The aim of inaugurating a free zone in the city of Ras El Hekma is to set up a global financial center and attract foreign investments, the sources added.
The city of Ras El Hekma will include a free zone to facilitate the establishment of investment and financial projects, according to sources cited by Asharq Bloomberg.
The aim of inaugurating a free zone in the city of Ras El Hekma is to set up a global financial center and attract foreign investments, the sources added.
Ras El Hekma Company, which develops the city, will obtain a golden license from the General Authority for Investment and Free Zones to begin construction work in the free zone.
This will come within the framework of the partnership between Egypt and UAE under which Abu Dhabi Developmental Holding Company (ADQ) acquires the rights to develop the Ras El Hekma project.
This project is considered Egypt's largest foreign investment deal, amounting to $35 billion. Additionally, the value of the deal is divided into $24 billion in cash liquidity, and $11 billion from the UAE’s deposits with the Central Bank of Egypt (CBE).
Egypt holds 35% stake in the project, and will receive 35% of the profits throughout the project’s implementation.
According to ADQ statement, the company expects the Ras El Hekma project to attract investments worth more than $150 billion.
