The United Arab Emirates (UAE) has inked a landmark deal with Egypt, committing a record-breaking $35 billion in foreign direct investment to revitalize the country’s northwest coast. Signed on February 23rd, 2024, this agreement marks the largest such investment in Egyptian history and signifies a strategic partnership between the two nations.
Spearheading the development is ADQ, a prominent Abu Dhabi-based sovereign investor. The project focuses on Ras El-Hekma, a coastal region roughly 350 kilometers northwest of Cairo. With a vision to transform the area into a premier Mediterranean destination, the development plan encompasses a state-of-the-art financial center, a free zone, and world-class tourism infrastructure, all spread across a vast 170 million square meters.
This ambitious undertaking is expected to significantly bolster Egypt’s economic and tourism sectors. “This signing signifies a new chapter in our longstanding relationship with Egypt,” declared Mohamed Hassan Alsuwaidi, UAE Minister of Investment. “This investment underscores our commitment to supporting Egypt’s economic potential and fostering widespread benefits across various sectors.”
The $35 billion investment breakdown includes $24 billion dedicated to acquiring development rights in Ras El-Hekma, while the remaining $11 billion will be strategically invested in other key projects across Egypt. Notably, the Egyptian government will retain a 35% stake in the Ras El-Hekma development, ensuring a collaborative approach to this transformative project.