Egypt, UAE Ink Mega-Deal for New Ras El Hemka City ...Egypt

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Egypt, UAE Ink Mega-Deal for New Ras El Hemka City
  Egypt and Emirati investors have signed a landmark deal, worth USD 150 billion (EGP 4.6 trillion) to build a new city called Ras El Hekma on the country’s North Coast on Friday, 23 February. The multi-billion dollar project will create a major urban, business, and tourism center. Spearheaded by the New Urban Communities Authority and the Abu Dhabi Development Holding Company, the new project will be implemented west of Alexandria. Prime Minister Mostafa Madbouly emphasized the project’s significance, highlighting its potential to attract a record-breaking USD 35 billion (EGP 1,081 billion) in foreign direct investment within two months, marking a historic milestone for Egypt’s economy. Mad

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