There is more to Saudi Arabia than just Neom City, and its ambitious Crown Prince MBS has his sights on developing every nook and corner, even beyond the Kingdom. He is now looking to expand beyond his borders, developing multi-billion dollar projects, and has presented Egypt with an exciting opportunity. The plan is to purchase a prime Red Sea tourist destination called Ras Ghamila. A source told Middle East Eye that determined Saudi officials offered to use the kingdom’s deposits with Egypt’s Central Bank, a whopping $10.3 billion, an option favoured by the Egyptian side, which will allow immediate access to foreign currency.
The Egyptian government cited the $35 billion Emirati Ras el-Hekma deal, which included $11 billion in existing deposits. Ras Ghamila is a pristine mass of land, approximately 860,000 square meters, and has high strategic value. Saudi Arabia aims to bank on the beauty of Ras Ghamila along with its proximity to Tiran and Sanafir Islands, to boost tourism between Sharm El Sheikh and Neom in Saudi Arabia.
Keeping their sustainability efforts at the forefront, only an area of 400,000 square meters will be constructed, leaving more than half for conservation of the region’s environmental character. “It will include big brands of five star hotels, shopping malls, diving centers, entertainment destinations, food courts, rental apartments, business centers, and a conference hall for events and concerts,” the source said. “It will be expected to draw 30 million tourists by 2027,” he added.
Saudi Arabia is emerging as the ultimate tourist destination of the future with the $1.5 trillion Neom City, which will include jaw-dropping developments like a year-round ski village called Trojena, luxurious Sindalah Island for those with an affinity to the sea and superyachts, and the mind-boggling The Line. These projects are underway in full swing, so much so that despite rising costs, the dream projects refuse to slow down.
One of them is Trojena which is touted to host the 2029 Asian Winter Games and the prestigious 2030 Winter Olympics. Its projected costs have already doubled to $38 billion and is just one part of a massive giga-project. In other parts of the Kingdom, projects like the world’s largest Six Flags with the fastest roller coaster, a $750 million water park, and an F1 track are all cropping up in Qiddiya. The Ras Ghamila project will become one of many fascinating reasons to visit Saudi Arabia in the days to come.
