UAE and Egypt Presidents Announce $35 Billion Development in Ras El Hekma
On October 4, UAE President Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President Abdel Fattah El-Sisi unveiled a major development plan for Ras El Hekma, located on Egypt’s northwestern coast. This project involves a $35 billion investment and aims to boost economic, real estate, and tourism sectors due to its strategic Mediterranean location.
The Presidents were shown a visual presentation of the project, which includes tourist facilities, a free zone, and an investment area. The plan features a residential zone for 190,000 villas and apartments, accommodating up to two million residents. Additionally, 12 million square meters are allocated for retail and entertainment, with 25% of the area dedicated to open spaces, making it the greenest city on the Mediterranean.
Sheikh Mohamed praised the project for enhancing UAE-Egypt economic ties and expressed gratitude to the teams involved. The project, signed in February, spans 170 million square meters and is located 350 kilometers northwest of Cairo in Matrouh Governorate.
The announcement was attended by several UAE dignitaries, including Sheikh Hazza bin Zayed Al Nahyan and other senior officials from both countries.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates, which is a country in the Middle East. It is made up of seven smaller regions called emirates, and its capital city is Abu Dhabi.
Egypt -: Egypt is a country in North Africa, famous for its ancient pyramids and the Nile River. Its capital city is Cairo.
Ras El Hekma -: Ras El Hekma is a place on the northwestern coast of Egypt, near the Mediterranean Sea. It is known for its beautiful beaches and is being developed for tourism and living.
Mediterranean -: The Mediterranean is a large sea connected to the Atlantic Ocean, surrounded by Europe, Asia, and Africa. It is known for its warm climate and historical significance.
Free zone -: A free zone is an area where businesses can operate with fewer taxes and regulations. It is designed to attract companies and boost economic activity.
Economic ties -: Economic ties refer to the financial and trade relationships between countries. Strengthening these ties means improving business and investment opportunities between them.
Dignitaries -: Dignitaries are important people, often leaders or officials, who represent their countries or organizations. They attend significant events and make important decisions.