UAE Ministry of Investment Boosts Emirati Involvement in Egypt’s Ras El Hekma Project
The UAE Ministry of Investment (MoI) has announced its support for the Ras El Hekma project, a major coastal city development in Egypt. Located 350km northwest of Cairo, this project aims to become a financial hub, free zone, and luxury tourism destination. The MoI is helping Emirati companies participate by simplifying investment processes and identifying opportunities.
Modon Holding, the project’s master developer, is collaborating with partners from Egypt, the UAE, and internationally. Several agreements have been signed with entities like Abu Dhabi Airports, TAQA, and Burjeel Holding to ensure continued collaboration.
Mohamed Hassan Al Suwaidi, UAE Minister of Investment, emphasized the economic partnership between the UAE and Egypt, highlighting the project’s potential to contribute USD 25 billion annually to Egypt’s GDP by 2045 and attract USD 110 billion in investments.
The Ras El Hekma project is expected to drive economic growth and tourism in Egypt, with the UAE’s MoI playing a crucial role in promoting Emirati investments.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates, which is a country in the Middle East made up of seven smaller regions called emirates.
Ministry of Investment -: The Ministry of Investment is a government department in the UAE that helps manage and encourage investments in different projects and businesses.
Emirati -: Emirati refers to people or things related to the United Arab Emirates.
Ras El Hekma -: Ras El Hekma is a place in Egypt where a big project is being developed to make it a city with lots of businesses and tourist attractions.
Cairo -: Cairo is the capital city of Egypt, which is a country in North Africa.
Modon Holding -: Modon Holding is a company that is leading the development of the Ras El Hekma project, working with other international companies.
GDP -: GDP stands for Gross Domestic Product, which is the total value of all goods and services produced in a country in a year.
USD -: USD stands for United States Dollar, which is a type of money used in many countries around the world, including for international trade.
