Yesterday, Friday, the details of the huge project plan for which Cairo and Abu Dhabi signed contracts last February, with direct investments amounting to $35 billion, were announced, as the Emirati Holding Company (ADQ) obtained the rights to develop the project.
The total cumulative investment in this giant project is expected to reach 110 billion US dollars by the year 2045. It will add about 25 billion US dollars annually to the Egyptian domestic product, and will provide approximately 750,000 direct and indirect job opportunities.
The Holding Company (ADQ), affiliated with the Abu Dhabi government and owner of the development rights, announced the appointment of the Emirati “Modon Holding” group as the main developer of the “Ras El Hekma” project, to work on providing unique tourist attractions and exceptional experiences and events throughout the year with the aim of attracting a large share of the tourism market in the Mediterranean. Average.
Ras El Hekma City, which extends over an area of more than 170 million square metres, will include tourist facilities, a free zone and an investment zone, in addition to residential, commercial and entertainment projects.
The project’s master plan includes a residential area extending over an area of 80 million square meters, accommodating about 190,000 villas and apartments accommodating up to two million people.
In its early stages, the “Ras El Hikma” project focuses on tourism infrastructure, and upon completion, the city is expected to embrace about two million people with more than 40 kilometers of green spaces, and will include a new international airport, a high-speed train station, residential areas, office and hotel spaces, retail and entertainment facilities, and a marina. Universally for boats and yachts.
12 million square meters will be allocated to retail, entertainment and leisure, with 25% of the total area allocated to open spaces, making it the greenest city on the Mediterranean and adhering to the highest standards of urban development. Ras El Hekma will also include an investment zone, a private free zone and 5 marinas.
It is planned that the international airport and the modern transportation network, including railways and trains, will facilitate the arrival of tourists from inside and outside Egypt.
“Modon” Holding will seek to develop the infrastructure that supports a range of commercial, financial and technology services, in addition to attracting the most prominent entertainment, sports and cultural events.
After it was appointed the main developer of the project, the UAE “Modon Holding” group signed cooperation agreements with the first group of partners and investors to develop the Ras Al-Hekma project. These agreements included several memorandums in the infrastructure sector with the “Taqa” company to explore job opportunities to develop, finance and operate infrastructure projects. And “E & Misr” company to design and implement the smart city infrastructure, including digital communication networks, optical fibers, and the fifth generation (5G).
A memorandum of understanding was also signed with Orascom Construction, the main contractor for preliminary works in the field of construction, and with Elsewedy Electric to supply building materials, in addition to a cooperation agreement with Abu Dhabi Airports to design, develop and operate the new airport in the city.
In real estate development, it signed an agreement with the international company “Candy International” with the aim of exploring cooperation opportunities and benefiting from the company’s wide international scope in the field of luxury real estate development.
As for the hotel and hospitality sector, a cooperation agreement was signed with Montage International and Accor-Ynismore to develop and operate hotels and resorts in Ras El Hekma.
The agreements also included signing a partnership with Valderma Company, which is one of the largest international companies specialized in developing and operating golf courses.
In the health sector, a memorandum of understanding was signed with Burjeel Holding Company to develop multi-specialty health care facilities and implement innovative health care solutions.
The “New International” company, which specializes in the smart electric vehicles sector, also announced the launch of the “New Middle East” company, in cooperation with its strategic partner in Abu Dhabi, the “Cyven” Holding Company, which specializes in developing investment assets in the field of manufacturing electric vehicles.
The coastal city of Ras El Hekma is located approximately 350 kilometers northwest of Cairo, on an area of more than 170 million square meters, and administratively belongs to the Matrouh Governorate in western Egypt.
The city extends over an area of 44 kilometers from the Mediterranean coast, and is a 4-hour flight away for more than 400 million foreign tourists.
Source: RT
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2024-10-06 05:06:36
