Egypt and Emirati investors have signed a landmark deal, worth USD 150 billion (EGP 4.6 trillion) to build a new city called Ras El Hekma on the country’s North Coast on Friday, 23 February. The multi-billion dollar project will create a major urban, business, and tourism center. Spearheaded by the New Urban Communities Authority and the Abu Dhabi Development Holding Company, the new project will be implemented west of Alexandria. Prime Minister Mostafa Madbouly emphasized the project’s significance, highlighting its potential to attract a record-breaking USD 35 billion (EGP 1,081 billion) in foreign direct investment within two months, marking a historic milestone for Egypt’s economy. Madbouly highlighted the immediate benefits of the Ras El Hekma project, stating that the foreign direct investment will provide much-needed relief to the country’s hard currency shortage. He envisions the project transforming the North Coast and the nation’s image in the long term. Madbouly outlined the multifaceted nature of the Ras El Hekma project, highlighting that it will include residential districts, international hotels, tourist resorts, and diverse entertainment venues. Essential services like hospitals, schools, and universities will be readily available, ensuring a comfortable and…
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Source: egyptianstreets
