Rédaction Africa Links 24 with Egypt Independent
Published on 2024-02-10 09:58:23
Egyptian Minister of Public Business Sector Mahmoud Esmat recently announced plans to offer the Ras Ghamila land in Sharm el-Sheikh for investment to both foreign and local private sectors. This revelation came during a telephone interview with ON TV channel on Friday, where Esmat discussed the government’s intentions for the land.
The Ras Ghamila Project is a significant piece of land that overlooks the sea in Sharm el-Sheikh and provides views of the islands of Tiran and Sanafir. Additionally, the area is adjacent to Sharm el-Sheikh Airport, making it a prime location for investment and development. Furthermore, it is the proposed project for partnership with the private sector, signaling the government’s commitment to collaborating with external entities to maximize the potential of the land.
Esmat detailed the extent of the Ras Ghamila area, stating that it covers 860,000 acres. He also mentioned that the government plans to engage large consulting companies in collaboration with various relevant ministries, including the Ministry of Housing, to ensure comprehensive and well-informed decision-making throughout the development process.
The minister emphasized that the government aimed to create a unique and impactful investment opportunity with the land of Ras Ghamila, indicating that the project is currently in the study stage. The government is actively discussing and evaluating the most suitable model for investment in this area. Additionally, there are plans to integrate the project with the larger area it is a part of, with the intention of maximizing the overall benefit and potential of the land.
A diagram prepared by the ministry illustrated the proposed development plans for Ras Ghamila. It revealed intentions to establish a hotel project that would occupy 50% of the land area. This project would include the construction of a four-star hotel with a capacity of 844 rooms, in addition to 1,288 hotel apartments. The remaining portion of the land is earmarked for a mixed-use development that encompasses residential, touristic, and commercial components, including 1,873 units of tourist housing.
The government’s initiative to offer the city of Ras al-Hikma on the northern coast for foreign investment was also mentioned. The Ministry of Housing and several Emirati sovereign entities are currently seeking to establish partnership contracts with an in-kind and cash share system. As part of this arrangement, the Emirati party is expected to pay approximately US$22 billion in exchange for purchasing land in the area, demonstrating the increasing interest in foreign investment in Egyptian real estate and development opportunities.
In conclusion, Egypt’s plans to offer the Ras Ghamila land in Sharm el-Sheikh for investment represent a significant opportunity for both foreign and local private sectors. With extensive development plans and a commitment to fostering partnerships, the government is positioning the project as a key driver of economic growth and development in the region. As the initiative progresses, it is expected to unlock the full potential of the land, creating a unique and impactful investment opportunity.
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