Egypt’s PM reviews progress on Ras El-Hekma Project with UAE partners

Prime Minister Moustafa Madbouly met Monday with Emirati officials and developers to review progress on the Ras El-Hekma Project, a vast coastal development on Egypt’s Mediterranean shore that officials describe as a centerpiece of the country’s economic strategy.

The project, located along the North Coast, is being developed in partnership with investors from Abu Dhabi under what Egyptian authorities have called one of the largest foreign direct investment agreements in the country’s history.

During the meeting, Madbouly said the government was closely tracking implementation to ensure the project proceeds on schedule, calling Ras El-Hekma a new development hub for the fast-growing coastal region.

Jassem Al Zaabi, chairman of Abu Dhabi’s Department of Finance, said the Ras El Hekma Project currently employs thousands of workers across multiple sites.

Al Zaabi, who is also CEO of L’Imad Holding – the UAE-based company overseeing the master plan and main components of the project, outlined a comprehensive development plan featuring residential neighbourhoods, hotel accommodations, commercial zones, dining venues, and entertainment facilities. He emphasised the region’s promise as a growing hub for investment and tourism on Egypt’s North Coast.

In 2024, the Egyptian government signed a landmark investment agreement for Ras El Hekma with UAE investors, in one of the country’s largest foreign direct investment deals aimed at boosting growth and foreign currency inflows.

Attribution: Amwal Al Ghad English