Egypt, UAE launch $35 billion Ras El-Hekma development project

By Ibrahim al-Khazen

ISTANBUL (AA) - Egyptian President Abdel Fattah al-Sisi and his guest, President of the United Arab Emirates (UAE) Sheikh Mohammed bin Zayed Al-Nahyan, inaugurated the Ras El-Hekma development project in northwestern Egypt on Friday, marking a significant milestone in bilateral relations with a $35 billion megaproject.

The inauguration ceremony, attended by Egyptian Prime Minister Mustafa Madbouly and various officials and businessmen from both countries, showcased a visual presentation outlining the enterprise's goals. During the event, working contracts between Egyptian and Emirati businessmen were signed, further solidifying collaboration.

Sheikh Mohammed emphasized the project's importance in strengthening economic and investment ties between the UAE and Egypt. He described it as "a model of constructive development partnership between the two nations."

In February, Egypt signed an investment deal with the UAE to develop the Rash El-Hekma region into a unique Mediterranean urban community. Spanning 42,000 acres, the project will include residential districts, prestigious international hotels, tourist resorts, a large marina, recreational venues, and essential services such as hospitals, schools, and universities.

Additionally, the project will feature administrative and service buildings, a free economic zone dedicated to information technology industries, logistics hubs, and an international airport. A central business district will be developed to attract global companies.

*Writing by Ahmed Asmar