Abu Dhabi [UAE], February 24 (ANI/WAM): 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 kilometres 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 used 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 centre and free zone spanning over 170 million square metres and equipped with world-class infrastructure to strengthen Egypt's economic and tourism growth potential.
The Egyptian government will retain a 35 per cent stake in the Ras El-Hekma development.
Mohamed Hassan Alsuwaidi, Minister of Investment, said, "With this signing, a new chapter begins in the long-standing bilateral relations between our two nations. Underscored by mutual respect and trust, this investment demonstrates the UAE's commitment to supporting the government of Egypt in realising the abundant potential of the local economy. As a large-scale infrastructure project, the planned Ras El-Hekma development will foster widespread impact across multiple sectors, be a catalyst for job creation, and attract significant additional foreign direct investments in the years to come." (ANI/WAM)
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