Wednesday May 22nd, 2024
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Cabinet Approves Plans for Free Zone & Tourist Port in Ras El Hekma

Plans were also approved for a dedicated investment zone in Egypt’s North Coast.

Cairo Scene

Cabinet Approves Plans for Free Zone & Tourist Port in Ras El Hekma

The Cabinet has approved plans to establish an economic free zone and an international tourist port in Ras El Hekma on Egypt’s North Coast, in addition to a dedicated investment zone. The areas will be developed by an as-yet unestablished company dubbed Ras El Hekma for Urban Development, which will be given golden licences to develop all three areas in the vast new development.

The area is set for huge development following the landmark USD 35 billion Ras El Hekma deal between the Egyptian government and the UAE’s sovereign wealth fund, the Abu Dhabi Development Holding Company.

The landmark Ras El Hekma deal - the largest Foreign Direct Investment (FDI) in the country’s history - injected the Egyptian economy with enough hard foreign currency to begin shoring up its fragile economy in February 2024, increasing confidence from other international institutions. The International Monetary Fund, World Bank and the European Union have since pledged significant sums in loans and grants, helping to stabilise the country’s financial situation since the floatation of the currency in March. The first tranches of these financial deals have now begun to be disbursed, including the USD 20 billion second tranche from the Ras El Hekma deal.

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