ADQ, an Abu Dhabi-based investment and holding company, has unveiled plans to invest $35 billion in Egypt.
ADQ will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the largest new city developments by a private consortium. Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometers northwest of Cairo.
As part of this investment, ADQ will also convert $11 billion of deposits that will be utilized for investment in prime projects across Egypt to support its economic growth and development.
Mohamed Hassan Al Suwaidi MD & CEO – ADQ
“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.”
The significant investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial center, and free zone equipped with world-class infrastructure to strengthen Egypt’s economic and tourism growth potential. The Egyptian government will retain a 35 percent stake in the Ras El-Hekma development.
The reports said that ADQ’s decision to invest in Ras El-Hekma is underpinned by its extensive track record of smart-growth planning and investing in similar large-scale infrastructure and development projects in the region.
“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,” as per the statement.
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