Abu Dhabi: ADQ-led consortium to invest Dh128.5 billion ($35 billion) in Egypt

ABU DHABI, Feb 24 (SABAH): ADQ, an Abu Dhabi-based investment and holding company unveiled plans to invest a total of $35 billion (Dh128.5 billion) in Egypt.

ADQ will acquire the development rights for Ras El-Hekma for $24 billion. The region will turn into one of Egypt’s largest city developments. The Egyptian government will continue to retain a stake – at 35 per cent – in the development.

Besides Ras El-Hekma, ADQ will additionally invest $11 billion in prime projects across the country to ‘support its economic growth and development.’ A media release said work on the projects will start early 2025.

Spanning over 170 million square meters, Ras El-Hekma is set to be a next-generation city comprising mainly of tourism amenities, a free zone, and an investment zone combining, among else, residential, commercial, and recreational spaces with seamless connectivity domestically and internationally.

Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometers northwest of Cairo. ADQ’s experience in providing fully integrated infrastructure solutions across a broad range of services, including energy, water, transportation and real estate, promises to bring significant benefits to the new development and Egypt’s economy, and is expected to attract over $150 billion in investments.

Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, said: “ADQ is a long-standing investment partner in Egypt, and we have demonstrated our ability to select opportunities that are aligned with our investment framework and benefit the Egyptian economy.

“This investment underscores our commitment to developing Ras El-Hekma into one of Egypt’s most attractive coastal destinations through the enablement of mega-infrastructure and development projects, working with partners such as Modon Properties and Talaat Moustafa Group, which will deliver value across multiple sectors of Egypt’s vibrant economy.”