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Egypt is Selling Off Prime Tourist Land to Pay its Debts

Saudi Arabia wants to buy the Ras Ghamila area, a popular tourist destination in the Middle East, from Egypt, according to a source within the Egyptian government. To this end, the Kingdom is reportedly willing to use its deposits with the Central Bank of Egypt, about $10.3 billion, to finance the deal. It is also willing to purchase at least six public Egyptian companies to persuade the country’s leaders to sell the area. Ras Ghamila is a popular tourist site along the Red Sea shore that is in close proximity to Saudi Arabia’s Tiran and Sanafir Islands. The Kingdom is reportedly interested in the area because of its potential to boost tourism between Egypt’s Sharm el Sheikh and Saudi’s futuristic city Neom. Since 2018, Egypt has been selling off public assets to Gulf States with the proceeds going toward the financing of its huge debt.