Egypt’s Prime Minister, Mostafa Madbouli, witnessed the signing of a $150 billion investment agreement with the UAE, marking the largest investment of its kind in Egypt’s history.
The deal was formalized by Egypt’s Housing Minister, Assem El-Gazzar, and the UAE’s Investment Minister, Mohamed Al Suwaidi, in Egypt’s New Administrative Capital.
The collaboration between the Arab Republic and the Gulf country aims to develop a new, state-of-the-art urban, commercial, and tourism hub named Ras Al-Hekma on Egypt’s North Coast, just west of Alexandria.
The initiative, to be carried out by the New Urban Communities Authority along with the Abu Dhabi Development Holding Company, represents a significant leap in the bilateral relations and economic development between the two nations.
During the ceremony, Prime Minister Madbouli highlighted that this venture would inject $35 billion of foreign direct investment (FDI) into Egypt’s economy within the upcoming two months, offering a substantial boost to the nation’s foreign currency reserves.
He emphasized that such an influx of FDI, the most substantial in Egypt’s annals, would significantly ameliorate the current economic constraints.
Madbouli elaborated on the project’s scope, noting it would span over 40,600 feddans and feature a mix of residential areas, world-class hotels, tourist resorts, entertainment facilities, and essential services including healthcare, education, and administrative sectors.
Furthermore, the project envisages a free economic zone catering to IT and logistics, a central business district to attract international corporations and a large marina to accommodate tourist yachts.
The Prime Minister also disclosed plans for constructing an international airport to the south of the city, with the Abu Dhabi Development Holding Company spearheading the development and Egypt benefiting from a share of the airport’s revenues.
He projected that upon completion, the city would draw in approximately 8 million tourists, significantly bolstering Egypt’s tourism sector and economy.
