Abu Dhabi-based ADQ, a prominent investment and holding company, recently revealed an ambitious investment plan totaling $35 billion in Egypt. The cornerstone of this strategic move is the acquisition of development rights for Ras El-Hekma, a coastal region situated approximately 350 kilometres northwest of Cairo, for a staggering $24 billion. This bold venture is set to position the area as one of the largest new city developments, with a focus on bolstering Egypt’s economic and tourism growth potential.
The comprehensive investment plan is a multifaceted endeavor, involving ADQ’s commitment to converting $11 billion of deposits for investment in prime projects across Egypt. This substantial injection of funds aims to support economic development, fostering growth and creating a positive impact on various sectors.
Ras El-Hekma, spanning over an impressive 170 km2, is poised to become a next-generation city featuring tourism amenities, a free zone, and an investment zone. The master plan envisions a seamless blend of residential, commercial, and recreational spaces, coupled with state-of-the-art infrastructure to enhance connectivity both domestically and internationally. ADQ’s goal is to position Ras El-Hekma as a premium international financial and tourism destination, leveraging cutting-edge digital and technological smart city solutions. The project is slated to commence in early 2025, with the Egyptian government retaining a 35 per cent stake in the development.
ADQ’s decision to invest in Ras El-Hekma is underpinned by its extensive track record of smart-growth planning and successful investment in large-scale infrastructure projects. Drawing on its expertise in providing fully integrated infrastructure solutions across energy, water, transportation, and real estate, ADQ aims to bring substantial benefits to the new development and contribute to Egypt’s economic prosperity.
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, emphasized the company’s commitment to developing Ras El-Hekma into one of Egypt’s most attractive coastal destinations. ADQ plans to collaborate with partners such as Modon Properties and Talaat Moustafa Group to deliver value across multiple sectors of Egypt’s vibrant economy.
The master plan for Ras El-Hekma is designed to pioneer innovative solutions that deliver a positive and lasting impact. ADQ envisions attracting foreign direct investment, boosting trade, supporting Egypt’s private sector through an in-country localization program, and driving job creation to maximize economic benefits.
Sustainability is a key feature of the envisaged master plan, ensuring the preservation of local ecosystems. This commitment aligns with the goal of creating a highly attractive place to live, work, and play, making Ras El-Hekma one of the most prestigious destinations in Egypt.
Egypt’s North Coast has already garnered tremendous interest from global investors and tourists, showcasing its aptitude to benefit from international partnerships. Ras El-Hekma is poised to be a world-class destination in the Mediterranean, offering unmatched attractions such as hotels, yacht marinas, and entertainment facilities.
In conclusion, ADQ’s $35 billion investment plan signifies a significant milestone in the development of Ras El-Hekma, promising unprecedented growth potential and economic benefits for both the region and Egypt as a whole. The collaboration between ADQ and Egyptian partners marks a strategic move towards creating a thriving and sustainable destination that will capture the imagination of the world.
