Egyptian president expresses hope that Ras Al Hikma city would be livable all year long

CAIRO – 28 February 2024: President Abdel Fatah al-Sisi commented Wednesday on Ras Al Hikma deal with the UAE, saying he looked forward for the city to become livable all year long and not for just one season like the rest of the developed areas in the North Coast.

President Sisi stated that the first batch of the value of Ras El Hikma deal, worth $35 billion, had been disbursed Wednesday and that the second batch would be paid on Friday.

The ADQ is paying the aforementioned sum to lease the land spanning over 170 million square meters and lying on the Mediterranean so it would be turned into a tourist destination with total investments worth $150 billion.  

The Egyptian president expressed appreciation for UAE President Sheikh Mohamed Bin Zayed Al Nahyan for approving to pay the whole value of the deal at once and even before constructions begin.