Hommam Al Nassim 
The Egyptian Cabinet approved the establishment of a special free zone and a specialized international tourist port in the city of Ras El Hikma, west of Alexandria, with the aim of boosting the economy and tourism.
The free zone will be managed by Ras Al Hikma Urban Development Project Company, with a total value of $35 billion.
The development contracts were signed with Abu Dhabi Holding Company (ADQ) in February, with Egypt receiving the first tranche of the deal worth $10 billion in March.
According to the spokesperson for the Egyptian Council of Ministers, the project aims to develop infrastructure in the area, including the establishment of an industrial zone and a commercial and financial zone, as well as promoting diverse tourism activities.
The UAE Minister of Investment pointed out that the project also includes the establishment of an airport to serve the city, which enhances air connectivity and supports tourism growth.
OPEC+ begins voluntarily reducing oil output