Egypt, UAE companies sign contracts to kick off work
President Abdel Fattah El Sisi and Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), witnessed on Friday the launch of Ras El-Hekma development project on the North Coast.
Prime Minister Moustafa Madbouli and a number of top Egyptian and UAE officials and businesspeople attended the launching ceremony.
The Egyptian and UAE leaders were presented with a visual overview of the project, its objectives, and the overall concept, highlighting its significant economic, investment, real estate, and tourism potential.
President Sisi and Sheikh bin Zayed witnessed the signing of a number of contracts between Egyptian and UAE companies to start work on the project.
The two presidents expressed their gratitude to the teams from both Egypt and UAE that have worked on the project, praising the development plan and its ambitious aims.
They stressed its importance in strengthening economic and investment relations between the two brotherly countries.
The project serves as a model of constructive development partnership between Egypt and the UAE.
The two presidents also witnessed the launching of a partnership between Egyptian and UAE companies to enhance the innovation process in the smart electric vehicle sector in the Middle East and North Africa.
The project includes tourist facilities, a free zone, and an investment area, alongside residential, commercial, and entertainment buildings. The master plan features a residential zone covering 80 million square metres, which will accommodate around 190,000 villas and apartments, housing up to two million residents.
Additionally, 12 million square metres will be dedicated to retail, entertainment, and leisure, with 25 per cent of the total area reserved for open spaces, making it the greenest city on the Mediterranean. Ras El Hekma will also include an investment zone, a special free zone, and five marinas.
