CAIRO – 7 October 2024: Osama El-Gohary, Chairman of the Information and Decision Support Center (IDSC), announced that the government has undertaken 18 asset deals valued at $30 billion, including the ambitious development of Ras El-Hekma City.
During the Private Sector Partnership Conference, El-Gohary noted that the Ras El-Hekma deal forms a part of the State Ownership Policy Document (IPO) program, under the tourism development sector’s asset offerings.
He also emphasized the government’s commitment to implementing the policy by presenting ongoing reports to an international auditing body for the addition of new indicators.
El-Gohary highlighted the government’s goal to achieve competitive neutrality by strengthening the role of the private sector in the economy.
With cumulative investments projected to reach $110 billion by 2045, the Ras El-Hekma megaproject is anticipated to contribute around $25 billion annually to Egypt’s GDP and generate approximately 750,000 jobs, according to a joint press release by developer ADQ and Modon Holding.
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ, explained, “As a project of unprecedented scale and impact, Ras El-Hekma will serve as a catalyst for Egypt’s economic growth, offering business opportunities and stimulating tourism.”
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