Abu Dhabi in talks for Ras El Hekma development in Egypt

Post by: Dr. Amrinder Pal Singh

Abu Dhabi is reportedly in advanced negotiations, as per Bloomberg, for the acquisition and development of Ras El-Hekma, a property situated on Egypt's north coast. People familiar with the matter suggest that Talaat Moustafa Group (TMG) and specific state-run Egyptian organizations may retain approximately 20% of the vast 180 million square meters of land.

Hossam Heiba, Chairman of the General Authority for Investment and Free Zones (GAFI), announced on February 8th that the organization had chosen an Emirati group to oversee the Ras El Hekma tourism project on the North Coast. He revealed that, before settling on the Emirati consortium, GAFI had received multiple offers from various international consortia.

Furthermore, Heiba indicated that the initial investments for the Ras El Hekma project could exceed $22 billion. Importantly, he emphasized that these investments would not be made as a single lump sum but would likely be spread out over the course of the development.

This move signals a significant development in the real estate and tourism sector, showcasing the interest and involvement of Abu Dhabi in the economic development and strategic projects within Egypt. The potential collaboration between Abu Dhabi and Egyptian entities is expected to shape the trajectory of Ras El Hekma's development, contributing to the growth of the tourism industry and the overall economic landscape on Egypt's North Coast

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