Ahmad 
Egypt on Friday signed a huge agreement with the UAE to develop Egypt’s Ras El Hikma city, in the largest foreign direct investment deal in Egypt’s history.
Egyptian Prime Minister Mostafa Madbouly said that the project is the largest direct investment deal in the country’s history, noting that it will generate $ 150 billion in investments for Egypt, which the UAE side will inject over the life of the project.
Madbouly revealed that the deal includes the UAE injecting foreign direct investments worth $ 35 billion, within two months, with Egypt having 35% of the project’s profits over its lifetime.
Madbouly also announced the construction of a new airport within the Ras El Hikma area, with the implementation of the Ras El Hikma tourism project in cooperation with the UAE side.
Madbouly stated that this deal achieves the development goals set by the state in the National Strategic Plan for Urban Development, pointing out that this deal is the beginning of several investment deals, which the Egyptian government is currently working on, to increase the state’s hard currency resources.
(ADQ) said in a statement that it plans to invest $35 billion in Egypt, where it acquires the rights to develop the Ras El Hikma City project for $24 billion with the aim of developing the area into one of the largest new city development projects through a private consortium.