ADQ to invest $35bn in Egypt’s ‘new city’ project

ADQ to invest $35bn in Egypt’s ‘new city’ project

UAE’s ADQ has unveiled plans to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive economic growth. The Abu Dhabi state-owned company will acquire the development rights for Ras El-Hekma for $24 billion to develop the region as a Mediterranean holiday destination, including a free zone, state-run WAM […]UAE’s ADQ has unveiled plans to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive economic growth.

The Abu Dhabi state-owned company will acquire the development rights for Ras El-Hekma for $24 billion to develop the region as a Mediterranean holiday destination, including a free zone, state-run WAM news agency reported.

As part of this investment, ADQ will also convert $11 billion of deposits that will be used for investment in prime projects across Egypt to support its economic growth and development.

Ras El-Hekma is a coastal region in Egypt located approximately 350 km northwest of Cairo.

The investment will establish Ras El-Hekma, spanning over 170 million sq m, as a tourism destination, financial centre and free zone to strengthen Egypt’s economic and tourism growth potential.

The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.

ADQ plans to