UAE Ministry of Investment drives Emirati investment in Egypt's Ras El Hekma Development
Located approximately 350km northwest of Cairo, the Ras El Hekma project has garnered significant interest from Emirati investors, drawn by its potential as a financial centre, free zone, and luxury tourism destination
ANI
Oct 05, 2024 05:37 IST
Abu Dhabi [UAE], October 5 (ANI/WAM): The UAE Ministry of Investment (MoI) announced today its support and key role in the advancement of the Ras El Hekma project and the participation of Emirati companies in its expansion and growth plan. This project is one of Egypt's most ambitious coastal city developments.
Located approximately 350km northwest of Cairo, the Ras El Hekma project has garnered significant interest from Emirati investors, drawn by its potential as a financial centre, free zone, and luxury tourism destination. The Ministry has been instrumental in streamlining processes, simplifying investment frameworks, and identifying key opportunities for Emirati companies to participate in this strategic initiative.
Modon Holding, the master developer for the Ras El Hekma megaproject, will steer the project in partnership with prominent partners from Egypt, the UAE, and the international community. With several MoUs signed, including with Abu Dhabi Airports, TAQA, and Burjeel Holding, the MoI will continue to facilitate future collaborations, ensuring Emirati companies remain key contributors to Ras El Hekma's development.
Mohamed Hassan Al Suwaidi, UAE Minister of Investment, stated: "The Ras El Hekma project highlights the growing economic collaboration between the UAE and Egypt. The Ministry of Investment has worked to create an enabling investment environment, allowing Emirati companies to contribute meaningfully to Egypt's development and fostering opportunities for long-term economic growth and shared prosperity."
Ras El Hekma is projected to be a major driver of economic growth, contributing USD 25 billion annually to Egypt's GDP by 2045 and attracting USD 110 billion in investments during its development phase.
The UAE's investment in Ras El Hekma reflects the shared vision between the two countries to promote sustainable urban development, regional prosperity, and deeper economic cooperation. This megaproject is poised to become a key driver of Egypt's tourism and economic growth, with the UAE's MoI continuing to play a pivotal role in guiding and promoting Emirati investments across various sectors. (ANI/WAM)
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