Friday 22 Nov
The Ministries of Housing, Utilities, and Urban Communities, and Public Business Sector have completed a comprehensive master plan for the Ras Gamila area, a prime location overlooking the Red Sea. This plan paves the way for attracting investors through a strategic partnership similar to the successful Ras Al Hikma project on the North West Coast.
Engineer Sherif El-Sherbiny, the
Minister of Housing, announced during a press conference on Saturday at the
ministry's headquarters in the New Administrative Capital that a collaborative
meeting was held with officials from the Ministry of Public Business Sector.
The purpose of this meeting was to develop a detailed plan for the Ras Gamila
area as part of a broader effort to revitalize and maximize the value of assets
owned by the Ministry of Public Business Sector, particularly those situated in
prime locations.
The minister emphasized the
development of a strategic plan to optimize sustainable financial resources,
recover outstanding dues and arrears in each governorate, and conduct a
thorough inventory of all suspended projects. This comprehensive approach aims
to establish effective mechanisms for addressing these challenges and ensuring
the efficient utilization of public assets.
Regarding the Ras Al Hikma
project, El-Sherbiny announced plans to allocate a substantial land area of
40,000 acres for development.
It's important to note that the Ras Gamila area, situated near the renowned city of Sharm El-Sheikh in South Sinai Governorate, spans approximately 860,000 square meters. Following the successful Ras Al Hikma deal, there were strong indications that Ras Gamila would be the focus of another significant investment partnership with Saudi investors.
