Egypt considers investment plan for Ras Banas on the Red Sea

El-Sherbiny made his statements on the sidelines of a press conference held at the housing ministry’s headquarters in the New Administrative Capital.

Ras Banas is considered the largest pristine coral reef ecosystem in the world and the peninsula extends for 50 kilometres into the Red Sea encompassing the ancient Port Berenice.

This investment plan recalls the $35 billion Ras El Hekma deal in February, the largest Foreign Direct Investment (FDI) deal in the history of Egypt.

According to that deal, the government maintained a 35 percent share in the project and its earnings.

Other issues

During the press conference, the housing minister stressed that dealings with Egyptian investors would be in Egyptian pounds to lessen the withdrawals of USD from banks and prevent the return of the alternative market.

El-Sherbiny added that there is also a platform specializing in Egyptian foreign partnerships to provide USD investment opportunities through transfers from abroad.

He also stated that the housing ministry will offer 70,000 residential units to citizens within the framework of the “Housing for all Egyptians” project next November, including 60,000 units for low-income individuals and 10,000 units for medium-income individuals.

Furthermore, El-Sherbiny pointed to establishing investment funds that handle the offering of governmental project units, noting that citizens can participate in them to benefit from available opportunities.

He rolled out the possibility of a real estate bubble because property remains the safest saving instrument.