The Cabinet also approved the Prime Minister’s draft decision to establish an investment zone in the city of Ras El Hekma.
The Egyptian Cabinet approved the decision to establish a private free zone in Ras El Hekma named Ras El Hekma Urban Development Project Company.
The Cabinet also approved the Prime Minister’s draft decision to establish an investment zone in the city of Ras El Hekma.
The decisions encompassed the approval of the Cabinet resolution, which grants the Ras El Hekma Urban Development Project Company the golden license, covering both the investment zone and private free zone projects.
Additionally, the Prime Minister's draft decision to establish the Board of Directors for the Ras El Hekma Investment Zone received approval.
The decisions also included approval for the Ras El Hekma Urban Development Project Company to establish a specialized international tourist port in the new city of Ras El Hekma.
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).
Recently, Finance Minister, Mohamed Maait, said that Egypt will receive about $20 billion from the second tranche of the Ras El Hekma project until the end of May 2024, in an interview with CNBC Arabia.
