Egyptian Prime Minister Mostafa Madbouly announced on Thursday that his country has earmarked 5 spots on the Red Sea, including Ras Banas peninsula, to attract new investments in fully integrated cities similar to the Ras El-Hekma deal in February. “There are several other regions plotted for complete urban development, which will include all types of activities and infrastructure, such as airports, ports, and marinas for international tourism,” Madbouly said in a weekly press conference following the weekly cabinet meeting. “This falls within the government’s efforts to attract foreign direct investment to create job opportunities and boost the economy,” he added.
Egypt and Emirati investors signed in February a historic deal to build a multi-billion new state-of-the-art city of Ras El-Hekma as a new massive urban, business, and tourism center in the country’s North Coast. Madbouly spoke with reporters on his recent visit to Saudi Arabia, where he met with Prince Mohammed bin Salman, Crown Prince and Prime Minister, and Saudi businessmen. “Crown Prince Mohammed confirmed that the Saudi Public Investment Fund (PIF) will inject $5 billion into projects in key economic sectors,” Madbouly revealed.
He explained that those $ 5 billion are separate from the Saudi deposits at the Central Bank of Egypt (CBE). According to urban planning expert Saif al-Din Faraj, the recent government announcement continues the strategy to develop various regions across Egypt. He told.