Ras El Hekma Project……The Largest Investment in Egypt’s History
Dr. Mostafa Madbouli, Egypt’s Prime Minister, witnessed the signing ceremony of the largest investment deal in the Governmental District in the New Administrative Capital between the Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority and the Abu Dhabi Development Holding Company in the UAE to implement the Ras El Hekma Project on the northwest coast, which comes in light of Egypt’s efforts to attract direct foreign investment.
Who Signed this Agreement?
The agreement was signed between Dr. Assem El-Gazzar, Egypt’s Minister of Housing, Utilities, and Urban Communities, and Mr. Mohamed Al Suwaidi, UAE’s Minister of Investment, in the presence of several ministers and officials of the two States, as well as several MPs of the Egyptian Parliament, and senior media practitioners.
The Project’s Cost
The new project will pump $35 billion in foreign direct investment (FDI) into the economy within two months; it will be divided into two batches, the first within a week, with a total of $15 billion, and the second batch two months after the first, with a total of $20 billion. It is worth noting that The UAE will invest not less than $150 billion throughout the project’s implementation.
Details about Ras El Hekma
- All money will be pumped into Egyptian pounds.
- The Egyptian companies are the ones responsible for establishing this major city, including contracting and real estate development companies and logistics companies, and the Egyptian factories are the ones that will be responsible for providing raw materials and production inputs.
- The project provides millions of job opportunities that will be available during and after the city’s construction and will be operated for Egyptian youth and companies working in the contracting sector.
What will this Project Include?
Ras El Hekma will include residential neighborhoods for all levels, high-standard international hotels, tourist resorts, and giant entertainment projects, in addition to all urban facilities, such as schools, universities, hospitals, administrative and service buildings, as well as a free zone containing technological industries, light industries, and logistical services to serve the city, in addition to creating a central business district to house global companies.
The project will also comprise a large marina for tourist yachts and ships in the Red Sea. In addition, an international airport will be developed south of the city, where a plot of land will be allocated to the Egyptian Ministry of Civil Aviation.
The Main Aim of Developing Ras El Hekma
Developing the City of Ras El Hekma aims to provide integrated development that achieves many goals, including land reconstruction, providing more job opportunities for the youth, and the presence of investments that improve the rates of the Egyptian economy, as well as the role of such projects in achieving returns and benefiting investors.
PM’s Speech during the Signing Ceremony
Dr. Mostafa Madbouly, Egypt’s Prime Minister, confirmed that Ras El Hekma City, which will be developed on the northern coast of Egypt, is considered the largest direct foreign investment deal in Egypt’s history, as it comes within the framework of Egyptian investment laws and within the framework of the urban development plan for Egypt for 2052, where it was working on this giant project to develop the entire country, creating the new republic, and attracting at least 8 million tourists to Egypt with the completion of this city.
And now you have learned everything you need to know about Ras El Hekma, the largest investment project in Egypt’s history, signed between Egypt & UAE for reconstructing the land, providing more job opportunities for the youth, and improving the rates of the Egyptian economy. For more information about this project, click here.
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