ADQ, an Abu Dhabi-based investment and holding company, has unveiled plans to invest $35 billion in Egypt.
ADQ will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the most significant new city developments by a private consortium.
ADQ will also convert $11 billion of deposits that will be utilized for investment in prime projects across Egypt to support its economic growth and development.
Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometers northwest of Cairo, spanning over 170 million square meters.
The significant investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial center, and free zone equipped with world-class infrastructure to strengthen Egypt's economic and tourism growth potential.
The Egyptian government will retain a 35% stake in the Ras El-Hekma development.
Ras El-Hekma will be a next-generation city comprising mainly of tourism amenities, a free zone, and an investment zone combining, among others, residential, commercial, and recreational spaces with seamless connectivity domestically and internationally.
ADQ is leveraging its expansive portfolio and partners, aiming to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination, adopting the latest cutting-edge digital and technological smart city solutions.
The Holding Company will also benefit from Egyptian and international partners to support its development and investment plans.
ADQ's experience in providing fully integrated infrastructure solutions across a broad range of services promises to bring significant benefits to the new development and Egypt's economy and is expected to attract over $150 billion in investments.
ADQ CEO Mohamed al-Suwaidi said the company is a long-standing investment partner in Egypt and has demonstrated its ability to select opportunities aligned with its investment framework and benefit the Egyptian economy.
"The investment underscores our commitment to developing Ras El-Hekma into one of Egypt's most attractive coastal destinations through the enablement of mega-infrastructure and development projects," Suwaidi was quoted by the UAE state news agency (WAM).
He explained that the company will work with partners such as Modon Properties and Talaat Moustafa Group to deliver value across multiple sectors of Egypt's vibrant economy.
