Egypt to earn 35% of profits from Ras El-Hikma development project

CAIRO – 7 October 2024: BRICS TV highlighted the significance of the Ras El-Hikma development project on Egypt's northwest coast as a landmark in strengthening economic ties between Egypt and the United Arab Emirates (UAE).

According to a report aired on Monday, the cumulative investment in this major project is expected to reach $110 billion by 2045. Egypt is projected to gain 35% of the total profits generated by the development, offering significant economic benefits to the country.

Once completed, Ras El-Hikma is set to create approximately 750,000 direct and indirect jobs. The city will also be home to nearly two million people, boosting local employment opportunities and urban expansion.

The Ras El-Hikma project was inaugurated in the presence of Egyptian President Abdel-Fattah El-Sisi and UAE President Mohamed bin Zayed Al Nahyan.

Egyptian Prime Minister Mostafa Madbouly and leading business figures from both nations also attended the event. The two leaders emphasized the project's critical role in enhancing economic and investment relations between Egypt and the UAE.