ADQ Propels Egypt's Economic Renaissance with $35 Billion Investment

Abu Dhabi's prominent sovereign investor, ADQ, has unveiled its largest-ever foreign direct investment (FDI) venture, signaling a groundbreaking move that could reshape Egypt's economic landscape.

The agreement, inked between Egypt and a private consortium led by ADQ, stands as a historic milestone, solidifying ties between the two nations.

Witnessed by officials from the UAE Ministry of Investment, the monumental deal earmarks a staggering $35 billion for the development of Egypt's Ras El Hekma region and other pivotal projects within the country.

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This colossal investment represents a significant boost for Egypt's economic ambitions.

At the heart of the agreement lies ADQ's commitment to inject $35 billion into Ras El Hekma, strategically positioned along the coastal expanse approximately 350 kilometers northwest of Cairo.

The allocation comprises a hefty $24 billion designated for securing development rights in Ras El-Hekma and an additional $11 billion, repurposed from deposits, slated for investments across various prime projects nationwide.

Commenting on the landmark pact, Mohamed Hassan Alsuwaidi, the UAE's Minister of Investment, emphasized the profound implications for bilateral relations, stating, "With this signing, a new chapter begins in the longstanding bilateral relations between our two nations." Alsuwaidi highlighted the UAE's unwavering dedication to bolstering Egypt's economic potential, underpinned by mutual respect and trust.

The Ras El-Hekma development project, characterized as a monumental infrastructure endeavor, is poised to unleash transformative effects across multiple sectors.

It is anticipated to catalyze job creation on a significant scale and serve as a magnet for substantial foreign direct investments in the foreseeable future, according to Alsuwaidi.

The agreement not only underscores ADQ's strategic vision and commitment to fostering economic growth but also reflects Egypt's attractiveness as a burgeoning investment destination in the region.

With ADQ's substantial financial backing, Egypt's Ras El Hekma region is poised to emerge as a vibrant hub of economic activity, poised to propel the nation's development trajectory to new heights.

Source: Trade Arabia