Dubai: Institutions backed by Saudi Arabia's Public Investment Fund (PIF) and Qatar Investment Authority (QIA) are vying for the opportunity to invest in and develop land in the Ras Ghamila area of Sharm El-Sheikh, Egypt – according to a local Egyptian media outlet.
The winning bidder is expected to be announced after a two-month period of evaluating the submitted offers, the report in Daily News Egypt added.
Development plans for Ras Ghamila includes the construction of a 4-star hotel boasting 844 rooms, along with 1,288 hotel apartments.
Ras Ghamila is a strategic location for investment, located in the city of Sharm El-Sheikh in South Sinai, and offering breathtaking views of the Red Sea. Its proximity to the Sharm El-Sheikh International Airport positions it as a prime tourist destination that can be effectively marketed to international tourism markets.
Egyptian President Abdel-Fattah El-Sisi has been actively pursuing foreign direct investment to bolster the private sector's involvement in the country's economy.
Most recently, ADQ – an Abu Dhabi-based investment and holding company – unveiled plans to invest a total of $35 billion (Dh128.5 billion) in Egypt. ADQ is set to acquire the development rights for Ras El-Hekma for $24 billion.
