Bloomberg reported that Abu Dhabi is currently in advanced negotiations to purchase and develop land in Ras El-Hekma, located on Egypt’s North Coast. According to sources familiar with the matter, certain Egyptian state-run entities, along with Talaat Moustafa Group (TMG), may maintain approximately a 20% ownership stake in the vast 180-million-square-meter property.
On February 8th, Hossam Heiba, Chairman of the General Authority for Investment and Free Zones (GAFI), announced that the authority had selected an Emirati consortium to oversee the Ras El Hekma tourism project on the North Coast. Heiba noted that the authority had reviewed several proposals from international consortia before ultimately opting for the Emirati consortium.
