Rédaction Africa Links 24 with MENA
Published on 2024-02-24 09:55:17
Prime Minister Mostafa Madbouly made an announcement regarding the groundbreaking development project of Ras al-Hikma city on the North Coast, deeming it the largest foreign direct investment deal in Egypt’s history. The project falls under the comprehensive framework of Egypt’s 2052 Urban Development Plan, which aims to transform various cities along the coast to accommodate a larger population and create numerous employment opportunities for the Egyptian youth.
During a press conference held at the New Administrative Capital on February 23, 2024, Prime Minister Madbouly elaborated on the scope of the 2052 Urban Development Plan, which includes the enhancement of cities like El Alamein, Ras al-Hikma, El Negila, Sidi Barrani, Jarjoub, Matrouh, and Sallum. These efforts are projected to cater to millions of individuals and offer various job prospects, aligning with the nation’s long-term vision for sustainable urban growth.
Madbouly emphasized that the development project for Ras al-Hikma city, spanning an area of 170 million square meters, involves collaboration with the UAE. The Abu Dhabi Developmental Holding Company will establish Ras al-Hikma company as a joint stock entity with Egypt as a key partner. Detailed plans for the project encompass residential zones, international hotels, tourist resorts, recreational facilities, and essential amenities like hospitals, schools, and universities.
Additionally, the project will introduce administrative buildings, a free economic zone for information technology industries, logistics centers, and a central business district catering to multinational corporations. A significant aspect of the initiative includes the construction of a spacious marina to accommodate tourist yachts and ships, with projections indicating an anticipated influx of eight million tourists upon completion.
From an economic perspective, Madbouly highlighted that the State is set to receive 35 percent of the project’s profits, underscoring the substantial investments by the UAE amounting to nearly USD 150 billion throughout various stages. The injection of USD 35 billion into the national economy over the next two months represents a landmark in foreign direct investment in Egypt, aimed at addressing economic challenges and creating business opportunities for local real estate and logistics firms engaged in the project.
The Prime Minister assured that the State remains committed to compensating residents of Matrouh affected by the Ras al-Hikma project, ensuring a smooth transition to new residential complexes while leveraging the development to enhance their living conditions. By fostering an environment conducive to foreign direct investments, Egypt seeks to promote holistic growth, generate employment, and stimulate its economy, with a steadfast dedication to partnership with the private sector for sustained progress.
Appreciating the partnership with the UAE as a testament to confidence in Egypt’s potential, Madbouly expressed optimism regarding the project’s impact on stabilizing the foreign exchange market, reducing inflation, and bolstering the country’s standing in the global tourism landscape. The government’s proactive measures in improving the investment climate, legislative reforms, and incentives for the industrial sector reflect a forward-looking approach towards attracting foreign investments and bridging the revenue-expenditure gap for long-term prosperity.
Read Original article on Egypt Independent
