Egypt is set to offer Berenice as one of five concessions along the Red Sea coast to potential investors, according to AbdelKhalek Ibrahim, senior assistant to the minister of housing, utilities, and urban communities, in a statement to Asharq Bloomberg.

In September, Prime Minister, Mostafa Madbouly, announced that five strategic locations on the Red Sea, including the Ras Banas area, have been identified to attract investors for projects similar to those planned for Ras El-Hekma on the Mediterranean.

The Ras El-Hekma project, valued at $35 billion, was formalized in a deal between Egypt and Emirati investors in February, with the aim of developing the area into a thriving tourism and business center on the North Coast.

Additionally, the Egyptian government seeks to expand the private sector’s participation in the economy, which is a pivotal part of its reform agenda.

This initiative is backed by an $8 billion loan program from the International Monetary Fund (IMF) to stabilize the economy and foster investment.

Earlier in September, The Central Bank of Egypt announced that Egypt’s net international reserves soared to $ 46,597 billion by the end of August.

In August, the CBE reported that Egypt’s net international reserves soared to $46.49 billion by the end of July, registering an increase of around $110 million compared to June’s $46.38 billion.