CAIRO - 24 April 2024: The Egyptian Cabinet has approved the establishment of a private free zone in Ras El Hekma, known as the Ras El Hekma Urban Development Project Company.
Furthermore, the Cabinet has also approved Prime Minister, Mostafa Madbouly's draft decision to create an investment zone in Ras El Hekma.
These decisions entail the endorsement of the Cabinet resolution, which grants the Ras El Hekma Urban Development Project Company a golden license, encompassing both the investment zone and private free zone projects.
Additionally, the approval has been granted for the establishment of the Board of Directors for the Ras El Hekma Investment Zone as proposed by the Prime Minister.
Furthermore, the decisions include the authorization for the Ras El Hekma Urban Development Project Company to establish a specialized international tourist port within the new city of Ras El Hekma.
This will come within the framework of the partnership between Egypt and UAE under which Abu Dhabi Developmental Holding Company (ADQ) acquires the rights to develop the Ras El Hekma project.
This project is considered Egypt's largest foreign investment deal, amounting to $35 billion. Additionally, the value of the deal is divided into $24 billion in cash liquidity, and $11 billion from the UAE’s deposits with the Central Bank of Egypt (CBE).
Recently, Finance Minister, Mohamed Maait, said that Egypt will receive about $20 billion from the second tranche of the Ras El Hekma project until the end of May 2024, in an interview with CNBC Arabia.
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