ADQ to Inject $35B to Develop Ras El-Hekma Coastal City and Boost Egypt’s Economic Growth

In February 2024, the ADQ-led consortium unveiled plans to invest USD 35 billion in Egypt. ADQ will disburse USD 24 billion for the development rights of the new city of Ras El-Hekma Mediterranean Coastal Resort City and another USD 11 billion to support Egypt’s economic growth.

The Master Plan for the Ras El-Hekma Smart City calls for developing it into a holiday resort destination, a financial center, and a free trade zone to boost tourism and economic development, in a similar fashion to Dubai. The Government of Egypt will retain a 35% stake in the Ras El-Hekama development. By 2045, the new city project of Ras El-Hekma targets mobilizing up to USD 150 billion in investments and will be supporting 750,000 direct and indirect jobs.

“This investment underscores our commitment to developing Ras El-Hekma into one of Egypt’s most attractive coastal destinations through the enablement of mega-infrastructure and development projects, working with partners such as Modon Properties and Talaat Moustafa Group, which will deliver value across multiple sectors of Egypt’s vibrant economy.”

ADQ CEO Hassan Alsuwaidi

Egypt ambitions to make Ras El-Hekma a world-class tourist destination with hotels, marinas and entertainment facilities. Designed under the Smart City concept, it will be a pleasant place to live, work and play while paying attention to sustainability. Ras El-Hekma targets 8 million tourists annually and construction work is scheduled to start in 2025.