The Ministry of Investment of the UAE witnessed the signing of a landmark agreement between the Government of the Republic of Egypt and the Government of the UAE, represented by a private consortium led by ADQ, an Abu Dhabi-based sovereign investor.
Under the agreement, which marks the largest foreign direct investment in the history of Egypt, ADQ will invest USD 35 billion in Ras El-Hekma a coastal region located approximately 350 kilometers northwest of Cairo. In addition to acquiring the development rights for Ras El-Hekma for USD 24 billion, ADQ will also convert USD 11 billion of deposits that will be utilized 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 center and free zone spanning over 170 million square meters and equipped with world-class infrastructure to strengthen Egypt's economic and tourism growth potential. The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.
Established in July 2023, the Ministry of Investment aims to accelerate foreign direct investment into the country and further strengthen the UAE’s position as a globally leading investor.
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