Egypt-based real estate developers Talaat Moustafa Group (TMG) revealed its partnership with Emirati investment firm ADQ in the Ras El Hekma City project.
The news, disclosed by TMG to the Egyptian Stock Exchange on 25 February and picked up by local media, explained that the company will be cooperating with ADQ Egyptian City Edge Developments to cooperate in the mega project.
TMG is thought of as a longstanding partner with ADQ, with the former recently agreeing to sell 40.5 percent of its shares in hotel subsidiary ICON to the latter – including seven historic hotels across Egypt.
The announcement comes a few days after Egypt and Emirati investors signed a landmark deal worth USD 150 billion (EGP 4.6 trillion) to build a new city called Ras El Hekma on the country’s North Coast on Friday, 23 February.
During the signing ceremony, Egyptian Prime Minister Madbouly highlighted the immediate benefits of the project, stating that the foreign direct investment will provide much-needed relief to the country’s hard currency shortage – highlighting the government’s long-term vision to transform the North Coast.
Madbouly further outlined the multifaceted nature of the Ras El Hekma project, highlighting that it will include residential districts, international hotels, tourist resorts, and diverse entertainment venues.
Essential services like hospitals, schools, and universities will be readily available, ensuring a comfortable and well-rounded environment for residents and visitors alike. Additionally, the project will boast administrative and service buildings, a bustling free economic zone dedicated to information technology and logistics, and a central business district attracting top global companies.
With its comprehensive offerings, the project is anticipated to attract a staggering eight million tourists to Egypt upon completion.
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