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UAE's ADQ Consortium to Invest $35 Bn in Egypt

Officials sign the Ras El-Hekma project agreements in the presence of Egyptian Prime Minister Mostafa Madbouly. (WAM)
Officials sign the Ras El-Hekma project agreements in the presence of Egyptian Prime Minister Mostafa Madbouly. (WAM)
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UAE's ADQ Consortium to Invest $35 Bn in Egypt

Officials sign the Ras El-Hekma project agreements in the presence of Egyptian Prime Minister Mostafa Madbouly. (WAM)
Officials sign the Ras El-Hekma project agreements in the presence of Egyptian Prime Minister Mostafa Madbouly. (WAM)

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.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.