On March 6, the Egyptian government had commenced the process of shortlisting potential sites for an airport.
The decision was made during a meeting held between Madbouly and Mohammed Al Suwaidi, the UAE Minister of Investment. This development follows a recently signed real estate investment deal between Egypt and the UAE to transform the Ras El Hekma region on the North Coast.
As part of the investment deal, which amounts to a substantial $35 billion, the UAE will assist in the development of the city of Ras El Hekma. The selection of specific sites for the airport is a crucial step in this process. The Egyptian government, in collaboration with the UAE, is working with renowned global consultants specializing in urban planning to envision the city's overall layout.
During the meeting, Prime Minister Madbouly revealed that the total foreign direct investment of $35 billion will be received within the next two months. This investment includes $24 billion in cash liquidity and $11 billion from the UAE's deposits with the Central Bank of Egypt. Furthermore, Egypt will receive 35% of the project's profits throughout its implementation.
Madbouly also highlighted that as part of the investment deal, Egypt's external debt will decrease by $11 billion, which will be transferred from an Emirati deposit in the central bank, effectively converting it into an investment in the Ras El Hekma City project.
The Ras El Hekma City project is set to significantly transform the region and boost economic growth and tourism in Egypt.
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