UAE and Egypt Unveil $35 Billion Development Plan for Mediterranean City

UAE and Egypt leaders announce a $35 billion development for Ras El Hekma, highlighting its economic and real estate potential. This ambitious project aims to foster strong bilateral ties and prosperity, transforming the coastal region into a hub of tourism and investment.

The city of Ras El Hekma on Egypt's northwestern coast is set to undergo a dramatic transformation, with a $35 billion development plan announced by UAE President Sheikh Mohamed bin Zayed Al Nahyan and Egypt's President Abdel Fattah El-Sisi. This ambitious initiative, highlighted during their meeting, aims to leverage the region's strategic location on the Mediterranean to bolster economic, real estate, and tourism growth.

The unveiled project promises a slew of integrated services designed to fuel prosperity in the area. Sheikh Mohamed bin Zayed Al Nahyan expressed gratitude to the UAE and Egyptian teams involved, describing the project as an exemplary model of bilateral development cooperation. He emphasized its potential to strengthen economic and investment ties between the nations, wishing success to the project's overseers in achieving its goals.

Signed in February, the Ras El Hekma project spans 170 million square meters in Matrouh Governorate and features a balanced mix of residential zones, tourism facilities, retail spaces, and green areas. With plans for a substantial real estate buildout, including 190,000 villas and apartments, and a dedication to open spaces, Ras El Hekma aspires to be the Mediterranean's greenest city. The ceremony saw attendance from prominent UAE officials, underlining the project's strategic importance.

(With inputs from agencies.)