Funds from Ras El Hekma Project with UAE begins arriving at CBE: President El Sisi

A portion of the funds from the Ras El Hekma project agreement with the UAE has already been received by the Central Bank of Egypt (CBE), Egyptian President Abdel Fattah El Sisi announced today at the Differently Abled conference. He mentioned that another batch is scheduled to be transferred on Friday.

“We are taking many measures to make Ras El Hekma project the largest tourism project in the Mediterranean Sea,” El Sisi stated.

President El Sisi issued a presidential decree yesterday, Tuesday, allocating a plot of state-owned land with an area of ​​170.8 million square meters in the Matrouh Governorate, to develop Ras El Hekma city.

Prime Minister Mostafa Madbouly stressed that the Ras El Hekma project does not represent a sale of Egypt’s assets, but rather a partnership between Egypt and large real estate developers in the region, in response to journalists' and media representatives’ questions on the Ras El Hekma development project. He stated that this is one of the greatest ways to maximize the benefit of the state’s assets.

The project will take place on Egyptian land, create job opportunities for Egyptians, both in constructing and later managing the projects, and inject billions of dollars into the Egyptian economy.

The deal is taking place within the framework of Egyptian laws, allowing Abu Dhabi Development Holding Company (ADQ) to benefit from the same investment laws and incentives set by the state for local investors.