Abu Dhabi's ADQ Invests $35 Billion Transforming Egypt's Coastal Landscape Ras El-Hekma
Abu Dhabi's investment and holding company, ADQ has solidified a commitment of $35 billion to drive transformation across Egypt's 170 square kilometer coastline Ras El-Hekma which is poised to emerge as a next-generation city.
Abu Dhabi-based investment and holding company, ADQ has unveiled a landmark agreement with the Egyptian government, solidifying a substantial commitment of $35 billion to drive transformative development across the nation.
This strategic investment initiative encompasses ADQ's acquisition of the development rights for the esteemed Ras El-Hekma coastal city for a staggering $24 billion, alongside the conversion of $11 billion in deposits earmarked for investment in key projects across Egypt, aimed at catalyzing economic growth and fostering socio-economic advancement.
Ras El-Hekma, situated along Egypt's Mediterranean coast, holds immense promise as a pivotal hub for economic diversification and tourism expansion. With ADQ's substantial investment, this ambitious undertaking is set to elevate Ras El-Hekma into one of the foremost new city developments in the region, spearheaded by a private consortium. Notably, the Egyptian government retains a notable 35% stake in this transformative development, underscoring a collaborative approach to driving progress and prosperity.
Encompassing a vast expanse of over 170 square kilometers, Ras El-Hekma is poised to emerge as a next-generation city, boasting a multifaceted array of tourism amenities, a dynamic free zone, and an investment zone tailored to accommodate residential, commercial, and recreational spaces. With seamless domestic and international connectivity, Ras El-Hekma aims to redefine urban living standards while catalyzing economic activity and fostering innovation.
ADQ, leveraging its extensive portfolio and strategic partnerships, envisions Ras El-Hekma as a beacon of modernity and sustainability, harnessing cutting-edge digital and technological solutions to establish a premium international financial and tourism destination. Collaborating with both Egyptian and international partners, ADQ seeks to maximize the project's potential and ensure its alignment with global best practices in urban planning and development.
Anticipated to commence in early 2025, the Ras El-Hekma project is poised to attract a staggering influx of over $150 billion in investments, signaling a resounding vote of confidence in Egypt's economic potential and growth trajectory.
Moreover, the project's master plan places a strong emphasis on sustainability, with a commitment to preserving local ecosystems and creating a harmonious balance between environmental conservation and urban development.
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, reaffirmed the company's steadfast commitment to Egypt's development, citing the strategic collaboration with esteemed partners such as Modon Properties and Talaat Moustafa Group. This collaborative endeavor, underpinned by a shared vision of prosperity and progress, is poised to unlock new avenues of growth across diverse sectors of Egypt's vibrant economy, ultimately benefiting citizens and stakeholders alike.
Against the backdrop of Egypt's burgeoning North Coast, Ras El-Hekma emerges as a beacon of opportunity, poised to captivate global investors and tourists alike with its unparalleled attractions, including world-class hotels, yacht marinas, and entertainment facilities.
As a testament to its commitment to sustainable development, Ras El-Hekma aspires to become a highly desirable destination for residents, businesses, and visitors, offering a harmonious blend of luxury, innovation, and environmental stewardship.
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Credits: Wamda
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