2024-02-24 10:41:03
The exchange rate of the dollar fell on the black market once more once morest the Egyptian pound, today, Saturday, as the price fell in the first minutes of Saturday morning to 52 pounds, and had fallen from 62 to 56 pounds, following the announcement of the Egyptian Prime Minister, Dr. Mostafa Madbouly, pumping new investments by… 35 billion dollars, as part of the Ras Al-Hikma project, which caused great confusion in the parallel market, so that the market received a second blow, during the last hours of yesterday, and the dollar fell in less than 24 hours by regarding more than 10 pounds.
The average price of gold in Egypt also declined today following reaching an unprecedented record level, amid a state of confusion and paralysis in the gold market, coinciding with the collapse of the average exchange rate of the dollar in the parallel market.
ADQ, an investment holding company in the Emirate of Abu Dhabi, revealed plans to invest $35 billion in the Arab Republic of Egypt.
The Holding Company – ADQ – will acquire the rights to develop the Ras El Hekma project for $24 billion, with the aim of developing the region into one of the largest new city development projects through a private consortium.
As part of this investment, ADQ will transfer $11 billion in deposits that will be used to invest in key projects across Egypt to support its economic growth and prosperity.
Ras El Hekma is a coastal area located approximately 350 kilometers northwest of Cairo.
This important investment represents a pivotal step towards consolidating Ras El Hekma’s position as a leading holiday destination of its kind on the shores of the Mediterranean, a financial center and a free zone equipped with world-class infrastructure to enhance the potential for economic and tourism growth in Egypt.
The Egyptian government will retain a 35% stake in the Ras El Hekma development project. The Ras El Hekma area, which extends over an area of more than 170 million square metres, will serve as a next-generation city consisting mainly of tourist facilities, a free zone and an investment zone, in addition to the availability of residential spaces. Commercial and recreational facilities, in addition to easy local and international communication from the region.
The Holding Company – ADQ – aims, by taking advantage of its diverse portfolio of companies and partners, to enhance the attractive features of Ras Al-Hekma as a distinguished international financial and tourism destination that adopts the latest digital and technological smart city solutions.
The Holding Company – ADQ – will also benefit from Egyptian and international partners to support its development and investment plans.
ADQ’s decision to invest in the Ras El Hekma region in the Arab Republic of Egypt comes based on its proven track record in planning for smart growth and investing in similar large-scale infrastructure and development projects in the region, as this long-standing experience is expected to contribute to providing integrated solutions in The infrastructure sector, including energy, water, transportation, and real estate, which will bring abundant benefits and privileges to the Egyptian economy, in addition to attracting investments worth more than $150 billion.
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