Egypt is preparing to offer the Ras Banas area, on the southern coast of the Red Sea, for investment in the coming months, hoping to replicate the success of the Egyptian government’s Ras al-Hikma project and its impact on the country’s economy. Experts describe this move as pushing the wheel of tourism and economic development in areas with distinctive natural assets and positioning the nation on the global investment map.
Experts say that Egypt wants to expand these programs to help the country’s economic growth by supporting tourism and investment projects in the best places and beaches in Egypt that compete with the most important international beaches due to the climatic and natural factors that distinguish these unique beaches, which in turn will contribute to improving the quality of tourism in Egypt.
overall layout for the region of Ras Banas
According to local media, Egyptian Housing Minister Sherif El-Sherbini declared a few days ago that the state has started creating an investment plan for the Red Sea region of Ras Banas, intending to make it available to domestic and foreign tourists.
During a news conference, El-Sherbini remarked that the Ras Banas area has a favorable geographical location thanks to its closeness to important towns and the distinctive Red Sea coast shoreline.
With Ras Banas being a pristine location that will be designed globally, the Egyptian Ministry of Housing hopes to make it one of the Red Sea Governorate’s most popular tourist destinations.
Located approximately 350 kilometers from Luxor Governorate and south of Marsa Alam, the area boasts the greatest concentration of coral reefs in the world, with a tongue that stretches approximately 50 kilometers into the Red Sea. The Egyptian government is currently developing an investment plan for the region.
The desire to offer Ras Banas for investment comes seven months after the Egyptian government signed a contract with the UAE’s ADQ Holding to develop the Ras El Hikma area on the Mediterranean coast, which involves USD 35 billion in foreign direct investment over two months.
The Ras al-Hikma City project, located north of Cairo, will be developed on an area of 170.8 million square meters. The Egyptian government and the Emirati corporation inked an agreement in February, with the possibility of up to USD 150 billion in investments during the project’s development.
Ras El-Hikma is estimated to be 170 million square meters, whereas Ras Banas is 200 million square meters. This explains why the Ras Banas deal is valued at approximately 2 trillion Egyptian pounds ($41 billion), while the Ras El-Hikma deal is valued at approximately 1.750 trillion Egyptian pounds ($36 billion).
A wonderful chance
The Red Sea Governorate’s Ras Banas peninsula is bordered to the north by Marsa Alam and to the south by Halayeb and Shalateen. It is a coastal area with enormous natural potential that makes it a prime location for real estate and tourism industry investment, According to tourism expert Atef Abdel Latif, despite its wonderful natural features, the area is underutilized and helps the state meet its goals of increasing tourism from the current 15 million to 30 million visitors.
According to Abdellatif, Ras Banas is defined by its peculiar geographical location, lying on the southern shore of the Red Sea near Halayeb and Shalateen, making it a magnet for tourists from around the world. It is easily accessible due to its proximity to the Marsa Alam International Airport.
Along with having year-round mild weather that makes it a popular destination for tourists in all seasons, particularly winter, the area is home to several rare coral reefs and nature reserves, which make it a great place for diving and eco-tourists. Historical monuments and archaeological sites make the area an integrated tourist destination that blends nature and history.
The tourism expert expects the Ras Banas master plan to include projects promoting economic and social development, including establishing hotels and tourist resorts, and the development of modern infrastructure, including roads and service facilities. The area’s unique natural environment will also be protected to ensure the long-term sustainability and attractiveness of the project.
An increase in the building industry
The Egyptian government hopes to accomplish many strategic and economic objectives by making Ras Banas available for investment, one of which is to increase tourism. Investment projects in the region are anticipated to increase visitor numbers, particularly considering the growing demand for ecotourism and marine tourism.
The area’s expansion will also generate new employment possibilities in the services, construction, and tourism industries. Furthermore, “It is also part of the government’s strategy to diversify sources of national income and reduce dependence on traditional tourist areas like Cairo, Luxor, and Sharm El Sheikh.” Badra also mentioned that the government invests in new tourist destinations like Ras Banas.
“Ras Banas will achieve Egypt’s 2030 goal of drawing 35 million visitors.”
Through the project, the government hopes to draw in large investments, which some reports put at up to 120 billion dollars. It notes that the Ras Banas area boasts one of the world’s largest concentrations of pristine coral reefs, adding to its value as a unique eco-tourism destination. The area’s mild year-round climate and air currents make it a year-round tourist destination. The project aims to help Egypt reach its 2030 tourism vision of 35 million visitors.
The state plans to list the Ras Banas area, which lies between Marsa Alam and Halaib and has the largest ecosystem of rare coral reefs, as one of the top destinations for investment and tourism development soon. The Ras Banas area was recently announced as the site of an investment tourism project.
