Friday 18 Oct
Informed sources revealed today, Monday, that October 4th will witness the laying of the foundation stone for the Ras El Hekma city development project. In its first phase, the project will focus on developing ten thousand feddans of land over a three-year period.
The sources added that the Abu
Dhabi Development Holding Company (ADQ) has already begun implementing
construction work on the project.
The government is currently
exploring various to replicate the Ras Al Hikma project model before finalizing
similar deals. They explained that one of these scenarios is to develop clear
legislative frameworks to facilitate investments in similar developments.
They clarified that the cabinet
is currently overseeing the development of these legislations, which aim to
increase the number of distinguished units that cater to both domestic and
international markets, and to enhance Egypt's position as a global investment
destination.
Reports indicate that a comprehensive development plan for the Ras Banas region, situated south of Marsa Alam on the Red Sea, has not yet been finalized. Speculation persists that this area may be the target of a substantial investment project akin to the Ras El Hekma development.
