Prime Minister Mostafa Madbouli presided over the signing ceremony on Friday, February 23, 2023, witnessing the culmination of a historic direct investment deal, the largest in Egypt’s history, with the United Arab Emirates.
The agreement, formalized by Egypt’s Minister of Housing, Assem El-Gazzar, and UAE’s Minister of Investment, Mohamed Al Suwaidi, took place at the New Administrative Capital.
Egypt and the United Arab Emirates have set forth plans to construct a multi-billion-dollar state-of-the-art city called Ras Al-Hekma, intended to serve as a monumental urban, business, and tourism hub on the country’s North Coast.
Situated west of Alexandria on the North Coast, the project will be overseen by the New Urban Communities Authority in collaboration with the Abu Dhabi Development Holding Company.
