Ras Gamila: After Ras al-Hekma, Egypt offers up Red Sea land ...Kuwait

The New Arab - News

Egypt is reportedly planning to make a renewed push to offer prime Red Sea coastal land in Ras al-Ghamila (also Ras al-Gamila, Ras al-Jamila) in the Straits of Tiran in South Sinai for foreign investment, in the wake of a $35 billion deal with the UAE for the development of Ras al-Hekma on the North Coast. Egypt is reportedly targeting local and Gulf investors from Saudi Arabia and Qatar for the lucrative acquisition as part of its attempt to inject much needed foreign currency liquidity to address its financial and currency crisis. The area is close to the islands of Tiran and Sanafir, which were transferred by Egypt to Saudi Arabia in 2022, making the kingdom's Saud

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Last updated : 27 February 2024 clock 03:28 AM

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