Egypt to offer Berenice on Red Sea among 5 concessions for investors

The Red Sea region is renowned for its stunning beaches, coral reefs, and historical sites, making it an attractive location for tourism development.

Prime Minister Mostafa Madbouly revealed in September that the government has identified five key locations on the Red Sea, including the Ras Banas area, to attract investors for projects similar to those planned for Ras El-Hekma on the Mediterranean Sea.

The Ras El-Hekma deal, valued at $35 billion, was signed in February between Egypt and Emirati investors, aiming to transform the area into a bustling tourism and business hub on the North Coast.

The Egyptian government also aims to increase the private sector’s role in the economic field, which is a key component of its economic reform agenda. This agenda is supported by an $8 billion loan programme from the International Monetary Fund (IMF), aimed at stabilizing the economy and encouraging investment.

Recent economic indicators show improvement, with the S&P Purchasing Managers’ Index (PMI) rising above 50 for the first time in August, indicating a positive shift in business conditions.

Earlier this year, Egypt faced a shortage of foreign currency, impacting its ability to import goods.

However, attracting investments, like the Ras El-Hekma project, has allowed the country to begin recovering from this crisis.