President Abdel Fattah al-Sisi has allocated around 1785 acres (7.5 million square meters) of state-owned land to the Egyptian Ministry of Civil Aviation to build Ras El-Hikma International Airport. The Egyptian Cabinet approved the decision to build the airport in the northwest coastal area of Matrouh Governorate in April during a cabinet meeting. The deal for establishing the new economic zone, Ras El-Hikma Urban Development Project Company, in the city of Ras El-Hikma, was initially signed with the UAE in February this year by the Egyptian Cabinet. The Ras El-Hikma project represents the largest direct investment deal in Egypt’s history, through an investment partnership between the Ministry of Housing, Utilities and Urban Communities (MoHUUC), represented by the New Urban Communities Authority, and the Emirati holding company, Abu Dhabi Developmental Holding Company (ADQ). According to Prime Minister Mostafa Madbouli, “The UAE will invest nearly USD 150 billion (EGP 7.158 trillion) throughout all phases of the project.” What makes the city special is its attractive strategic location. Ras El-Hikma is situated in the Northern Coast region, with beaches stretching from the Dabaa area at kilometer 170 on the North-West Coast Road to…
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Source: egyptianstreets
