The Egyptian government announced the first move by the Emirati side in the “Ras El Hekma” area, after the largest investment deal in the history of Egypt.
Egyptian Prime Minister Mostafa Madbouly met with Mohammed Al Suwaidi, UAE Minister of Investment and Director General of the Abu Dhabi Fund for Development, within the framework of following up on the executive procedures for the Ras El Hekma City Development Project, in partnership between Egypt and the UAE.
The meeting came to follow up on the steps taken by the Emirati side to prepare plans for the city of Ras Al-Hekma, by seeking the assistance of the largest consulting offices in the world with extensive experience in this field. In order to envision the general plan for the development of the city, located on the northwestern coast.
During the meeting, Madbouly confirmed that selecting a number of proposed sites for the airport scheduled to be built to serve the Ras El Hekma City project had begun, in preparation for selecting one of these sites for implementation during the coming period.
Madbouly appreciated the quick measures taken by the Emirati side to translate the terms of the deal concluded regarding the development of the city of Ras El Hekma into reality, aiming to transform it into the largest international tourist destination on the Mediterranean coast, starting with the keenness to transfer the first batch of the deal to Egypt as quickly as possible. As well as working to begin serious and effective steps to plan the city, and seeking the assistance of the largest international consulting offices to implement this, which confirms the strength and strength of the relations between Egypt and the Emirates, and between the leadership of the two countries, and the keenness to continue pushing these relations to broader horizons in a way that serves the interests and orientations of the two countries.
During the meeting, the Prime Minister reiterated that the Egyptian state aims for the success of this important and huge development project, to be a model for building other investment partnerships that generate significant returns for the Egyptian people, within the framework of implementing the state’s goals aimed at enhancing returns from foreign direct investment, as these partnerships include pumping Foreign exchange investments over many years.
He continued: “In addition to billions in tax revenues, providing millions of job opportunities, and operating a large number of factories and national companies in various sectors, especially since the building and construction sector in general is linked to about 100 other industries, which will achieve a major recovery for the industrial sector and the Egyptian economy.” generally".
Madbouly indicated that actual measures have been taken to begin forming the ministerial committee, headed by the Prime Minister, for the Ras El Hekma development project, whose primary tasks will be to facilitate procedures, overcome any obstacles, solve any problems, and coordinate between the concerned authorities. In order to implement our commitments in this project, a technical secretariat for the committee will be formed, headed by the First Assistant to the Prime Minister, and with the membership of the Chairman of the Board of Advisors of the Council of Ministers, and officials of the ministries and concerned authorities, which will prepare the necessary decisions in this regard.
For his part, the Emirati Minister of Investment said that we are moving forward with rapid steps to begin the implementation steps of the project to develop the city of Ras Al-Hekma on the northwestern coast of Egypt, as part of our commitment to transform the Ras Al-Hekma area into one of the most important coastal destinations, indicating that this important project is considered a pivotal step. Towards consolidating Ras El Hekma’s position as a leading tourism destination of its kind on the shores of the Mediterranean.
He explained that the project includes many diverse tourism activities, in addition to establishing an industrial zone in the southern part of the city, as well as the construction of a commercial and financial district in the heart of the city, reviewing a proposal for the plan and components of the first phase, including many projects. He said: We continue to hold periodic meetings regarding the components of the first phase in order to work to quickly begin its implementation.
During the meeting, an agreement was reached between the UAE Ministers of Housing and Investment to quickly deliver the final general framework for the components of the first phase of the Ras Al-Hikma City Development Project in preparation for receiving the building requirements for each of its projects and starting implementation.