CAIRO – 15 August 2024: Prime Minister Mostafa Madbouli inspected Thursday the land plots that will be delivered to the residents of Ras El Hekma as part of the compensation for evacuating the area.
The alternative place has been named Shams El Hekma, and the introduction of the infrastructure and utilities is underway. The plan consists of residences, services, as well as investment and commercial facilities.
The prime minister also visited Ras El Hekma itself to meet dwellers who have received until present over LE4.4 billion as compensations.
Former Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar stated that the Abu Dhabi Developmental Holding Company (ADQ) Egypt intends to commence infrastructure and construction work in Ras El Hekma before the end of 2024.
The statement was made in an interview with Asharq Bloomberg in May where the second tranche, which consisted of $14 billion in fresh money and $6 billion that were a deposit by the UAE at the Central Bank of Egypt (CBE), was transferred.
The first tranche - worth $15 billion - of the $35 billion deal was received soon after the deal’s signing in late February.
El-Gazzar highlighted that the project’s developer had established the plans, secured ministerial approvals, and acquired the necessary licenses. The total initial cost of the tourist project is estimated at $150 billion.
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