All You Need To Know About Egypt And UAE's Ras El Hekma Multibillion-Dollar Development Agreement

At the New Administrative Capital, Mohamed Al Suwaidi, the Minister of Investment for the United Arab Emirates, and Assem El-Gazzar, the Egyptian Minister of Housing, signed the agreement.

The New Urban Communities Authority and the Abu Dhabi Development Holding Company will carry out the project on the North Coast west of Alexandriain Ras El Hekma.

The new project would bring $35 billion in foreign direct investment (FDI) into the economy within two months, according to Prime Minister Mostafa Madbouly, at the signing ceremony and this is the highest amount of FDI in Egypt's history.

A Summary of the investment agreement to further develop "Ras El Hekma"

-Within two months, $35 billion in foreign direct investment—and 35 percent of the project's profits—will enter Egypt.

-$24 billion in immediate cash, with an additional $11 billion in deposits to be converted into Egyptian pounds and utilized for project development.