UAE and Egypt Unveil $35 Billion Ras El Hekma Development Project

UAE, 07 October, 2024 : In a landmark event, President His Highness Sheikh Mohamed bin Zayed Al Nahyan of the UAE and President Abdel Fattah El-Sisi of Egypt unveiled the development plan for Ras El Hekma, a coastal city on Egypt’s northwestern coast, with direct investments totaling USD 35 billion.

The announcement included a visual overview highlighting the project's economic, investment, real estate, and tourism potential, particularly due to its strategic Mediterranean location. Officials briefed the leaders on the integrated services and opportunities the project aims to create.

Sheikh Mohamed praised the collaborative efforts of both nations, emphasizing the project's role in strengthening UAE-Egypt economic ties and its significance as a model for constructive development partnership. He expressed confidence in the teams involved, wishing them success in achieving the project’s ambitious goals.

The Ras El Hekma project, located about 350 kilometers northwest of Cairo, spans over 170 million square meters under the jurisdiction of Matrouh Governorate. The master plan includes tourist facilities, a free zone, and residential, commercial, and entertainment buildings, with plans for 190,000 villas and apartments, accommodating up to two million residents. Additionally, the project allocates 12 million square meters for retail and leisure, reserving 25% of the area for open spaces, making it the greenest city on the Mediterranean.

The investment agreement for the project was signed in February this year. The ceremony was attended by high-profile officials, including H.H. Sheikh Hazza bin Zayed Al Nahyan and other senior officials from both countries.

Source : www.wam.ae