Photo Credit: The Egyptian Cabinet
At the New Administrative Capital, Mohamed Al Suwaidi, the Minister of Investment for the United Arab Emirates, and Assem El-Gazzar, the Egyptian Minister of Housing, signed the agreement.
The New Urban Communities Authority and the Abu Dhabi Development Holding Company will carry out the project on the North Coast west of Alexandriain Ras El Hekma.
The new project would bring $35 billion in foreign direct investment (FDI) into the economy within two months, according to Prime Minister Mostafa Madbouly, at the signing ceremony and this is the highest amount of FDI in Egypt's history.
A Summary of the investment agreement to further develop "Ras El Hekma"
-Within two months, $35 billion in foreign direct investment&mdash;and 35 percent of the project's profits&mdash;will enter Egypt.
-$24 billion in immediate cash, with an additional $11 billion in deposits to be converted into Egyptian pounds and utilized for project development.
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In More Details:
The initial payment of $15 billion is split into $10 billion in cash, and the United Arab Emirates represented by Abu Dhabi Holding Company, has waived a portion of the $11 billion in deposits held by the Central Bank, of which $5 billion are utilized for starting the project.
Two months later, an additional 20 billion dollars will be added, making up 14 billion dollars in direct liquidity, in addition to the remaining 6 billion dollars in deposits. Thus, in addition to the 11 billion dollars in deposits that will be transferred in Egyptian pounds, there will be 24 billion dollars in immediate liquidity.
According to Prime Minister Madbouly, the government will be able to overcome its present hard cash shortage with the quick FDI and that the projected minimum amount of Emirati investments for this project will be $150 billion.&nbsp;
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On a side note, Ras El Hekma would be constructed on an unparalleled 40,600 feddans of land. He emphasized that the project would include residential neighborhoods, upscale international hotels, vacation destinations, entertainment venues, and service facilities including hospitals, colleges, and schools.
In addition, it will include administrative buildings, a central business area that will draw multinational corporations, and a free economic zone for logistics hubs and information technology sectors.
As stated by Dr. Madbouly, the proposal would also include a sizable port for cruise ships and yachts. "We expect the new city to attract 8 million tourists to Egypt upon completion," he added. Dr. Madbouly noted that an international airport will be established and developed south of the city, as both sides have agreed.&nbsp;
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