A historic deal signed in February between Egypt and Emirati investors for the development of Ras El Hekma is taking a step closer to fruition. This ambitious project represents a significant economic opportunity for Egypt, a country grappling with foreign debt and a budget deficit. 

The initial investment is staggering at $35 billion, representing the largest single influx of foreign direct investment in Egypt’s history. 

Abu Dhabi’s sovereign wealth fund, ADQ, secured the development rights for $24 billion. As construction and infrastructure take shape, the total project cost could reach a staggering $150 billion. 

According to Reuters, Nader El Biblawi, chairman of the Egyptian Travel Agents Association, confirmed that talks are progressing between the two nations to finalize contracts for the ambitious Ras El Hekma development.

He noted that a concrete schedule has yet to be established while funding seems to be secured.

The envisioned development encompasses a vast area of 170 square kilometers, roughly one-fifth the size of Abu Dhabi itself. ADQ plans to transform the region into a “next-generation city” featuring tourism and residential hubs, investment zones, light industry, technology centers, and entertainment facilities. The ambitious blueprint includes an airport, marina, and amusement parks.