Egypt's Prime Minister, Dr. Mostafa Madbouly, oversaw the signing ceremony of the largest investment deal with significant entities.

During the event, Prime Minister emphasized that the deal represents a partnership, not asset sales, stressing Egypt's annual need for one million new job opportunities, necessitating such large-scale projects.

He highlighted that the Ras El Hekma project is the largest investment project in Egypt's history, involving urban development in Matrouh, Salloum, and Alamein.

The development of Ras El Hekma is expected to inject $35 billion into the state within two months, with the first installment of $15 billion within a week and the second installment of $20 billion after two months, demonstrating Egypt's keenness to attract foreign direct investment.

Dr. Mostafa Madbouly, Prime Minister, stated that the project is a partnership between Egypt and the UAE, with the Egyptian side represented by the New Urban Communities Authority, expressing gratitude to the political leadership and Sheikh Mohammed bin Zayed for supporting this major deal, confirming Egypt's commitment to fully compensate Matrouh residents for project land both monetarily and in kind.

He explained that the project will involve the establishment of Ras El Hekma Company as the project's holding company, incorporating hotels, entertainment projects, financial and business districts, and the construction of an international airport south of the city, expected to attract 8 million tourists.