PM: “Ras al-Hikma” project biggest investment deal in Egypt’s history

PM: “Ras al-Hikma” project biggest investment deal in Egypt’s history

Prime Minister Mostafa Madbouly said the development project of Ras al-Hikma city on the North Coast is the biggest foreign direct investment deal in Egypt’s history.

In a press conference held at the New Administrative Capital on Friday 23/02/2024, the premier added the project comes within the framework of Egypt’s 2052 Urban Development Plan.

Madbouly stated the 2052 Urban Development Plan includes developing the cities of El Alamein, Ras al-Hikma, El Negila, Sidi Barrani, Jarjoub, Matrouh and Sallum to accommodate millions of people and provide millions of job opportunities for Egyptian youth.

The Prime Minister explained the project is implemented as per the same mechanism pursued by the New Urban Communities Authority with all real-estate developers and the private sector.

He noted the project, carried out in partnership with the UAE, is aimed at developing Ras al-Hikma city, which extends on an area of 170 million square meters.

The Prime Minister went on to say that the Abu Dhabi Developmental Holding Company will set up Ras al-Hikma company as a joint stock company in which Egypt will be a partner.

The project will encompass residential districts, prestigious international hotels, tourist resorts, expansive entertainment venues, and service facilities such as hospitals, schools and universities, Madbouli said.

It will