– Egypt is promoting the “Ras Banas” area on the Red Sea to investors, aiming for development akin to the “Ras El-Hekma” project, as announced by Housing Minister Sherif El Sherbiny.

– Ras Banas, known for being the largest pristine coral reef ecosystem, extends 50 kilometers into the Red Sea and includes the historic Port Berenice. This initiative follows the $35 billion Ras El-Hekma FDI deal, the largest in Egypt’s history.

– The government plans to conduct transactions in Egyptian pounds to reduce USD withdrawals and avoid alternative markets, and is setting up investment funds for governmental projects, offering citizens opportunities to participate.

Egypt is now promoting the “Ras Banas” area on the Red Sea to investors, aiming to develop it similarly to the “Ras El-Hekma” project, according to Housing and Urban Communities Minister Sherif El Sherbiny.

The announcement was made during a press conference at the housing ministry’s headquarters in the New Administrative Capital.

Ras Banas, the world’s largest untouched coral reef ecosystem, stretches 50 kilometers into the Red Sea and includes the historic Port Berenice. This new investment plan echoes the $35 billion Ras El-Hekma deal from February, the largest Foreign Direct Investment (FDI) in Egypt’s history. The government retained a 35% stake in that project.

El Sherbiny also emphasized that transactions with Egyptian investors would be conducted in Egyptian pounds to reduce USD withdrawals from banks and avoid reviving the alternative market. He mentioned a platform dedicated to Egyptian foreign partnerships, which facilitates USD investments through international transfers.

Meanwhile, El Sherbiny discussed the establishment of investment funds for governmental project units, allowing citizens to participate and benefit from available opportunities. He also addressed concerns about a potential real estate bubble, noting that property remains a reliable savings option.