CAIRO – 20 March 2024: Plans are underway to establish a free zone in the city of Ras El Hekma, aimed at facilitating investment and financial projects, according to sources cited by Asharq Bloomberg.
The objective behind this initiative is to create a global financial hub and attract foreign investments, as stated by the sources.
Ras Al-Hekma Company, the developer of the city, will obtain a golden license from the General Authority for Investment and Free Zones to commence construction activities within the free zone.
This endeavor is part of the partnership between Egypt and the United Arab Emirates (UAE), wherein the Abu Dhabi Developmental Holding Company (ADQ) has acquired the rights to develop the Ras El Hekma project.
This project represents Egypt's largest foreign investment agreement, totaling $35 billion. The deal comprises $24 billion in cash liquidity and $11 billion from the UAE's deposits with the Central Bank of Egypt (CBE).
Additionally, Egypt will receive 35 percent of the profits throughout the project's duration.
ADQ has expressed its expectation that the Ras El Hekma project will attract investments surpassing $150 billion, as stated in their official statement.
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