Egypt’s Minister of Public Business Sector Mahmoud Esmat revealed details behind plans to offer the Ras Ghamila land in Sharm el-Sheikh for investment to the foreign and local private sector.
During a telephone interview with ON TV channel on Friday, Esmat stated: “We are seeking to choose the appropriate model for investment in the land of Ras Ghamila.”
The Ras Ghamila Project is the last piece of land overlooking the sea in Sharm el-Sheikh and the islands of Tiran and Sanafir, and adjacent to Sharm el-Sheikh Airport.
The Ras Gamila area is located on 860,000 acres, he said, and large consulting companies will be used in cooperation with the various relevant ministries – including the Ministry of Housing.
He continued: “We are seeking to make a distinct thing, but the subject is in the study stage, and the appropriate model for investment in this area is being discussed. We are currently conducting a study to achieve the maximum benefit from the land of Ras Ghamila, as it is part of a larger area in the same place, and we are thinking about achieving integration between them.”
A diagram prepared by the ministry revealed plans are in place to establish a hotel project on 50 percent of the land area, which includes constructing a four-star hotel with a capacity of 844 rooms, in addition to 1,288 hotel apartments.
The second part of the land will include residential, touristic and commercial project, including tourist housing with 1,873 units.
Egypt has recently offered the city of Ras al-Hikma on the northern coast to foreign investment.
The Egyptian Ministry of Housing and several Emirati sovereign entities, including the Ministry of Finance, are seeking to implement partnership contracts with an in-kind and cash share system, with the Emirati party paying about US$22 billion in exchange for purchasing land in the area.
