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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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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.