Egypt is finalizing a $2 billion tourism development agreement with Kuwaiti investors to transform Ras Banas on the Red Sea coast into a global travel destination, a senior government official told Al Manassa.
The project will span 174 million square meters and include luxury hotels, beach resorts, private chalets, entertainment venues, and commercial zones.
“The area has untouched beaches, vibrant coral reefs, and a temperate climate, making it a high-potential site,” the official said, requesting anonymity.
The Ras Banas plan mirrors Egypt’s $35 billion mega-deal with the UAE in Ras El Hekma, signed in February 2024, considered to be the country’s largest-ever foreign direct investment agreement.
Prime Minister Mostafa Madbouly has instructed authorities to begin roadwork and infrastructure preparations this month, ahead of a planned site visit by a Kuwaiti delegation to finalize blueprints and launch construction.
The Ras Banas project is part of a broader push to attract $6.5 billion in Kuwaiti investment by 2026, with $4 billion expected this year alone.
The source also confirmed to Al Manassa that Kuwait has renewed its $3 billion central bank deposit, due this month. However, the Ras Banas development will be funded through new capital inflows, not through this existing deposit.
President Abdel Fattah El-Sisi had visited Kuwait in April to reinforce economic ties, while Madbouly met with Gulf investors in July to explore ongoing and future opportunities.
Separately, Egypt and Qatar have agreed to launch a $4 billion tourism venture in Alam El-Roum on the north coast next month, part of a larger $7.5 billion Qatari investment package. Housing Minister Sherif El-Sherbiny has already authorized laying infrastructure, including electricity, water, sewage, and telecoms.
Madbouly confirmed earlier this month that he discussed the Qatari project with Prime Minister Mohammed bin Abdulrahman Al Thani.
Meanwhile, a previously announced $5 billion Saudi investment deal remains stalled, with regional tensions, particularly over Gaza, delaying implementation. But the source said a breakthrough may be imminent, with a Saudi business delegation expected in Cairo later this month to revisit the stalled package.
