UAE’s ADQ-led consortium to invest $35 billion in Egypt

  • Date: 25-Feb-2024
  • Source: Saudi Gulf Projects
  • Sector:Technology
  • Country:UAE
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UAE’s ADQ-led consortium to invest $35 billion in Egypt

ADQ, an Abu Dhabi-based investment and holding company, has unveiled plans to invest US$35 billion in Egypt.

ADQ will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the largest new city developments by a private consortium. As part of this investment, ADQ will also convert $11 billion of deposits that will be utilised 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 kilometres northwest of Cairo. The significant investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial centre and free zone equipped with world-class infrastructure to strengthen Egypt’s economic and tourism growth potential. The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.

Spanning over 170 million square meters, Ras El-Hekma will be a next-generation city comprising mainly of tourism amenities, a free zone and an investment zone combining, among else, residential, commercial, and recreational spaces with seamless connectivity domestically and internationally. ADQ, leveraging its expansive portfolio and partners, aims to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination adopting