Ras al-Hekma Mega Project Forms $35 Billion Economic Partnership Between Egypt and the UAE

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Egyptian Prime Minister Dr. Mostafa Madbouly made history when he announced that his country and the United Arab Emirates had successfully negotiated and signed a historic deal, establishing constructive and strategic partnership.

The cornerstone of this agreement is the UAE's $35 billion economic infusion into Egypt, which will significantly enhance a number of sectors. A significant portion of the agreement is a $24 billion investment in the Ras al-Hekma peninsula, a planned city that will transform Egyptian urban life.

Ras al-Hekma is a Mediterranean city including residential buildings, free economic zones, commercial districts, tourist attractions, and necessary infrastructure, such as a new airport. It is envisioned as a "new generation" metropolis. This massive project, which spans an area of over 170 million square meters, is evidence of Egypt's long-term housing plans.

An additional $11 billion is included in the arrangement, with the UAE turning a prior deposit with the Egyptian Central Bank into an investment.

Dr. Madbouly was upbeat about the project and predicted that it would result in $150 billion in foreign investments. The massive Ras al-Hekma project represents not only Egypt and the United Arab Emirates' shared ambition for wealth and sustainable development, but also their economic cooperation. This productive collaboration has the potential to change the region's economic environment. 

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