ADQ to invest US$35 billion in Ras El-Hekma, Egypt

WAM

The UAE Government, represented by a private consortium led by ADQ, an Abu Dhabi-based sovereign investor, will invest US$35 billion (AED 128.56 billion) in Ras El-Hekma, a coastal region 350 kilometres northwest of Cairo.

The Ministry of Investment of the UAE witnessed the signing of a landmark agreement between the Governments of the UAE and the Republic of Egypt.

In addition to acquiring the development rights for Ras El-Hekma for US$24 billion (AED 88.15 billion), ADQ will also convert US$11 billion (AED 40.4 billion) of deposits that will be utilised for investment in prime projects across Egypt.

The vision is to develop the region into a leading first-of-its-kind Mediterranean holiday destination, financial centre and free zone spanning over 170 million square metres and equipped with world-class infrastructure to strengthen Egypt's economic and tourism growth potential. The Egyptian government will retain a 35 per cent stake in the Ras El-Hekma development.

Mohamed Hassan Alsuwaidi, Minister of Investment, said, "With this signing, a new chapter begins in the long-standing bilateral relations between our two nations. Underscored by mutual respect and trust, this investment demonstrates the UAE's commitment to supporting the Government of Egypt in realising the abundant potential of the local economy. As a large-scale infrastructure project, the planned Ras El-Hekma development will foster widespread impact across multiple sectors, be a catalyst for job creation, and attract significant additional foreign direct investments in the years to come."

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