Sharm El-Sheikh’s Ras Ghamila: Gulf Titans Vie for a Piece of Egypt’s Touristic Paradise
By now, a lot of you must have heard about the major Ras El Hekma deal, in which Abu Dhabi plans to acquire development rights for the coastal region for $24 billion. There are also talks about another substantial offer from the Gulf. Several bidders are proposing to develop the land of Ras Ghamila in the city of Sharm El-Sheikh.
The bidders include a Qatari conglomerate associated with the Qatar Investment Authority (QIA), as well as a Saudi consortium affiliated with the Saudi Public Investment Fund (PIF). No bidder has been chosen thus far, and the submission of offers is still open. The winning bidder will be announced after two months of evaluating all the offers that have been made.
When it comes to Ras Ghamila, it stands as a prime and unique destination in Sharm El-Sheikh. There are many big plans for the tourist resort, including building a 4-star hotel with 844 rooms and 1,288 hotel apartments.
With all these investments taking place in many of Egypt’s prime tourist destinations, the country will be seeing a major shift in its touristic landscape.
