Egypt President Abdel Fattah Al-Sisi and UAE President Mohamed bin Zayed Al Nahyan witnessed the launch of the Ras El-Hekma development project on Egypt’s western North Coast, a significant step in strengthening economic ties between the two countries.
The total investment in the development of Ras El-Hekma City is $110bn, with Egypt holding a 35% share of the project’s profits.
The event, attended by Egypt’s Prime Minister Mostafa Madbouly and prominent business leaders from both nations, marked the official start of the ambitious project, which aims to transform the region into a major new city development.
During the launch ceremony, the two presidents received a detailed presentation outlining the project’s objectives, components, and its significant economic, investment, real estate, tourism, and environmental implications. They also discussed the region’s advantages, the integrated services offered by the project, and the development and economic opportunities it presents.
The event culminated with the signing of contracts by Egyptian and Emirati companies to initiate work on the project.
Both presidents expressed their gratitude to the individuals and teams involved in the project’s development, emphasizing that it exemplifies a constructive development partnership between Egypt and the UAE. They also highlighted the project’s role in bolstering economic and investment ties between the two nations.
The event also witnessed the launch of a partnership between several international, Egyptian, and Emirati companies to advance innovation in the field of smart electric vehicles in the Middle East and North Africa region.
The new state-of-the-art city of Ras El Hekma was launched as a new massive urban, business and tourism centre in the country’s North Coast. The $35bn investment deal, announced in February, involves ADQ, an Abu Dhabi-based investment and holding company, acquiring development rights for Ras El-Hekma for $24bn.
As part of this investment, ADQ also converted an additional $11 billion of UAE deposits at the Central Bank of Egypt (CBE). These funds will be used for investment in key projects across Egypt to support the country’s economic growth and development.
In February, Prime Minister Madbouly announced that ADQ would establish Ras El-Hekma Company, an Egyptian joint stock company, to oversee the development of Ras El-Hekma City on an area spanning 170.8 million square meters.
