Egypt Seals Historic $35 Billion Deal with UAE to Build Mega City on North Coast


Share post:

In a groundbreaking move set to reshape Egypt’s landscape and economy, the nation has inked its largest-ever deal with Emirati investors to construct a sprawling new city on the North Coast. The project, dubbed Ras El Hekma, aims to become a premier urban, business, and tourism hub in the region.


The historic agreement, valued at a staggering $35 billion in foreign direct investment (FDI), was signed by Egypt’s Minister of Housing, Assem El-Gazzar, and UAE’s Minister of Investment, Mohamed Al Suwaidi, at the New Administrative Capital. Prime Minister Mostafa Madbouly hailed the deal as a transformative moment for Egypt’s economy, projecting immediate FDI injections to alleviate the country’s currency challenges.

Ras El Hekma, to be developed by the New Urban Communities Authority and the Abu Dhabi Development Holding Company, spans over an expansive area exceeding 40,600 feddans. It is envisioned as a comprehensive urban center, boasting residential zones, luxury hotels, entertainment complexes, educational institutions, healthcare facilities, and commercial districts.

Emphasizing the project’s multifaceted nature, Madbouly outlined plans for a free economic zone, logistics hubs, and a central business district to attract global corporations. The city’s strategic location on the North Coast, coupled with a planned international airport and marina, is poised to draw millions of tourists, with projections estimating 8 million visitors upon completion.

Also, read; Athletes Mourn As Memorial Service Is Held in Kenya for Record Holder Kelvin Kiptum

Addressing implementation strategies, Madbouly detailed the establishment of an Egyptian joint-stock company named Ras El-Hekma to oversee the project. Egypt stands to receive substantial investments in both foreign currency and Egyptian pounds, bolstering the nation’s financial stability and reducing foreign debt.

Furthermore, the North Coast development initiative forms part of Egypt’s broader strategy to revitalize the region and create fully integrated urban communities. By leveraging existing infrastructure projects such as the high-speed train and Dabaa Nuclear Power Plant, the government aims to accommodate population growth and propel economic growth.

Inclusivity lies at the heart of the endeavor, with plans in place to provide financial and in-kind compensation to affected residents. The government assures comprehensive data management to mitigate social and environmental impacts, underscoring its commitment to sustainable development.

As Egypt embarks on this ambitious journey, the Ras El Hekma project stands as a testament to the nation’s vision for prosperity and progress. With collaboration from Emirati partners, it heralds a new era of economic vitality and opportunity for Egypt and the wider region.


Please enter your comment!
Please enter your name here

- Advertisement -

Related articles

Top 9 Note Writing Apps For African Business

Every business needs a productivity app that can help in keeping  information intact and in an orderly manner....

Top 9 Productivity Apps for African business

Do you have a business that has struggled to break through? You must have put in more effort...

5 E-commerce Platforms in Africa

E-commerce has transformed the manner in which trade is performed across the world. Africa is no exception. Africa...

Controversy Erupts Over Nigeria’s Alleged $150 Billion Samoa Deal with Clause to Promote LGBTQ

The Nigerian government is facing significant backlash from clerics, rights activists, and civil society organizations (CSOs) following the...