Bloomberg Report, Abu Dhabi is currently engaged in advanced negotiations for the purchase and development of the Ras El-Hekma property situated on Egypt's north coast. Sources familiar with the matter suggest that Talaat Moustafa Group (TMG) and certain state-run organizations in Egypt may retain approximately 20% of the expansive 180 million square meters of land.
Hossam Heiba, the Chairman of the General Authority for Investment and Free Zones (GAFI), announced on February 8th that the organization had selected an Emirati group to oversee the Ras El Hekma tourism project on the North Coast. Heiba emphasized that, before settling on the Emirati consortium, the authority had received multiple offers from various international consortia.
Additionally, Heiba disclosed that the initial investments for the project could surpass $22 billion and clarified that these funds wouldn't be injected all at once but rather in a phased manner. The development marks a significant collaboration between Abu Dhabi and Egypt, signaling a substantial investment in the Ras El-Hekma area's tourism and development prospects.
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