ADQ, the Abu Dhabi-based investment and holding company, is spearheading a consortium that will invest $35 billion in the development of Ras El-Hekma in Egypt, bringing an end to weeks of speculation.
Ras El-Hekma is a burgeoning waterfront urban tourism destination that forms a crucial component of Egypt’s North Coast development initiative.
Under the agreement, ADQ will secure the development rights for Ras El-Hekma for $24 billion, with the aim of transforming the area into one of the largest new city developments.
In addition to this substantial investment, ADQ intends to allocate $11 billion from its deposits towards strategic projects throughout Egypt, with the objective of bolstering economic growth and advancement, as stated in a press release.
