Egypt denies reports of signing massive deal similar to ‘Ras al-Hekma’

The Egyptian government spokesperson, Mohamed el-Hamsany, has denied rumors about the signing of an investment deal in the Ras Banas area, according to Al-Shorouk website.

In a statement to the “Kol El Zawaia” program on ON E, he added that “the state is considering offering 4 to 5 areas on the Red Sea coast, including Ras Banas, for investment and partnership with the private sector in these areas.”

He pointed out that the Ras al-Hekma deal is a prime example of the success of this type of investment, emphasizing that “these deals benefit the national economy” as they attract foreign direct investment and dollar resources through tourism projects in these areas.

He mentioned that these deals strengthen partnerships and maximize the role of the private sector in investment,explaining that “their benefits are multiple, in addition to the revenues that the state obtains from them.”

The government spokesperson concluded by saying that “these areas are being offered… and any deal that is concluded will be announced at the time.”

The Egyptian government had previously begun preparing a master plan for the development of the Ras Banas area on the Red Sea, with the aim of presenting it to local and foreign investors.

The Egyptian Minister of Housing and Urban Communities, Sherif Ismail, confirmed that the Ras Banas area enjoys a distinctive waterfront, in addition to its geographic location and proximity to all vital cities.

The Ras Banas area, due to its location on the Red Sea coast, is described as one of the largest gatherings of pristine coral reefs in the world, with a sandspit that has made it a peninsula extending 50 kilometers into the Red Sea.

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