’ Index (PMI) climbed above 50 in August, the primary in three years, signaling an enchancment in enterprise circumstances for the primary time in a number of months.
With the upcoming Pink Sea concessions, Egypt hopes to proceed this optimistic momentum and place itself as a regional funding hub, tapping into its wealthy coastal sources to spur additional financial growth.
