Egypt and UAE in Ongoing Talks Over $24 Billion Ras El Hekma Land Deal

UAE, 29 May, 2024 : Egypt and the UAE are still finalizing contracts for the massive Ras El Hekma development project on Egypt's Mediterranean coast, according to Nader El Biblawi, chairman of the Egyptian Travel Agents Association.

Abu Dhabi's sovereign wealth fund ADQ agreed in February to pay $24 billion for development rights, with potential additional investments reaching $150 billion. El Biblawi stated that negotiations are ongoing, with no concrete timeline established yet.

Ras El Hekma, located 200 km west of Alexandria, is expected to attract substantial foreign investment, crucial for Egypt's economy. ADQ plans to start building a "next generation city" over 170 square kilometers in early 2025, featuring tourism, residential areas, investment zones, technology and light industry sectors, amusement parks, a marina, and an airport.

Additionally, discussions are in the early stages for a similar project with Saudi Arabia to develop Ras Gamila, near Sharm el-Sheikh. Ras Gamila is intended to complement Saudi Arabia's NEOM project and lies near the proposed site for a bridge across the Straits of Tiran.

Source : www.zawya.com