(MENAFN- Daily News Egypt) Egypt's Prime Minister Mostafa Madbouly held a meeting on Sunday to review the progress of the first phase of the Ras El-Hekma City development project, focusing on both project implementation and the compensation process for local residents. The meeting was attended by key officials including Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of industry and Transport; Manal Awad, Minister of Local Development; Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities; and Khaled Shoaib, Governor of Matrouh.
Prime Minister Madbouly emphasised the importance of ongoing coordination and cooperation between all relevant parties to overcome any challenges and ensure smooth implementation. He reiterated the government's commitment to expediting the land handover to the Emirati partner, ADQ, allowing for the commencement of vital infrastructure work.
The Prime Minister highlighted the project's potential to transform the region, leveraging its unique assets and attracting further investments in various development and investment projects, particularly in the tourism sector.
The Cabinet's spokesperson, Mohamed El-Homsany, provided an update on the ongoing inventory of land plots, houses, buildings, and planted crops in Ras El-Hekma City. He also outlined the status of compensation payments made to residents to date.
The spokesperson further elaborated on the relocation plan for the first phase of the project, specifically for residents moving to the“Shams El-Hekma” area within the Matrouh Governorate. He detailed the contracts already signed with residents and outlined the remaining contracts currently being finalised.
The $35 billion investment deal, announced in February, involves ADQ, an Abu Dhabi-based investment and holding company, acquiring development rights for Ras El-Hekma for $24bn. The project aims to transform the region into one of the largest new city developments led by a private consortium.
As part of this investment, ADQ also converted an additional $11bn of UAE deposits at the Central Bank of Egypt (CBE). These funds will be used for investment in key projects across Egypt to support the country's economic growth and development.
The total investment in the development of Ras El-Hekma City is $150 billion, with Egypt holding a 35% share of the project's profits.
In February, Prime Minister Madbouly announced that ADQ would establish Ras El-Hekma Company, an Egyptian joint stock company, to oversee the development of Ras El-Hekma City on an area spanning 170.8 million square metres.
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