Ministry Of Investment Of The UAE Witnesses Signing Of Largest-Ever Foreign Direct Investment Agreement With Egypt
Date
2/23/2024 3:15:34 PM
(MENAFN- Mid-East) USD 35 billion agreement to develop Ras El-Hekma region and other prime projects across Egypt signed by ADQ, an Abu Dhabi-based sovereign investor.
Abu Dhabi, UAE– The Ministry of investment of the UAE witnessed the signing of a landmark agreement between the government of the Republic of Egypt and the Government of the UAE, represented by a private consortium led by ADQ, an Abu Dhabi-based sovereign investor.
Under the agreement, which marks the largest foreign direct investment in the history of Egypt, ADQ will invest USD 35 billion in Ras El-Hekma a coastal region located approximately 350 kilometers northwest of Cairo. In addition to acquiring the development rights for Ras El-Hekma for USD 24 billion, ADQ will also convert USD 11 billion of deposits that will be utilized for investment in prime projects across Egypt.
The vision is to develop the region into a leading first-of-its-kind Mediterranean holiday destination, financial center and free zone spanning over 170 million square meters and equipped with world-class infrastructure to strengthen Egypt's economic and tourism growth potential. The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.
His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, said:“With this signing, a new chapter begins in the the longstanding bilateral relations between our two nations. Underscored by mutual respect and trust, this investment demonstrates the UAE's commitment to supporting the Government of Egypt in realizing the abundant potential of the local economy. As a large-scale infrastructure project, the planned Ras El-Hekma development will foster widespread impact across multiple sectors, be a catalyst for job creation, and attract significant additional foreign direct investments in the years to come.”
About the Ministry of Investment of the UAE:
Established in July 2023, the Ministry of Investment aims to accelerate foreign direct investment into the country and further strengthen the UAE's position as a globally leading investor.
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