The President of Egypt, Abd El-Fattah El-Sisi, has recently issued a decree assigning roughly 7.5 million square meters ( 1785 acres ) of government-owned land in the northwestern coastal region of Matrouh Governorate to the Egyptian Ministry of Civil Aviation for the construction of Ras El-Hikma International Airport.
The Egyptian Council of Ministers has also approved a plan for a special free zone named Ras El-Hekma Urban Development Project Company, along with an investment zone within Ras El-Hekma City.
This project, covering 170 million square meters, is part of a $35 billion deal with Abu Dhabi’s ADQ to build Egypt’s biggest new city, aiming to boost tourism and the economy.
The Ras El-Hikma project marks Egypt’s biggest-ever investment deal. It’s a partnership between the Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authorities, and the UAE’s investment and holding company ADQ.
According to the deal signed in February, the UAE will lead the construction of the Ras El-Hekma Airport on the North Coast, and Egypt will share in the profits. Construction is expected to begin in early 2025.
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