Ani |Updated: October 5, 2024 05:37 IST
abu dhabi [UAE]October 5 (ANI/WAM): The UAE Ministry of Investment (MoI) today announced support and key role in promoting the Ras El Hekma project and the participation of Emirati companies in its expansion and growth plans. did. The project is one of Egypt’s most ambitious coastal urban developments.
The Ras El Hekma project, located approximately 350 km north-west of Cairo, has attracted significant interest from UAE investors attracted by its potential as a financial centre, free zone and luxury tourist destination. The Ministry has worked hard to streamline processes, simplify investment frameworks and identify key opportunities for Emirati businesses to participate in this strategic initiative.
Modon Holding, the master developer of the Ras El Hekma megaproject, will direct the project in collaboration with prominent partners from Egypt, the UAE and the international community. We have signed several Memorandums of Understanding with Abu Dhabi Airports, TAQA, Bourgรจre Holding, etc., which will continue to foster future cooperation and ensure that Emirati companies remain important contributors to the development of Ras El Hekma. I guarantee that.
Mohamed Hassan Al Suwaidi, UAE Minister of Investment, said: โThe Ras El Hekma project highlights the growing economic cooperation between the UAE and Egypt. “We have worked to create an enabling environment for investment so that it can meaningfully contribute to economic development.” We aim to develop and promote opportunities for long-term economic growth and shared prosperity. โ
Ras El Hekma will become a major driver of economic growth, contributing USD 25 billion annually to Egypt’s GDP by 2045 and is projected to attract USD 110 billion of investment during its development phase.
The UAE’s investment in Ras El Hekma reflects the shared vision between the two countries to foster sustainable urban development, regional prosperity and deepening economic cooperation. This mega-project is poised to become a major driver of tourism and economic growth in Egypt, and the UAE Ministry of Interior continues to play a pivotal role in guiding and promoting Emirati investment across various sectors. Continue to fulfill. (Ani/Wham)