The UAE Minister of Investment and Director General of the Abu Dhabi Fund for Development, Mohammed al-Suwaidi, announced that the Ras al-Hikma project in Egypt will include many diverse tourist activities, an industrial zone in the southern part, and a commercial and financial zone in the heart of the city.
Suwaidi reviewed a proposal for the plan and components of its first phase, including many projects, during his meeting with Egyptian Prime Minister Mostafa Madbouly on Tuesday.
The meeting came to follow up on the executive procedures for the project to develop the city of Ras al-Hikma, in partnership between Egypt and UAE.
A statement issued by the meeting said that the Prime Minister announced the start of selecting a number of proposed sites for the airport scheduled to be established to serve the Ras al-Hekma City project, in preparation for selecting one of these sites for implementation soon.
Madbouly also appreciated the quick measures taken by the UAE side to translate the terms of the investment deal concluded between the two sides into reality – aiming to transform it into the largest global tourist destination on the Mediterranean coast.
Largest deal of its kind
Egypt earlier in February announced the largest major investment deal in partnership with the UAE, dubbed “Egypt and UAE, a Partnership for the Development of Ras al-Hikma.”
Madbouly said that the project includes establishing hotels, entertainment projects, tourist resorts, a financial and business district, and an international airport.
This project will be the largest of its kind, he added, as it seeks to develop a city with an area of 170 million square meters or more than 40,600 acres.
Egyptian cabinet spokesperson Mohamed al-Hommosany announced that the government on Friday received another five billion dollars from the first installment of the Ras al-Hikma investment partnership deal with the UAE – thereby completing the first tranche worth a total of $10 billion.
