ADQ will acquire the development rights for Ras El-Hekma, a coastal region in Egypt
ADQ, an Abu Dhabi-based investment and holding company, has unveiled plans to invest $35 billion in Egypt.
The company will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into a new-city development. Moreover, ADQ will convert $11 billion worth of deposits that will be utilised for investment in prime projects across Egypt.
Work is likely to commence in early 2025.
Ras El-Hekma is a coastal region in Egypt located approximately 350 km northwest of Cairo. The investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial centre and free zone. The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.
Next-generation city
Spanning over 170 million sq. meters, Ras El-Hekma will be a next-generation city comprising mainly of tourism amenities, a free zone and…