In a significant development, Talaat Moustafa Group (TMG), a prominent Egyptian real estate developer, has announced its collaboration with Emirati investment firm ADQ for the Ras El Hikma City project. The news, disclosed by TMG to the Egyptian Stock Exchange and widely reported in local media, highlights the company’s partnership with ADQ Egyptian City Edge Developments in this ambitious mega project. Upon its completion, the Ras El Hikma project is expected to draw a staggering eight million tourists to Egypt.
TMG and ADQ have been long-term partners, evident from their recent agreement wherein TMG agreed to sell 40.5% of its shares in its hotel subsidiary ICON to ADQ, which includes seven historic hotels across Egypt. This latest partnership further solidifies their collaboration.
The announcement comes shortly after Egypt and Emirati investors signed a groundbreaking deal worth USD 150 billion (EGP 4.6 trillion) to construct a new city called Ras El Hikma on Egypt’s North Coast. The signing ceremony, attended by Egyptian Prime Minister Madbouly, emphasized the immediate benefits of the project, such as addressing the country’s hard currency shortage through increased foreign direct investment.
Ras El Hikma project is envisioned as a multifaceted development one with residential districts, international hotels, tourist resorts, and a variety of entertainment venues. It will also provide essential services like hospitals, schools, and universities, creating a well-rounded environment for residents and visitors. Additionally, the project will feature administrative and service buildings, a bustling free economic zone dedicated to information technology and logistics, and a central business district designed to attract top global companies.
