The Egyptian government spokesperson, Mohamed el-Hamsany, has refuted rumors about an investment deal in the Ras Banas area, clarifying that the state is considering offering multiple areas on the Red Sea coast for investment and partnership with the private sector. He highlighted the success of the Ras al-Hekma deal as a model for attracting foreign direct investment and dollar resources through tourism projects.
El-Hamsany emphasized that such deals benefit the national economy, strengthen partnerships, and enhance the role of the private sector in investment. He also mentioned the multiple benefits that the state accrues from these agreements, emphasizing that any concluded deals will be announced in due time.
Previously, the Egyptian government had begun developing a master plan for the Ras Banas area to present to local and foreign investors. The Minister of Housing and Urban Communities, Sherif Ismail, praised the unique waterfront and strategic location of the area, which features some of the most pristine coral reefs globally, making it a sought-after destination for investment.
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