Authorities are cataloging plots suitable for investment along the Red Sea, two government sources told EnterpriseAM. The move is part of a wider plan to update pricing policies and allocation mechanisms for new projects, with the aim of maximizing returns on state-owned assets.

The details: The plan calls for cataloging project land and identifying plots available for investment, while introducing new mechanisms, incentives, and support measures to accelerate development. In the Red Sea’s tourist areas, land has already been priced, with additional measures in place to fast-track projects and boost tourism in the area.

What’s next? Once the land cataloging process is complete, the Tourism Development Authority will market the investment opportunities available, while also assessing additional measures to attract investors and accelerate development.

Several GCC investors have already submitted offers to set up resorts on the Red Sea, one source told us. Last month, we reported that a Gulf sovereign fund will soon announce a new Ras Shukeir project that will focus on infrastructure and energy development — the first in a series tied to the 174 sq km Ras Shukeir zone on the Red Sea.

The move follows similar efforts on the North Coast, which saw the New Urban Communities Authority issue a new regulatory framework for real estate projects. The new rules included a flat USD 20 per sqm fee for projects developed by foreign developers and EGP 1k per sqm charge for local developers.

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