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Egypt considers offers for large investments in Sharm El-Sheikh’s Ras Gemila: Spokesperson for Egyptian Cabinet

The Egyptian government revealed on Thursday the truth about the investment offers in the “Ras Gemila” area located in the tourist city of Sharm El-Sheikh.

Counselor Mohamed al-Homsi, spokesperson for the Egyptian Cabinet, revealed during a phone call to the “All Corners” program that the Egyptian government has received offers for large investment opportunities and is currently studying them. He added that there is a team of lawyers and technicians to look into all the offers on the table.

Al-Homsi emphasized that the Egyptian government is committed to announcing all new agreements openly and transparently.

“Any new deals will be announced immediately…the state is keen to attract foreign investments and we assure the citizens that all economic difficulties will be overcome,” he assured.

Egypt earlier in February announced the largest major investment deal in partnership with the UAE, dubbed “Egypt and UAE, a Partnership for the Development of Ras al-Hikma.”

Prime Minister Mostafa Madbouly said that the project includes establishing hotels, entertainment projects, tourist resorts, a financial and business district, and an international airport.

This project will be the largest of its kind, he added, as it seeks to develop a city with an area of 170 million square meters or more than 40,600 acres.


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