The project will take place on Egyptian land, create job opportunities for Egyptians, both in constructing and later managing the projects, and inject billions of dollars into the Egyptian economy
Prime Minister Mostafa Madbouly stressed that the Ras El Hekma project does not represent a sale of Egypt’s assets, but rather a partnership between Egypt and large real estate developers in the region, in response to journalists' and media representatives’ questions on the Ras El Hekma development project. He stated that this is one of the greatest ways to maximize the benefit of the state’s assets.
The project will take place on Egyptian land, create job opportunities for Egyptians, both in constructing and later managing the projects, and inject billions of dollars into the Egyptian economy. The deal is taking place within the framework of Egyptian laws, allowing Abu Dhabi Development Holding Company (ADQ) to benefit from the same investment laws and incentives set by the state for local investors.
Madbouly explained that the government has been working restlessly to improve the local investment scene such as the launch of the golden license.
Moreover, the project aims to transfer expertise to the Egyptian workforce in constructing massive projects and managing major tourist projects. This contributes to upgrading Egyptian companies and labor for further export of their services, especially in Africa and Asia.
The Ras El Hekma project will also place Egypt on the global tourism map and ensures tourism as a sustainable source of foreign currency, Madbouly added.
Egypt and the UAE signed a real estate investment deal under which Abu Dhabi Developmental Holding Company (ADQ) acquires the rights to develop the Ras El Hekma project which is considered Egypt's largest foreign investment deal, amounting to $35 billion, to develop Ras El Hekma in North Coast. The Egyptian side is represented by the New Urban Communities Authority (NUCA).
Madbouly revealed that the total amount of the foreign direct investment will be $35 billion, which is expected to be received in full within two months, is divided into $24 billion in cash liquidity, and $11 billion from the UAE’s deposits with the Central Bank of Egypt (CBE).
