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.
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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.
