Rédaction Africa Links 24 with Egypt Independent
Published on 2024-03-06 10:02:22
The Ras al-Hikma project in Egypt is set to become a hub of diverse tourist activities, with plans for an industrial zone in the south and a commercial and financial zone in the city center. This ambitious project, led by the UAE Minister of Investment and Director General of the Abu Dhabi Fund for Development, Mohammed al-Suwaidi, aims to transform Ras al-Hikma into one of the largest global tourist destinations on the Mediterranean coast.
During a meeting with Egyptian Prime Minister Mostafa Madbouly, Suwaidi presented a proposal outlining the first phase of the project, which includes a range of projects to kickstart the development of the city. The meeting was held to follow up on the executive procedures for the project, which is a joint venture between Egypt and the UAE.
One of the key elements of the project is the establishment of an international airport to serve Ras al-Hikma City. Madbouly announced that the process of selecting a site for the airport has begun, with the aim of implementing the project in the near future. He also expressed his appreciation for the swift actions taken by the UAE to turn the investment deal into a reality.
The investment deal between Egypt and the UAE, known as “Egypt and UAE, a Partnership for the Development of Ras al-Hikma,” is the largest of its kind. The project will involve the construction of hotels, entertainment facilities, tourist resorts, a financial and business district, and an international airport. With a total area of 170 million square meters or more than 40,600 acres, Ras al-Hikma is poised to become a major tourist destination.
In a significant development, the Egyptian government recently received an additional five billion dollars as part of the first installment of the investment partnership deal with the UAE. This payment completes the first tranche of the deal, which is worth a total of $10 billion. This infusion of funds will play a crucial role in advancing the development of Ras al-Hikma and turning it into a thriving destination for tourists and businesses alike.
Overall, the Ras al-Hikma project represents a significant collaboration between Egypt and the UAE to create a world-class tourist destination. With plans for a variety of attractions and amenities, including an international airport, the project is set to transform Ras al-Hikma into a key player on the Mediterranean coast. This partnership marks a new chapter in the development of the region and highlights the potential for growth and prosperity in Egypt’s tourism sector.
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