March 26, 2024
The UAE Ministry of Investment witnessed the signing of a groundbreaking agreement between Egypt and the UAE, marking the largest foreign direct investment agreement in Egypt’s history.
Under the deal, Abu Dhabi-based sovereign investor ADQ will invest $35bn in developing Ras El-Hekma, a coastal region northwest of Cairo.
The agreement was signed during a ceremony attended by high-level officials from both nations, including Mohamed Hassan Alsuwaidi, UAE Minister of Investment. It is hailed as a new chapter in bilateral relations.
Key highlights of the UAE-Egypt agreement
ADQ will invest $24bn to acquire development rights for Ras El-Hekma, with an additional $11bn allocated for prime projects across the country.
ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, has established an office in Egypt to build on its commitment to investing in the country’s economic growth.
The vision is to develop the region into a world-class holiday destination, financial centre, and free zone, spanning over 170 million square metres and boasting state-of-the-art infrastructure.
The project is expected to create significant job opportunities, attract further foreign investment, and contribute to the North African country’s tourism and economic growth potential.
The Egyptian government will retain a 35 per cent stake in the Ras El-Hekma development, reflecting a collaborative approach to the project.
Alsuwaidi said: “This agreement demonstrates the UAE’s commitment to supporting Egypt in realising its economic potential. The development will have a widespread impact, creating jobs and attracting further investments.”
Source: gulfbusiness
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