Abu Dhabi-based ADQ to invest $35bn in Egypt’s Ras El-Hekma

Abu Dhabi-based ADQ to invest $35bn in Egypt’s Ras El-Hekma

Mubasher: Abu Dhabi-based investment and holding firm ADQ signed an agreement to invest $35 billion in Egypt’s Ras El-Hekma, according to a recent press release.

Under the joint deal, ADQ will acquire the development rights for Ras El-Hekma in exchange for $24 billion to develop the region.

The UAE-based company will also convert $11 billion of deposits to be used for investment in prime projects across Egypt, which will boost the country’s economic growth and development.

Spanning over 170 million square metres, the development scheme will include tourism amenities, a free zone, and an investment zone, among others.

Ras El-Hekma is set to be a tourism destination adopting the latest advanced digital and technological smart city solutions.

ADQ will leverage Egyptian as well as global partners as part of its development and investment plans. Meanwhile, the work is expected to commence in early 2025.

The company seeks to bring benefits to the new development, which is expected to attract more than $150 billion in investments.

Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, said: “This investment underscores our commitment to developing Ras El-Hekma into one of Egypt’s most attractive coastal destinations through the enablement of mega-infrastructure and development projects, working with partners such as Modon Properties and Talaat Moustafa