Egyptian Cabinet spokesperson Mohamed al-Homosany announced Monday that work is underway to provide alternative housing for the residents of the Ras a-Hekma area, adding that financial compensation and alternative lands have been provided to the residents.
During a phone interview with al-Mehwar TV channel, Homosany explained that LE 5.5 billion has been paid in compensation to Ras al-Hekma area residents, stating that the state is working to develop the entire North Coast region.
The Cabinet spokesperson added that the largest share of the beaches that will be developed are located on the Mediterranean Sea.
‘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.
