Egypt approves establishing special free zone in Ras al-Hekma
Egypt has moved ahead with administrative realignment of the region after the country signed a $35bn FDI deal with the UAE’s ADQ earlier this year
Egypt approved establishing a special free zone and international touristic port in the Ras al–Hekma peninsula, west of Alexandria, a cabinet statement said on Wednesday. The cabinet announcement follows the UAE-Egypt deal in February.
UAE-Egypt deal
The UAE and Egypt, signed a $35bn foreign direct investment agreement earlier this year, the largest such deal in Egypt’s history.
Under the deal, Abu Dhabi-based sovereign investor ADQ will invest $35bn in developing Ras El-Hekma. Prime Minister Mostafa Madbouly said the project is expected to attract “a minimum of $150bn” during the implementation phases, according to state media.
ADQ will invest $24bn to acquire development rights for Ras El-Hekma, with an additional $11bn allocated for prime projects across the country.
The consequent development will be built on an unprecedented area of over 40,600 feddans, the prime minister said.
It will encompass residential districts, prestigious international hotels, tourist resorts, expansive entertainment venues, and service facilities such as hospitals, schools and universities, he said.
It will also feature administrative and service buildings, a free economic zone for information technology industries and logistics hubs, and a central business district that would attract global companies.
Ras al-Hekma
Ras al-Hekma, is a coastal region northwest of Cairo. It is positioned on a cape roughly 212 kilometers west of Alexandria and 350 kilometers northwest of Cairo and has emerged in recent years as a promising resort destination on the Mediterranean.
Characterised by turquoise waters and pristine sandy beaches, the area has become a focal point for substantial investments in upscale real estate.
In a joint effort between the Egyptian government and UN-Habitat, plans are underway to establish Ras Al Hekma Waterfront New City, a sustainable and inclusive waterfront urban center set to revitalize the North Coast region.
Anticipated to be completed by 2028, the project represents a pivotal step in Egypt’s future urban development endeavors.
