In a landmark move, ADQ, an Abu Dhabi-based investment and holding company, announced on Friday its plans to invest a staggering $35 billion (Dh128.5 billion) in Egypt, marking a new era of development and economic growth in the country. This substantial investment will be pivotal in transforming Ras El-Hekma, a coastal region in Egypt, into one of the country’s largest city developments.
The heart of this ambitious project lies in Ras El-Hekma, where ADQ will invest $24 billion to acquire development rights. Ras El-Hekma, sprawling over 170 million square meters and located approximately 350 kilometers northwest of Cairo, is set to evolve into a next-generation city. The development will feature a blend of tourism facilities, a free zone, and an investment zone, encompassing residential, commercial, and recreational spaces. The project aims to enhance both domestic and international connectivity, promising a futuristic urban landscape.
In addition to the development of Ras El-Hekma, ADQ will channel another $11 billion into prime projects across Egypt, supporting the nation’s economic growth and development. These ventures are scheduled to commence in early 2025 and signify ADQ’s continued commitment to Egypt’s prosperity.
ADQ is renowned for its expertise in delivering fully integrated infrastructure solutions across various sectors, including energy, water, transportation, and real estate. This expertise is expected to significantly benefit the new development and the broader Egyptian economy. The investment in Ras El-Hekma alone is anticipated to attract over $150 billion in further investments, showcasing the project’s massive potential.
Mohamed Hassan Alsuwaidi, the Managing Director and Chief Executive Officer of ADQ, emphasized the company’s longstanding partnership with Egypt. He highlighted ADQ’s focus on selecting opportunities that align with their investment framework and benefit Egypt’s economy. Alsuwaidi expressed confidence in the project, stating that the investment will transform Ras El-Hekma into one of Egypt’s most attractive coastal destinations. This transformation will be facilitated by mega-infrastructure and development projects in collaboration with partners like Modon Properties and Talaat Moustafa Group, ensuring value across multiple sectors of Egypt’s dynamic economy.
This bold venture by ADQ not only underlines the company’s role as a major global investor but also marks a significant milestone in Egypt’s development narrative. The project is set to create a ripple effect, boosting economic growth, attracting international investments, and enhancing the quality of life for its residents. As the world watches, Ras El-Hekma is poised to become a shining example of modern urban development and a testament to the fruitful collaboration between ADQ and Egypt.
