Egypt is poised to announce two additional large-scale projects, mirroring the recently unveiled $35bn Ras El-Hekma development deal with the UAE, sources close to the matter told Daily News Egypt. Details remain scarce, but they are expected to be similar in scope and ambition to the Ras El-Hekma project. The Ras El-Hekma development will be done through a private consortium led by Abu Dhabi-based investment and holding company ADQ. The sources explained that the Ras El-Hekma Development Company has been established, and support work will commence within two months. The Egyptian government will retain a 35% stake in the Ras El-Hekma development.

Source: Daily News Egypt February 25, 2024 12:01 UTC