Monday March 4th, 2024
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USD 22 Billion Ras El Hekma Development Project Confirmed

Negotiations have been successfully concluded, but the chosen developer has yet to be revealed.

Cairo Scene

USD 22 Billion Ras El Hekma Development Project Confirmed

In response to ongoing speculations about foreign investment in Egypt's Ras El Hekma, Hossam Heiba, Head of the Egyptian Investment Authority and Free Zones (GAFI), has officially confirmed the start of investments in the project in an interview with CNBC Arabic.

"We received offers from several international investment companies, and an Emirati developer was chosen to implement the project," explained Heiba, noting that the initial investments for the project may exceed USD 22 billion.

As per Heiba's statements, the chosen Emirati consortium will bear the responsibility of financing, developing and managing the project. Negotiations have been successfully concluded, preparations are underway to sign contracts but the chosen developer has yet to be revealed.

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