A government official announced that Egypt is formulating plans to develop the coastal area of Ras Gamila, located near the resort town of Sharm El-Sheikh, following the announcement of a significant Emirati investment deal in the Mediterranean, known as the Ras El-Hekma project. Mansour Abdel Ghani, spokesperson for the Ministry of Public Business Sector, stated in a talk show aired last night, "Regarding the land of Ras Gamila, a committee has been formed by a decision from the Cabinet to study, propose, and prepare a strategic vision for utilizing the area."
He added, "The goal of the meeting was to discuss the development of a strategic vision for utilizing the land, not just Ras Gamila, but in the context of the surrounding area and neighboring zones, to establish a vision for how to optimize utilization to achieve maximum benefit and return for this distinctive region." Abdel Ghani continued, "The topic may be presented through an international consultant or a global expert house to formulate a vision for how to exploit this land."
Ras Gamila is located directly opposite the Tiran Strait, which contains two islands that Egypt agreed to transfer to Saudi Arabia in 2017. Additionally, Ras Gamila is near the site where a bridge over the Red Sea is to be constructed, a concept revealed by Saudi King Salman during a visit to Cairo in 2016.
Last week, the Abu Dhabi Sovereign Wealth Fund approved a payment of $24 billion for the rights to develop virgin lands along Egypt's northern coast, which it described as the largest foreign direct investment in its history. The deal, which includes an additional $11 billion in investments, is expected to provide a significant boost to the struggling Egyptian economy in the short term. The official gazette reported today that the Egyptian government has transferred more than 170.8 million square meters of land owned by the military to the state-owned New Urban Communities Authority to build the new Ras El-Hekma city, part of the Emirati project in the Mediterranean.
