Saudi and Qatari funds bid for new Egyptian project

Saudi and Qatari funds bid for new Egyptian project

Consortiums backed by Saudi Arabia’s Public Investment Fund and Qatar Investment Authority are among several Gulf bidders seeking to develop land in the Ras Ghamila area in Sharm El-Sheikh, Eygpt, a local Egyptian media outlet reported. The winning consortium will be announced within two months after evaluating the submitted offers, Daily News Egypt reported, citing […]Consortiums backed by Saudi Arabia’s Public Investment Fund and Qatar Investment Authority are among several Gulf bidders seeking to develop land in the Ras Ghamila area in Sharm El-Sheikh, Eygpt, a local Egyptian media outlet reported.

The winning consortium will be announced within two months after evaluating the submitted offers, Daily News Egypt reported, citing informed sources.  

Additionally, two new project tenders will be issued, similar to the Ras El Hekma deal secured by a consortium of UAE companies.

ADQ has unveiled plans to invest $35 billion to build Egypt’s “largest new city” to promote tourism and drive economic growth.

Ras Ghamila’s location near Sharm El-Sheikh airport makes it an attractive prospect for a unique tourist resort, the newspaper report said.

The development plan for Ras Ghamila includes establishing a 4-star hotel with 844 rooms and 1,288 hotel apartments. 

Prime Minister Mostafa Kamal Madbouly has already affirmed a comprehensive urban development plan for