Egypt’s Coastal Gem Ras al-Ghamila Attracts $1.5B Investment from Saudi’s Aslan & Bros
These days, Gulf countries have been eyeing Egypt’s coastal regions as prime spots for major tourism opportunities.
First, it was Ras El Hikma, planned to be turned into a multi-billion new state-of-the-art city. Then, eyes shifted to Ras al-Ghamila, another coastal city that was on many gulf bidders’ radar. Today, Saudi’s Aslan & Bros Holding Group became the ones who will invest 1.5 billion dollars to develop it into a tourism hub.
Overlooking the Red Sea coast, this is a prime tourist destination where the Holding Group plans to build at least 10 hotels with at least 3,000 hotel rooms. They already presented a proposal to the Cabinet with this initial investment mainly to develop Ras al-Ghamila’s hotel infrastructure.
Beyond Ras al-Ghamila, the Holding Company has also set its sights on acquiring companies listed in Egypt’s IPO program, which means that these investments go beyond tourism. With more and more investments, Egypt has big plans for the future.
