While the Egyptian Prime Minister, Mustafa Madbouly, stressed the need to accelerate the implementation of the northwestern coast projects of the country, the most prominent of which is the “Ras Al -Hikma” project being implemented in an Emirati partnership, experts believe that “Egypt is counting on this project to attract foreign direct investments, and the reconstruction of the northwestern coast region, and to transfer it from a seasonal area of a residential tourist area with a global perspective that works throughout the year.”
On Saturday, Madbouly toured the northwestern coast area, during which he inspected development and service projects in the new city of El Alamein, then went to the “Ras Al -Hikma” area to inspect the projects being implemented with it, and from there to the Dabaa area to inspect the position of the implementation of the urban gathering west of Dabaa, according to a statement issued by the Egyptian Cabinet.
During the tour, Madbouly held an expanded meeting at the headquarters of the new city of Ras Al -Hikma, with the intention of following up the executive position of the “New Hikma City” and “Shams Al -Hikma” projects, and listened to the explanation of those in charge of the two projects regarding what was done in them until now, indicating that there is a periodic follow -up from President Abdel Fattah El -Sisi for projects to develop the northwestern coast, and that there is a directive from it that it is necessary to accelerate the implementation of projects and follow up. Periodically to ensure its exit in an optimal way, in a way that contributes to the development of assets, and maximizing them, while strengthening the partnership with the private sector, in the context of converting the northwestern coast region into a permanent destination, a kiss for housing and investment throughout the year, and not only a summer season.
A member of the Egyptian Association for Political Economy and Legislation, Dr. Ahmed Abu Ali, said that “there is a deep awareness of the Egyptian state of the importance of the Ras Al -Hikma project, as a strategic engine for economic growth and sustainable urban transformation, as it is not a traditional entertainment real estate project, but rather one of the largest national projects, aimed at redefining the northwestern coast as an integrated global economic center, based on the concept of (resettlement (resettlement Development), not temporary seasonal use. ”
Abu Ali explained that the project “contributes to achieving one of the major goals of the Egyptian state, which is to move the population bloc from the Delta to the west, which is a strategic direction that supports national security and smart urbanism, and resist the effects of climate change, and it is expected that the operation of the Ras Al -Hikma project will achieve huge economic returns, whether by attracting foreign direct investments, or stimulating the sectors of contracting, tourism and services, and services, In addition to providing thousands of direct and indirect job opportunities, as well as financial revenues from selling lands, usufruct and logistical services.
Abu Ali added to Asharq Al -Awsat that “this strategic project will put Egypt on the map of global tourism and the major commercial and service centers, and transforms the northern coast into a sustainable economic platform, linking the Egyptian interior and the outside world, and will play a pivotal role in doubling the local product from the real estate tourism sector, and raising the volume of service exports.”
It should be noted that the Egyptian Prime Minister said during his inspection tour that the development of the lands of the northwestern coast region “comes in light of the work on the optimal exploitation of the capabilities and resources it enjoys, which vary between tourism, agricultural, industrial and other resources, and there is already a number of new urban gatherings to attract investments and population to this region.”
The researcher at the Faculty of Economics and Political Science at the University of Suez, Dr. Mohamed Al -Bahwashi, promised that the Egyptian state “deals with the Ras Al -Hikma project as a model for foreign direct investment, and the success of this project and its operation will play a major role in attracting foreign investments for the country in all sectors, and not only the real estate and tourism sector, but also in various parts of the Republic, and not only in the northern coast.”
Al -Bahwashi explained to Asharq Al -Awsat that the prime minister’s rounds and senior officials of this project and the region in general “a clear message that the Egyptian government is not satisfied with developing plans and providing promises, but rather continues to implement in the field, and raises the projects of national priority, because the foreign investor is awaiting what this project will explain, and for this the Egyptian government is keen on its success to benefit from its expected returns first, first, Also, for the renaissance of the region and attracting direct investment to the country, after which the largest foreign investment project in the country’s history.
Al -Bahwashi pointed out that “the government’s plan is also based on the implementation of urban and urban gatherings in the region to advance it as a whole, and not only relying on the Ras Al -Hikma project and tourism projects, but there are service projects that confirm that the state is determined to build that region, and turn it into a permanent home and not seasonal.”
The Ras Al -Hikma project is one of the most prominent investment projects in Egypt, and it represents a strategic partnership between Egypt and the Emirates, and the deal was announced on February 23, 2024, and the Egyptian Prime Minister described it as “the largest direct foreign investment deal in the history of Egypt.”
The project aims to develop an integrated city on the northwestern coast, with an area of 170.8 million square meters, and it extends from kilo 170 to kilo 220 on the northern coast road. The project includes various residential neighborhoods, international hotels and tourist resorts, entertainment projects, a free zone for technology and light industries, a central neighborhood of money and business, in addition to an international airport south of the city.
The implementation of the project, “Abu Dhabi Development Company, Holding Company, in cooperation with the new Egyptian Urban Communities Authority, and is expected to attract investments of up to 150 billion dollars over its life, with a direct investment of $ 35 billion during the year 2024, 24 billion dollars were paid in cash, and 11 billion dollars in an Emirati deposit in the Central Bank of Egypt, according to what the Egyptian government announced. (The dollar equals 49 pounds in Egyptian banks).
