Skip to content Skip to Search
Skip navigation

Saudi and Qatari funds bid for new Egyptian project

Gulf bidders want to develop land for tourist resorts in the Ras Ghamila area of Sharm El-Sheikh, Egypt Nakonechnaya
Gulf bidders want to develop land for tourist resorts in the Ras Ghamila area of Sharm El-Sheikh, Egypt

Consortiums backed by Saudi Arabia’s Public Investment Fund and Qatar Investment Authority are among several Gulf bidders seeking to develop land in the Ras Ghamila area in Sharm El-Sheikh, Egypt, a local Egyptian media outlet reported.

The winning consortium will be announced within two months after evaluating the submitted offers, Daily News Egypt reported, citing informed sources.  

Additionally, two new project tenders will be issued, similar to the Ras El Hekma deal secured by a consortium of UAE companies.

ADQ has unveiled plans to invest $35 billion to build Egypt’s “largest new city” to promote tourism and drive economic growth.

Ras Ghamila’s location near Sharm El-Sheikh airport makes it an attractive prospect for a unique tourist resort, the newspaper report said.

The development plan for Ras Ghamila includes establishing a 4-star hotel with 844 rooms and 1,288 hotel apartments. 

Prime Minister Mostafa Kamal Madbouly has already affirmed a comprehensive urban development plan for Egypt 2052, identifying the North Coast region as a promising area.  

Last week, Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company signed a contract to develop an EGP60 billion ($1.9 billion) urban development project in New Cairo.

Egypt’s President Abdel-Fattah El-Sisi has targeted attracting foreign direct investment to increase the private sector’s role in the country’s economy.

The government aims to attract $12 billion in foreign direct investment in the current financial year, which runs to June, according to Hossam Heiba, chairman of the General Authority of Free Zones and Investment.

Latest articles

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the South American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]