2024-03-19 14:51:00
A Sh A Tuesday, March 19, 2024 04:51 PM
The Secretary-General of the Emirates Council for Foreign Investors, Jamal bin Saif Al-Jarwan, announced that UAE investments in Egypt after the “Ras Al-Hikma deal” are estimated at about $65 billion.
Al-Jarwan said – according to what was reported by the Emirates News Agency (WAM) on Tuesday – that the economic challenges in Egypt have been transformed into opportunities, and the project, through an investment alliance led by the Emirati Holding Company (ADQ), with a value of $35 billion, carries many positive short, medium and long-term indicators for the economy. Egyptian.
He added that this deal constitutes an added value to the Egyptian economy, as it will place Egypt for the first time among the classification of the most attractive countries for foreign direct investment flows for the year 2024-2025 in the upcoming UNCTAD report, which is considered a certificate of confidence in opening the door to foreign investment in Egypt during the coming period, stressing that Joint investment in the Ras Al-Hekma project will provide opportunities for Emirati and Egyptian companies to enhance cooperation, which will generate economic activity in all direct and indirect areas related to that deal, support economic growth, contribute to more new job opportunities in projects related to the city of Ras Al-Hekma, and provide direct investment opportunities in Egypt.
He pointed out that the project is considered the broad and distinctive gateway that enables the UAE to provide expertise and knowledge in the field of developing smart cities and integrated urban projects on the Mediterranean coast for the first time, which enhances knowledge exchange and technical cooperation between the two countries, in addition to also strengthening tourism and entertainment ties through international hotel projects. And tourist resorts in the city of Ras El Hekma.
Regarding the details of the project, Al-Jarwan stated that the project is the development of a “city of the future” with an area of 170 million square meters, or more than 40,600 acres, and aims to develop the region to become one of the largest new city development projects. Overall, it is expected that this project will generate more for Egypt. Of $150 billion investments over the life of the project.
Regarding the number of local companies operating in Egypt and the most important sectors in which they operate, Al-Jarwan explained that the UAE ranks first among countries investing in Egypt, and there are about 2,000 Emirati companies in the Egyptian market operating in various sectors, starting with the communications and information technology sectors, real estate, oil and gas, and agriculture. , ports, retail trade, renewable energy, transportation, warehousing and logistics services, the financial and banking sectors, entertainment, shopping malls, smart cities, tourism, hotels and hospitality, medical services, and waste management.
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