Egypt and the United Arab Emirates (UAE) signed a real estate investment deal on Friday, granting Abu Dhabi Developmental Holding Company (ADQ) the rights to develop the Ras Al Hekma project for $24bn. Ras Al Hekma DevelopmentRas Al Hekma is a coastal area located approximately 350 kilometres northwest of Cairo. This investment marks a pivotal step towards establishing Ras Al Hekma as a premier Mediterranean vacation destination, a financial hub, and a free zone equipped with infrastructure to boost Egypt’s economic and tourism growth potential. The Egyptian government will retain a 35% stake in the Ras Al Hekma development project. Statements from Key FiguresMohamed Hassan Al Suwaidi, Managing Director and CEO of ADQ, said in a statement: “The investment in Ras Al Hekma aligns with our commitment to transforming the area into one of the most prominent coastal destinations by enabling key development and infrastructure projects.

Source: Daily News Egypt February 23, 2024 19:28 UTC