President Abdel-Fattah El-Sisi and his Emirati counterpart Sheikh Mohammed Bin Zayed Al Nahyan witness the launch of Ras El-Hekma project, 4 October, 2024. Photo: Egyptian Presidency
During the event, both leaders watched a visual presentation outlining the objectives and various components of the project, highlighting its impact on the economy, investment, real estate, tourism, and environment.
El-Sisi and Bin Zayed were also briefed about the integrated services and features of the project, in addition to its aspiring developmental and economic opportunities.
The leaders also witnessed the signing of key contracts between Egyptian and Emirati companies, recognizing the commencement of on-the-ground work for the project.
The event also marked the beginning of a partnership between international, Egyptian, and Emirati companies, aimed at advancing innovation in the smart electric vehicle sector in the Middle East and North Africa (MENA) region.
According to the Egyptian presidency, both presidents expressed their gratitude and appreciation to those responsible for implementing the project from both the Egyptian and Emirati sides.
They highlighted the project’s role in boosting the economic and investment ties and the constructive developmental partnership between Egypt and the UAE.
Prominent attendees included Prime Minister Mostafa Madbouly and leading businessmen from both Egypt and the UAE.
On Thursday, El-Sisi received Bin Zayed upon his arrival at Cairo International Airport at the beginning of an official visit to Egypt.
Later, on the same day, both leaders attended the graduation ceremony of the 2024 class at the Egyptian Military Academy, held in the New Administrative Capital (NAC).
Ras El-Hekma project
In February, Egyptian and Emirati investors signed a historic deal to build a multi-billion new state-of-the-art city of Ras El-Hekma as a new massive urban, business, and tourism centre in the country's North Coast.
Emirati investments throughout the implementation of the project, the largest of its kind in Egypt’s history, are expected to reach a minimum of $150 billion, according to PM Madbouly.
The project, located west of Alexandria, will be implemented by the New Urban Communities Authority and the Abu Dhabi Development Holding Company.
It will be built on an unprecedented area of over 40,600 feddans, featuring residential districts, prestigious international hotels, tourist resorts, entertainment venues, and service facilities, such as hospitals, schools, and universities.
Ras El-Hekma project will also feature administrative and service buildings, a free economic zone for information technology industries and logistics hubs, and a central business district that would attract global companies.
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