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ADQ inks deal to invest $35 billion in Egypt’s Ras El-Hekma

ADQ, an Abu Dhabi-based investment and holding company, has inked a deal with the Egyptian government to invest $35 billion in the country.

As part of the investment, ADQ will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the largest new city developments by a private consortium.

His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, said: “ADQ is a long-standing investment partner in Egypt, and we have demonstrated our ability to select opportunities that are aligned with our investment framework and benefit the Egyptian economy. This investment underscores our commitment to developing Ras El-Hekma into one of Egypt’s most attractive coastal destinations through the enablement of mega-infrastructure and development projects, working with partners such as Modon Properties and Talaat Moustafa Group, which will deliver value across multiple sectors of Egypt’s vibrant economy.” 

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Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometers northwest of Cairo. The significant 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 equipped with world-class infrastructure to strengthen Egypt’s economic and tourism growth potential. The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development. 

Spanning over 170 km2, Ras El-Hekma will be a next-generation city comprising mainly tourism amenities, a free zone, and an investment zone combining, among other things, residential, commercial, and recreational spaces with seamless connectivity domestically and internationally. ADQ, leveraging its expansive portfolio and partners, aims to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination by adopting the latest cutting edge digital and technological smart city solutions. ADQ intends to leverage Egyptian and international partners as part of its development and investment plans. Work is expected to commence in early 2025.

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ADQ’s decision to invest in Ras El-Hekma is underpinned by its extensive track record of smart-growth planning and investing in similar large-scale infrastructure and development projects in the region. ADQ’s experience in providing fully integrated infrastructure solutions across a broad range of services, including energy, water, transportation, and real estate, promises to bring significant benefits to the new development and Egypt’s economy, and is expected to attract over $150 billion in investments. 

Ras El-Hekma’s master plan will pioneer innovative solutions that deliver a positive and lasting impact that is designed to attract foreign direct investment, boost trade, support Egypt’s private sector via an in-country localisation programme, and drive job creation to maximise economic benefits. 

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Egypt’s North Coast has garnered tremendous interest from global investors and tourists, showcasing its aptitude to benefit from international partnerships. Ras El-Hekma will be a world-class destination in the Mediterranean with unmatched attractions, including hotels, yacht marinas, and entertainment facilities. 

 ADQ will also convert $11 billion of deposits that will be used for investment in prime projects across Egypt to support its economic growth and development. 

Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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