Egyptian state to compensate people of Ras al-Hikma: Official

Egyptian Cabinet spokesperson Mohamed al-Hommosany assured that the state is fully committed to compensating the people of the Ras al-Hikma region, adding that not a single citizen will be harmed by this project.

During a phone interview with CBC satellite channel on Tuesday, Hommosany said that the Ras al-Hikma urban development project will witness investments of no less than US$150 billion, and provide many job opportunities.

This new city is expected to attract at least eight million tourists, he added, pointing out that the project will contribute to the development of the North Coast region.

Hommosany noted that there are many positive indicators during the current period confirming the confidence of foreign investors in the Egyptian economy.

Thus far there has been no agreement on any major investment projects other than the Ras al-Hikma project, he added.

Egypt on Friday announced the largest major investment deal in partnership with the UAE, dubbed “Egypt and UAE, a Partnership for the Development of Ras al-Hikma.”

Egyptian Prime Minister Mostafa 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.

Edited translation from Al-Masry Al-Youm

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