Ras El-Hekma foundation stone to be laid in October

Updated 10/1/2024 8:28:00 AM

Arab Finance: The Abu Dhabi-based invested fund ADQ has started construction work on the Ras El-Hekma project, with the foundation stone to be officially laid on October 4th, Egyptian Assistant Minister of Housing, Utilities and Urban Communities Abdel Khaleq Ibrahim told Al Arabiya Business.

The first phase of the project will cover an area of 10,000 feddans and is expected to take three years to complete, Ibrahim said.

Ibrahim emphasized that the government is developing legal legislations to raise the number of residential units catering to local and global market demands, thereby improving Egypt's standing as a global investment hub.

He mentioned ongoing studies to replicate the Ras El-Hekma model, focusing on creating clear investment legislation and successful strategies to attract foreign investment.

Additionally, Ibrahim indicated that the New Urban Communities Authority (NUCA) is seeking a strategic partner to manage and operate the Central Business District in the New Administrative Capital (NAC), located in East Cairo.

This initiative aims to establish a unique identity for the area, positioning it as a center for foreign investments in finance and business.

Negotiations are ongoing with several partners to secure the most competitive offers, although details regarding the number or nationalities of the bids remain undisclosed.

Ibrahim also noted that a strategic plan for the development of the Ras Banas area, located in the south of Marsa Alam in the Red Sea Governorate, has yet to be prepared.