In a significant move aimed at fostering economic growth and tourism, Egypt greenlights the establishment of a special free zone and international touristic port in the Ras al-Hikma peninsula, located west of Alexandria.
This decision comes following a historic agreement signed on February 23 between Egyptian and Emirati investors to develop Ras El Hekma into a cutting-edge city, poised to become a hub for urban living, business, and tourism along the North Coast.
The agreement, inked by Egypt’s Minister of Housing Assem El-Gazzar and UAE’s Minister of Investment Mohamed Al Suwaidi, marks a pivotal moment in the country’s development trajectory.
With a projected investment of $35 billion in foreign direct investment (FDI) within two months, Prime Minister Mostafa Madbouly hails it as the largest influx of FDI in Egypt’s history, poised to alleviate current economic challenges.
The transformative project, overseen by the New Urban Communities Authority and the Abu Dhabi Development Holding Company, holds the promise of reshaping the North Coast and propelling Egypt’s economic landscape into a new era.
Prime Minister Madbouly underscores the long-term impact, stating that Emirati investments are expected to soar to a minimum of $150 billion throughout the project’s implementation, making it the largest investment endeavor in Egypt’s history.
