The Abu Dhabi Developmental Holding Company (ADQ) Egypt have announced a significant real estate investment deal for the Ras El Hekma project. ADQ, a major infrastructure and construction company, plans to commence work in Ras El Hekma before the end of 2024. The project's developer has established plans, secured ministerial decisions, and acquired the necessary licenses. Egypt has officially received the second tranche of the deal, amounting to $14 billion, highlighting the project's progress.
The agreement involves the transfer of land to the newly established Ras El Hekma for Urban Development Project Company. The total value of this deal is $35 billion, marking it as Egypt’s largest foreign investment deal. The project aims to develop Ras El Hekma on the North Coast, emphasizing the significant economic collaboration between Egypt and the UAE.