ADQ, an Abu Dhabi-based investment and holding company, has unveiled plans to invest $35 billion in Egypt.
The company will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into a new-city development. Moreover, ADQ will convert $11 billion worth of deposits that will be utilised for investment in prime projects across Egypt.
Work is likely to commence in early 2025.
Ras El-Hekma is a coastal region in Egypt located approximately 350 km northwest of Cairo. The 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. The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.
Next-generation city
Spanning over 170 million sq. 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.
Read: Egypt’s GDP to climb to 5.1 percent by 2025: OECD
Ras El-Hekma’s master plan will help attract foreign direct investment, boost trade, support Egypt’s private sector via an in-country localisation program and drive job creation to maximise economic benefits.
Long-standing partnership
Mohamed Hassan Al Suwaidi, Managing Director and CEO of ADQ, said, “ADQ is a long-standing investment partner in Egypt. 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 Group, which will deliver value across multiple sectors of Egypt’s vibrant economy.”
Egypt’s North Coast has garnered tremendous interest from global investors and tourists, showcasing its aptitude to benefit from international partnerships. Ras El-Hekma will be a world-class destination in the Mediterranean with unmatched attractions, including hotels, yacht marinas and entertainment facilities.
For more news on real estate, click here.
