20 April 2024 10:08 PM

Egypt, UAE Sign Historic Deal to Develop Ras El Hekma Area on Northern Coast

Friday، 23 February 2024 - 04:57 PM

Prime Minister Mostafa Madbouli witnessed Friday 23/2/2023 the inking of a direct investment deal, the biggest in Egypt’s history, with the United Arab Emirates. 

The agreement was signed by Egypt's Minister of Housing Assem El-Gazzar and UAE’s Minister of Investment Mohamed Al Suwaidi at the New Administrative Capital.

Egypt and the United Arab Emirates plan to build a multi-billion new state-of-the-art city of Ras Al-Hekma as a new massive urban, business and tourism center in the country's North Coast.

The project, west of Alexandria on the North Coast, will be implemented by the New Urban Communities Authority and the Abu Dhabi Development Holding Company.

At the signing ceremony, Prime Minister Mostafa Madbouly said that the new project will pump $35 billion in foreign direct investment (FDI) into the economy within two months - the largest such sum in FDI in the history of the country. 

The immediate FDI will help the country overcome its current hard currency crunch, said Madbouly.

The project will transform the North Coast and face of the country in the long term, he said.

Emirati investments throughout the implementation of the project, the largest of its kind in Egypt’s history, are expected to reach a minimum of $150 billion, Madbouly stated.

The project will be built on an unprecedented area of over 40,600 feddans, the prime minister said.

It will encompass residential districts, prestigious international hotels, tourist resorts, expansive entertainment venues, and service facilities such as hospitals, schools and universities, he said.

It will also feature administrative and service buildings, a free economic zone for information technology industries and logistics hubs, and a central business district that would attract global companies.

The project would also comprise a large marina for tourist yachts and ships, Madbouly said,

"We expect the new city to attract 8 million tourists to Egypt upon completion," he noted.

Both parties have agreed to establish and develop an international airport south of the city, Madbouly announced.

The Abu Dhabi Development Holding Company will develop the airport and Egypt will receive a share of its revenues, according to Madbouly.

Ahram Online

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