Coral Paradise Ras Banas - Egypt's future Red Sea resort

Egypt’s government said it earmarked five areas on the Red Sea coastline to offer to investors for tourism development.

The locations will include Ras Banas, a peninsula in southern Egypt sitting across from Saudi Arabia, Prime Minister Mostafa Madbouly said.

He didn’t identify the other spots, but cited the precedent of February’s $24 billion investment by the United Arab Emirates to develop the Mediterranean headland of Ras El-Hekma.

Madbouly said a $5 billion investment pledge from Saudi Arabia earlier this week would be an injection of new funds. Private companies from the kingdom are also expected to invest up to $15 billion in the coming period.