ADQ Consortium To Invest $35 Billion In Egypt, Boosting Economic And Tourism Potential

ADQ, an Abu Dhabi-based investment and holding company, has announced a significant investment plan, earmarking US$35 billion for developments in Egypt. This strategic move includes acquiring development rights for Ras El-Hekma with a $24 billion investment, aiming to transform the area into a leading new city development. Additionally, ADQ plans to convert $11 billion of deposits into investments for prime projects across Egypt, aiming to bolster the country's economic growth and development.

Ras El-Hekma, a coastal region located roughly 350 kilometres northwest of Cairo, is set to become a Mediterranean holiday destination, financial centre, and free zone with world-class infrastructure. This initiative is expected to enhance Egypt's economic and tourism growth potential significantly. The Egyptian government will maintain a 35 percent stake in this ambitious development.

The project spans over 170 million square meters and is envisioned as a next-generation city featuring tourism amenities, a free zone, and an investment zone. It will include residential, commercial, and recreational spaces with seamless connectivity both domestically and internationally. ADQ aims to leverage its portfolio and partnerships to establish Ras El-Hekma as a premium international financial and tourism destination, incorporating advanced digital and smart city solutions.

With plans to commence work in early 2025, ADQ's investment in Ras El-Hekma is supported by its extensive experience in smart-growth planning and large-scale infrastructure projects. The company's expertise in providing integrated infrastructure solutions across various services promises significant benefits for the new development and Egypt's economy overall.

Mohamed Hassan Al Suwaidi, Managing Director and CEO of ADQ, emphasized the company's commitment to developing Ras El-Hekma into one of Egypt’s most attractive coastal destinations. He highlighted collaborations with partners such as Modon Properties and Talaat Moustafa Group to deliver value across multiple sectors of Egypt’s economy.

The North Coast of Egypt has attracted considerable interest from global investors and tourists, demonstrating its potential for international partnerships. Ras El-Hekma is poised to become a world-class Mediterranean destination with attractions including hotels, yacht marinas, and entertainment facilities.

Sustainability is a cornerstone of the master plan for Ras El-Hekma. The project aims to preserve local ecosystems while creating an attractive living, working, and playing environment in one of Egypt’s most prestigious destinations. This development not only promises to attract foreign direct investment but also aims to boost trade, support the private sector through localisation programs, and drive job creation to maximise economic benefits for Egypt.

With inputs from WAM