Abu Dhabi-based investment company ADQ Consortium has won the investment rights for the Ras El-Hekma coastal region in Egypt, with a view to transforming it into one of the prime tourism locations in the East Mediterranean.
Officials of both Egypt and the UAE signed the agreement at the recent WTO Ministerial Conference in Abu Dhabi.
ADQ is buying the development rights for $24bn and will invest $35bn in the overall project. Part of its plan will be to develop a new city area in the region.
It is also aiming to turn the area into a leading Mediterranean holiday destination, financial district and smart city that can boost Egypt’s tourism and overall economy.
The Egyptian Government will retain a 35% stake in the project.
Ras El-Hekma is 350k nortwest of Egypt’s capital Cairo.
