After weeks of uncertainty and speculation, Egypt’s General Authority for Investment and Freezone (GAFI) has finally confirmed that an impressive $22 billion Ras El Hikma development project in Egypt’s North Coast has been awarded to a UAE consortium. This marks a significant milestone for the ongoing North Coast development project in Egypt, which aims to transform the area into a bustling waterfront urban tourism destination.
According to Hossam Heiba, the head of GAFI, the UAE consortium will be responsible for lining up and mobilising financing before developing and managing the project. However, the consortium has not been named yet. Heiba also revealed that the Egyptian government is currently signing contracts with the UAE consortium, which indicates that the project is expected to move forward soon.
The Ras El Hikma development project is expected to be a vital part of the North Coast development, and it is anticipated that the UAE consortium will play a vital role in bringing this vision to life. The development project is expected to attract many tourists and create numerous job opportunities for residents.
This news comes when the International Monetary Fund has announced that it has agreed with Egypt on the key policy components of an economic reform programme, which is a positive sign that a final deal to augment the country’s $3 billion loan is approaching completion. After weeks of speculation, An UAE consortium has awarded the $22 billion Ras El Hikma development in Egypt’s North Coast, according to Egypt’s General Authority for Investment and Freezone (GAFI). The head of GAFI, Hossam Heiba, confirmed this to CNBC Arabia but did not name the consortium. He also said that the Egyptian government is currently signing contracts with the UAE consortium and that it would be responsible for arranging financing before developing and managing the project. Ras El Hikma is a part of the North Coast development project in Egypt and is a new waterfront urban tourism destination. The International Monetary Fund has recently announced that it has agreed with Egypt on the key policy components of an economic reform programme, indicating that a final deal to augment the country’s $3 billion loan is approaching completion.
