ADQ to commence construction work in Ras El Hekma Project before end of 2024

Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar stated that the Abu Dhabi Developmental Holding Company (ADQ) Egypt intends to commence infrastructure and construction work in Ras El Hekma before the end of 2024, in an interview with Asharq Bloomberg.

 

 El-Gazzar highlighted that the project’s developer has established the plans, secured ministerial decisions, and acquired the necessary licenses.

 

Furthermore, the Cabinet spokesman, Mohamed El-Homsani, informed Al Arabiya that Egypt will soon finalize the transfer of land for the Ras El Hekma project to the recently established Ras El Hekma for Urban Development Project Company.

 

Recently, the Cabinet announced Egypt’s official receipt of the second tranche of the Ras El Hekma deal from the United Arab Emirates (UAE).

 Prime Minister Mostafa Madbouly disclosed that the UAE has transferred $14 billion as part of the agreement.

 

Back in February, Egypt and the UAE signed a real estate investment deal, wherein ADQ acquired the rights to develop the Ras El Hekma project.

 

This agreement represents Egypt’s largest foreign investment deal, with a total value of $35 billion, aimed at developing Ras El Hekma in the North Coast.