Egypt initiated talks with international corporations and funds to finalise a plan for the development of Ras El-Hikma City on the country’s North Coast, as reported by AlQahera News on 1 February, citing an undisclosed source.
The news comes in light of recent rumours that reported the Egyptian government is due to finalise a USD 22 billion (EGP 678 billion) sale of Ras El-Hikma – sparking outrage over social media.
The speculation came in light of the country’s ongoing foreign currency crisis, which peaked at EGP 70 per USD in the black market last week – losing more than half its value in one year and exacerbating inflation.
An anonymous government official denied any land sale allegations to Cairo24, but did acknowledge that there is an ongoing plan to develop Ras El-Hikma – and other North Coast cities – into global tourist destinations.
According to AlQahera News’s source, the Urban Development Plan for Egypt 2052 underscores the importance of establishing sustainable and smart cities, with a particular focus on the North Coast. The plan aims to attract millions of residents, prioritise tourism, provide recreational services, and construct administrative hubs for global companies.
The source also clarified that the North Coast is prioritised due to it serving as a suitable region to accommodate Egypt’s growing population.
While Ras El-Hikma is garnering media attention, other coastal cities expected to experience developments include El-Alamein City, Ras El-Hikma, El-Nagila, and Jarjoub.
The economic activities planned for this area are expected to create job opportunities for Egyptian youth over the coming decades, contributing to the expansion of the developed area.
The source also revealed that an official announcement regarding the plan will be made soon.