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Is Egypt about to sell a prime Red Sea area to Saudi Arabia?

After a $35bn deal with the UAE to develop Ras el-Hekma, Cairo seems close to agreeing a $15bn project with Riyadh to develop Ras Ghamila.
27.02.24 | Source: Middle East Eye

Saudi Arabia is close to securing a $15bn deal with the Egyptian government to develop Ras Ghamila, a prime Red Sea tourist destination, as part of the government’s efforts to alleviate the economic crisis, according to an Egyptian government source.

The source, who spoke with Middle East Eye on condition of anonymity, said the Egyptian prime minister will announce the details of the deal soon. 

Ras Ghamila, a popular diving destination, is located around 11.5km from Sharm el-Sheikh international airport in South Sinai governorate.

It is also opposite the Tiran Island, one of two Red Sea Islands that Egypt ceded to Saudi Arabia in 2016 after a deal that drew significant popular backlash.