Four Egyptian and GCC companies are competing to acquire the Gamasha Gulf project in the Red Sea, according to Adela Ragab, Economic Advisor to the Minister of Tourism. Gamasha Gulf is one of the areas with the most investment opportunities for Egyptian and GCC investors, said Ragab, adding that the project's land covers over 8m sqm. In a statement to Daily News Egypt, Ragab said the ministry offered five projects as part of the Economic Summit, with investments of EGP 5.3bn. She refused to disclose the names of the companies competing on the project. Ragab said "the project will be huge and within the integrated development plan of projects with great land areas proposed by the Tourism Development Authority (TDA)". The investor has a grace period of three years after signing the contract, on condition that he pays 27% of the land price. The rest would be paid within seven years at an interest rate of 5%. Ragab believes that the method of payment offered by the ministry would attract investors. Last year, the tourism sector's income was at $7.5bn, a growth of $1.6bn from the previous year.
