Prime Minister Mostafa Madbouly recently announced the launch of a new investment area at Ras Banas on the Red Sea, aimed at transforming the region into a vibrant hub for business and tourism. This initiative is part of the government’s strategy to attract foreign investment and stimulate economic growth.
Alongside Ras Banas, Madbouly highlighted plans for extensive urban development in more than five additional areas along the Red Sea. These projects will include airports, ports, and marinas, enhancing international tourism and economic activity.
This initiative follows a landmark agreement with Emirati investors to develop a state-of-the-art city at Ras El-Hekma, further establishing Egypt as a prime destination for business and tourism.
During a recent visit to Saudi Arabia, Madbouly met with Crown Prince Mohammed bin Salman, who confirmed a $5 billion investment from the Saudi Public Investment Fund (PIF) into key economic sectors in Egypt, separate from existing Saudi deposits at the Central Bank of Egypt.
With the launch of Ras Banas and additional developments along the Red Sea, Egypt is positioning itself as an emerging hub for investment and tourism, paving the way for robust economic growth.
