According to a report by Middle East Eye, Saudi Arabia is in discussions to purchase the Red Sea resort of Ras Ghamila from Egypt.
Located in the renowned diving region of the Straits of Tiran, Ras Ghamila is recognized as one of the world’s top 100 dive sites.
Previously, Egypt transferred the nearby Tiran Island to Saudi Arabia.
Saudi investors are interested in acquiring Ras Ghamila due to its close proximity to Tiran Island and its potential to enhance tourism between Sharm el-Sheikh and Neom in Saudi Arabia.
Amid a foreign currency and funding crisis, Egypt has been selling assets to allies such as Saudi Arabia, the United Arab Emirates, and Qatar.
