Egypt started promoting the ‘Ras Banas’ area on the Red Sea to investors to develop it similar to the ‘Ras El-Hekma’ project, according to a statement by the Minister of Housing and Urban Communities Sherif El Sherbiny on Saturday.

El-Sherbiny made his statements on the sidelines of a press conference held at the housing ministry’s headquarters in the New Administrative Capital.

Ras Banas is considered the largest pristine coral reef ecosystem in the world and the peninsula extends for 50 kilometres into the Red Sea encompassing the ancient Port Berenice.

This investment plan recalls the $35 billion Ras El Hekma deal in February, the largest Foreign Direct Investment (FDI) deal in the history of Egypt.

According to that deal, the government maintained a 35 percent share in the project and its earnings.

Source: State Information Service Egypt