The UAE Ministry of Investment (MoI) announced its commitment to advancing the Ras El Hekma project, one of Egypt's most ambitious coastal city developments, and facilitating Emirati companies' involvement in its growth.
Located approximately 350 kilometers northwest of Cairo, Ras El Hekma is poised to become a financial hub, a free zone, and a luxury tourism destination, attracting significant interest from Emirati investors.
The MoI has been pivotal in streamlining investment processes, simplifying frameworks, and identifying key opportunities for Emirati businesses within this strategic initiative. Modon Holding, the master developer for the megaproject, will lead the development in collaboration with key partners from Egypt, the UAE, and the international community. Several memorandums of understanding (MoUs) have been signed, including agreements with Abu Dhabi Airports, TAQA, and Burjeel Holding, to facilitate further collaborations.
UAE Minister of Investment, Mohamed Hassan Al Suwaidi, emphasized the project’s role in enhancing economic ties between the UAE and Egypt.
"The Ras El Hekma project highlights the growing economic collaboration between the UAE and Egypt,"
he stated, underscoring the ministry's efforts to create an enabling environment for Emirati contributions to Egypt’s development.
Projected to contribute $25 billion annually to Egypt's GDP by 2045, Ras El Hekma aims to attract $110 billion in investments during its development phase. The UAE’s involvement reflects a shared vision of sustainable urban development and deeper economic cooperation, positioning the megaproject as a vital driver of Egypt's tourism and economic growth.
News Source: Emirates News Agency
