Egypt works on investment plan to offer Ras Banas to private companies

Updated 9/16/2024 12:13:00 PM
Egypt works on investment plan to offer Ras Banas to private companies

Arab Finance: The Egyptian government has embarked on drafting an investment plan to offer the Red Sea’s Ras Banas to private companies in a deal similar to ADQ’s $35 billion Ras El-Hekma agreement, Asharq Business reported, citing Minister of Housing Sherif El Sherbini.

Handing over lands from the first phase of the Ras El-Hekma project to the Emirati side will commence in early October and be entirely completed on November 15th, the minister noted.

Moreover, he revealed that Egyptian investors will invest in the ministry’s projects in EGP, while the foreign ones will invest in USD.

El Sherbini also estimated the value of units and land bank affiliated with the ministry to be offered at EGP 1 trillion.

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