Egypt’s ambitious city project with $14B fuels development

Egypt has secured a second payment of $14 billion from the United Arab Emirates (UAE) for a major development project in the Ras El-Hekma region, west of Alexandria. 

This follows the signing of a $35 billion agreement in February aimed at transforming the area into a world-class urban center.

The UAE is also converting $6 billion in deposits held at the Central Bank of Egypt into Egyptian pounds, further bolstering the deal’s financial impact.

The Ras El-Hekma project is envisioned as a sprawling development encompassing residential areas, luxury hotels, tourist resorts, a marina, and recreational facilities. 

Educational and healthcare needs will be met through the construction of schools, universities, and hospitals.

But the project’s ambition extends beyond leisure and tourism. 

Plans call for a free economic zone dedicated to technology and logistics, alongside an international airport and a central business district designed to attract major corporations.

Egyptian authorities believe this large-scale development will attract a total investment of $150 billion. 

The project is seen as a potential solution to the country’s hard currency shortage, a means to reduce foreign debt, and a driver of urban development.

Scroll to Top