UAE Investing Billions in New City Construction in Egypt

In a milestone event for Egypt, the country’s Housing Minister, Asim al-Ghazar, and the United Arab Emirates Investment Minister, Muhammad Al-Suaidi, signed the most substantial investment agreement in Egyptian history. This unprecedented deal marks a new chapter in the economic development of Egypt.

The agreement outlines the construction of an entirely new city on the picturesque Mediterranean coast, situated 200 kilometers west of the iconic city of Alexandria. This new city, set to be named Ras al-Hakmah, is projected to evolve into a vibrant tourist and commercial hub of Egypt. The United Arab Emirates (UAE) has pledged a massive investment of $35 billion towards this ambitious project.

Egypt’s Prime Minister Mustafa al-Madbouly expressed his optimism about the impact of the agreement stating, “The entire amount will be transferred in two months. The agreement will allow us to overcome the shortage of hard currency. The project will change the face of not only the coast, but also Egypt as a whole,” This investment is anticipated to significantly boost Egypt’s economy and infrastructure.

Moreover, the project initiators are hopeful to attract additional investments, with a target of 150 billion. These funds will be allocated towards the construction of state-of-the-art business centers, luxurious hotels, a plethora of entertainment facilities, a modern airport, and a marina specifically designed for yachts. With all these amenities and attractions in place, the project is expected to draw in a staggering 8,000,000 tourists to the resort on an annual basis, significantly contributing to Egypt’s tourism sector.