UAE Ministry Of Investment Promotes Emirati Participation In Egypt's Ras El Hekma Development Project

The UAE Ministry of Investment (MoI) has declared its active involvement in the Ras El Hekma project, a significant coastal city development in Egypt. This initiative, located about 350 kilometres northwest of Cairo, has attracted considerable interest from Emirati investors. The project's potential as a financial hub, free zone, and luxury tourism destination is a major draw for these investors.

Ras El Hekma is anticipated to significantly boost Egypt's economy, contributing $25 billion annually to the GDP by 2045. It is also expected to attract $110 billion in investments throughout its development phase. The UAE's investment reflects a shared vision with Egypt for sustainable urban growth and regional prosperity.

The UAE Minister of Investment, Mohamed Hassan Al Suwaidi, emphasised the importance of this project in strengthening economic ties between the UAE and Egypt. He stated: "The Ras El Hekma project highlights the growing economic collaboration between the UAE and Egypt. The Ministry of Investment has worked to create an enabling investment environment, allowing Emirati companies to contribute meaningfully to Egypt’s development and fostering opportunities for long-term economic growth and shared prosperity."

The Ministry has played a crucial role in simplifying investment processes and identifying opportunities for Emirati companies within this strategic initiative. By streamlining frameworks, the MoI ensures that these companies can actively participate in the project's expansion.

Modon Holding leads as the master developer for Ras El Hekma, collaborating with key partners from Egypt, the UAE, and internationally. Several Memorandums of Understanding (MoUs) have been signed with entities like Abu Dhabi Airports, TAQA, and Burjeel Holding. These agreements aim to facilitate future partnerships and ensure Emirati firms remain integral to the project's progress.

The UAE's involvement in Ras El Hekma underscores a commitment to fostering deeper economic cooperation with Egypt. This megaproject is set to become a vital driver of tourism and economic growth in Egypt. The MoI continues to guide and promote Emirati investments across various sectors within this ambitious development.

This collaboration between the two nations aims at promoting sustainable urban development while enhancing regional prosperity. The ongoing support from the UAE Ministry of Investment ensures that Emirati companies play a pivotal role in shaping this transformative project.

With inputs from WAM