UAE and Egypt Presidents Unveil USD 35 Billion Development Plan for Ras El Hekma
Matrouh, The Gulf Observer: President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi today announced a significant development plan for the city of Ras El Hekma, located on Egypt’s northwestern Mediterranean coast. The project, which involves direct investments of USD 35 billion, is set to transform the area into a hub of economic, real estate, and tourism opportunities.
During the ceremony, the two leaders were briefed on the project’s objectives and its strategic significance, highlighting its potential to boost economic growth and investment. The visual presentation showcased the project’s master plan, including tourist facilities, free zones, residential and commercial areas, and five marinas.
Sheikh Mohamed bin Zayed commended the collaboration between the UAE and Egypt on this ambitious venture, emphasizing the project’s role in enhancing bilateral economic ties. He lauded the efforts of both countries’ teams in bringing this development to fruition and wished them success in achieving the project’s long-term goals, which aim to bring prosperity to both nations.
The Ras El Hekma project, situated approximately 350 kilometers northwest of Cairo, covers an area of over 170 million square meters and will feature a residential zone spanning 80 million square meters, with plans to house up to two million residents. The project also allocates 12 million square meters for retail, leisure, and entertainment, with 25 percent of the city dedicated to green spaces, positioning it as the greenest city on the Mediterranean.
Key attendees at the event included H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi, and other senior UAE officials, along with high-ranking Egyptian officials. The development marks another milestone in the UAE-Egypt partnership, showcasing a model of constructive cooperation aimed at fostering growth and innovation in the region.
