Egypt won't consider any offers for Ras Gamila development until selection of advisory firm

Situated in Sharm El-Sheikh on the Red Sea, Ras Gamila holds significant potential for development.

However, Abdelghany dismissed recent reports of a proposed $1.5 billion tourism project by Saudi conglomerate Ajlan and Bros Holding Group.

Abdelghany clarified that Prime Minister Mostafa Madbouly has established a committee, comprising ministers and experts from the ministries of housing and urban utilities and public enterprise, to consider the zone's development plans.

The committee's primary objective is to explore lucrative investment opportunities for the area.

Abdelghany explained that the committee has yet to select a professional international advisory.

The selection process will either involve an international tender or direct assignment to one of the advisory firms.

In February, Egypt signed a historic $35 billion investment deal with the United Arab Emirates to develop Ras El-Hekma on the North Coast, paving the paving for similar projects in the future.

Ras Gamila is anticipated to be the site of the next such foreign investment deal.

In addition to the proposed tourism venture, reports in Saudi media suggest that Ajlan and Bros Holding Group has submitted an offer to acquire within six months government-owned companies under Egypt's privatization programme.

Egypt intends to privatize 40 state-owned companies through initial public offerings (IPOs) or strategic investor assignments over the next three to five years.

The privatization programme comes at the recommendation of the International Monetary Fund (IMF), which recently expanded its loan deal with Egypt from $3 billion to $8 billion.