Cairo: Egypt has planned to establish a massive megacity ‘Ras El-Hekma’ on its Mediterranean coast. This megacity will be equipped with all modern amenities. The project is expected to cost around 118 billion British pounds. Egypt has struck a deal with the United Arab Emirates (UAE) to realize its dream of the megacity.
The UAE will make a significant investment in this project, which is the largest foreign investment in the country’s history. It is believed that this will be similar to Saudi Arabia’s Neom city, which is Mohammed bin Salman’s dream project. Egypt’s project could compete with Neom in attracting foreign investment and tourism in the future.
According to express.co.uk, the project named Ras El-Hekma in Egypt will span 170 square km. This will transform the coastal area west of Alexandria into a tourism, residential, and commercial hub. An agreement for this was made last year between Egypt and the UAE. It has been reported that the project will include luxury hotels, residential districts, an airport, commercial centres, and a free economic zone. Its aim is to attract global investment. Egyptian officials hope that Ras El-Hekma will become a top tourist destination and improve the country’s economy.
Egypt will retain a 35 percent stake under the agreement. Additionally, it will receive an initial investment of 27 billion pounds ($35 billion) from the UAE. Egypt’s Prime Minister Mostafa Madbouly has called it a model for future investment partnerships. He estimated that the total investment in the project could reach 118 billion pounds ($150 billion). This deal comes at a time when Egypt is grappling with a severe economic crisis, rising debt, and a shortage of foreign currency.
Egypt is calling it a historic investment, but the Ras Al-Hekma project has also sparked a different debate. Experts argue that Egypt’s reliance on real estate mega projects to boost the economy is risky, especially when it diverts attention from long-term industrial development. People have also expressed concerns about the displacement of local communities. Olive groves and homes of the local community in the area are being acquired for construction. This is becoming a new source of trouble.
Ras El-Hekma is reported to be one of the last untouched coastal areas in Egypt. Its commencement is expected in the current year, 2025. Egyptian officials have assured the public that the project will bring economic benefits and improve the living standards of local communities.
from World – Latest News, Breaking News, LIVE News, Top News Headlines, Viral Video, Cricket LIVE, Sports, Entertainment, Business, Health, Lifestyle and Utility News | India.Com https://ift.tt/Jl0fZT7
