Egypt signs historic multibillion-dollar Ras El Hekma North Coast development deal with UAE

Egypt and the United Arab Emirates (UAE) have entered a groundbreaking agreement to develop the new city of Ras El Hekma on Egypt's North Coast, signaling a monumental investment in urban, business, and tourism infrastructure. The deal, signed by Egypt's Minister of Housing Assem El-Gazzar and UAE’s Minister of Investment Mohamed Al Suwaidi, will see the injection of $35 billion in foreign direct investment (FDI) within two months, the largest in Egypt's history.
The project, spanning over 40,600 feddans, aims to create a multifaceted city with residential areas, international hotels, tourist resorts, entertainment venues, and essential facilities such as hospitals and universities. Additionally, a central business district, a free economic zone for IT industries, logistics hubs, and a marina are planned, along with the development of an international airport.
Egypt anticipates significant long-term benefits, including the attraction of 8 million tourists upon completion and the creation of millions of job opportunities. The UAE's involvement extends to establishing a joint-stock company in Egypt to oversee project implementation, with Egypt set to receive substantial initial investments and a share of project revenues.
Furthermore, the project aligns with Egypt's broader strategy to develop the North Coast region, accommodating population growth and bolstering tourism. It involves the establishment of smart cities and leveraging infrastructure projects such as the high-speed train and the Dabaa Nuclear Power Plant for renewable energy.
Inclusive planning is emphasized, with provisions for financial and in-kind compensation for affected residents and a focus on leveraging existing data for effective implementation. Overall, the Ras El Hekma project represents a significant milestone in Egypt's economic development and regional cooperation.

Egypt signs historic multibillion-dollar Ras El Hekma North Coast development deal with UAE

Egypt and UAE sign multibillion-dollar deal for the development of Ras El Hekma