ADQ, an Abu Dhabi-based investment and holding company, has acquired the development rights for Ras El-Hekma for $24 billion and will aim to develop the region into one of the largest new city developments by a private consortium.
ADQ will also convert $11 billion of deposits that will be utilised for investment in prime projects across Egypt to support its economic growth and development.
The Egyptian government will retain a 35% stake in the Ras El-Hekma development.
Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometres northwest of Cairo and spanning over 170 million square meters.
The significant investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial centre and free zone equipped with world-class infrastructure to strengthen Egypt’s economic and tourism growth potential, the company said in a press release.
“This investment underscores our commitment to developing Ras El-Hekma into one of Egypt’s most attractive coastal destinations through the enablement of mega-infrastructure and development projects, working with partners such as Modon Properties and Talaat Moustafa Group, which will deliver value across multiple sectors of Egypt’s vibrant economy,” said Mohamed Hassan Al Suwaidi, Managing Director and Chief Executive Officer of ADQ.
Work is expected to commence in early 2025.
