Qatari, Saudi offers to develop Ras Ghamila in Sharm El-Sheikh

Daily News Egypt
3 Min Read

The Egyptian government has received several Gulf offers to develop the land of Ras Ghamila in the city of Sharm El-Sheikh, according to informed sources who spoke to Daily News Egypt. Among the bidders are a Qatari conglomerate affiliated with the Qatar Investment Authority (QIA) and a Saudi consortium affiliated with the Saudi Public Investment Fund (PIF).

The sources said that the submission of offers is still open for companies interested in development through partnership arrangements. The winning alliance will be announced within two months after evaluating the submitted offers. The sources also revealed that the first half of the current year will witness two new project tenders similar to Ras El Hekma, which was secured by a consortium of Emirati companies.

Ras Ghamila is a prime location in the city of Sharm El-Sheikh, South Sinai, directly overlooking the Red Sea. It is adjacent to Sharm El-Sheikh Airport, making it a unique tourist resort that can be marketed in international tourism markets.

The Minister of Public Business Sector had previously announced the details of the plan to offer the land of Ras Ghamila in Sharm El Sheikh for investment to foreign and local private sectors, among the projects that the ministry will offer to investors.

He stated that the area of Ras Ghamila covers 860,000 feddan and that large consultancy companies will be enlisted in collaboration with various relevant ministries, including the Ministry of Housing. The development plan includes the establishment of a 4-star hotel with a capacity of 844 rooms, as well as 1,288 hotel apartments.

Last Friday, the Cabinet signed the largest direct investment deal through an investment partnership between the Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority, and the Abu Dhabi Development Holding Company in the United Arab Emirates, to implement the development and growth project of Ras El Hekma on the northwest coast. This is in line with the current efforts of the Egyptian state to attract foreign direct investment.

The Prime Minister affirmed that the concept of the project and the comprehensive urban development plan for Egypt 2052 identified the North Coast region as the first promising area capable of accommodating the largest population increase in Egypt, due to its very promising potential. It includes lands along the coast with climatic and geographical conditions suitable for accommodating the largest population and development.

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