Egypt and the UAE signed a real estate investment deal under which Abu Dhabi Developmental Holding Company (ADQ) acquires the rights to develop the Ras El Hekma project. Prime Minister Mostafa Madbouly witnessed the signing of Egypt's largest foreign investment deal, amounting to $35 billion, to develop Ras El Hekma in North Coast. The Egyptian side is represented by the New Urban Communities Authority (NUCA).

Madbouly revealed that the total amount of the foreign direct investment will be $35 billion, which is expected to be received in full within two months, is divided into $24 billion in cash liquidity, and $11 billion from the UAE’s deposits with the Central Bank of Egypt (CBE). Egypt will also get 35% of the profits throughout the duration of the project’s implementation.

The $35 billion will be divided into two installments: the first installment amounts to $15 billion and Egypt will receive $10B in direct foreign liquidity within a week and $5 billion from the UAE’s CBE deposits that will be converted into local currency to be spent on the project.

The second installment will amount to $20 billion and Egypt will receive after two months in $14 billion in direct foreign liquidity and $6 billion from UAE’s CBE deposits.

The project is expected to attract investments that may reach $150 billion throughout its development period, which will help provide millions of job opportunities and inject liquidity into the Egyptian economy.

The development project of Ras El Hekma will span over an area of 170 million square meters, including recreational, service, industrial, residential projects, a free zone, a central financial and business district, as well as a marina for yachts and tourist ships, and an international airport.

The Ras El Hekma development project is part of Egypt's 2052 urban development plan and the construction of the new republic.