In the New Administrative Capital, the agreement was signed by Mohamed Al Suwaidi, the Minister of Investment for the United Arab Emirates, and Assem El-Gazzar, the Egyptian Minister of Housing.
The project, to be executed on the North Coast west of Alexandria in Ras El Hekma, will be undertaken by the New Urban Communities Authority and the Abu Dhabi Development Holding Company.
Prime Minister Mostafa Madbouly stated at the signing ceremony that the new project would inject $35 billion of foreign direct investment (FDI) into the economy within two months, marking the highest amount of FDI in Egypt’s history.
