LONDON: On Friday, the United Arab Emirates (UAE) and Egypt inked a historic agreement for the UAE to spend $35 billion in Ras El-Hekma, an area on the Mediterranean coast 350 kilometers northwest of Cairo. The UAE was represented by a private consortium headed by ADQ, a sovereign investment vehicle located in Abu Dhabi. It is the biggest foreign direct investment in Egypt.
“ADQ will convert $11 billion of deposits that will be utilized for investment in prime projects across Egypt, in addition to acquiring the development rights for Ras El-Hekma for $24 billion,” the Emirati state news outlet WAM said.
To maximize Egypt’s economic and tourism growth potential, the region is envisioned as a leading, first-of-its-kind Mediterranean vacation destination, financial hub, and free zone covering more than 170 million square meters and outfitted with top-notch infrastructure.
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