Member of Parliament and Rapporteur of the Investment Priorities Committee of the National Dialogue, Ayman Mehasab, announced that the Ras al-Hekma project will make huge a difference towards Egypt’s economy, as this deal is the largest in the history of direct investment in Egypt.
During a telephone interview with Azhari Channel, Mehasab said that Ras al-Hekma is one of the most important investment projects that Egypt has ever witnessed.
It will generate US$50 billion annually over three years in the Egyptian market and economy, he said, serving the state’s general budget and the Central Bank of Egypt’s reserves.
Mehasab stressed that this project is being implemented in partnership with the UAE, which reflects the strength of relations between the two countries that has reached unprecedented levels of cooperation.
‘Largest of its kind’
Prime Minister Mostafa Madbouly back in February said this project will be the largest of its kind, as it seeks to develop a city with an area of 170 million square meters or more than 40,600 acres.
He pointed out that the Abu Dhabi Developmental Holding Company will establish a holding company under the name “Ras al-Hekma” that will be responsible for the project, with Egyptian contributions.
“The project’s flows curb inflation and aim to eliminate it, and eliminate the presence of two prices for the US dollar,” the prime minister said.
