Negotiations between Egypt and UAE ongoing for Ras El Hekma land agreement

Egyptian authorities are in talks with the United Arab Emirates (UAE) to develop a massive new city project in Ras El Hekma, a coastal area near Alexandria. The project, which could attract up to $150 billion in investments, aims to boost the Egyptian economy and create new opportunities for tourism and development.

Nader El Biblawi, chairman of the Egyptian travel agents association, revealed that negotiations are still ongoing and that contracts are being finalized. However, he emphasized that the details of the deal are not yet concrete, and the timeline for the project remains uncertain.

The proposed city in Ras El Hekma will cover 170 square kilometers, making it nearly a fifth of the size of Abu Dhabi city. The development plans include tourism and residential areas, investment zones, technology and light industry facilities, amusement parks, a marina, and an airport. This ambitious project is set to begin in early 2025, with the goal of transforming the area into a modern and vibrant urban center.

In addition to the Ras El Hekma project, discussions are also underway with Saudi Arabia to develop Ras Gamila, a stretch of seaside near Sharm el-Sheikh. El Biblawi described the Ras Gamila project as still in its early stages, with Saudi Arabia waiting to gauge the success of the Ras El Hekma development before moving forward.

Ras Gamila is strategically located across the Red Sea from Saudi Arabia’s NEOM megaproject, a futuristic city being built from scratch. The potential collaboration between Egypt and Saudi Arabia in developing Ras Gamila could create an Egyptian-Saudi Riviera, offering a new destination for tourists and investors alike.

The proposed developments in Ras El Hekma and Ras Gamila align with broader regional plans for economic growth and cooperation. Saudi Arabia’s vision for NEOM and the proposed bridge across the Straits of Tiran demonstrate the potential for cross-border partnerships and infrastructure projects that could transform the region.

As negotiations continue and plans take shape, the future of these projects holds significant promise for both Egypt and Saudi Arabia. The creation of new cities and economic hubs along the Red Sea coast could open up opportunities for trade, tourism, and investment, driving growth and development in the region.

While the details of the agreements are still being finalized, the potential impact of these projects on the Egyptian economy and the broader region is substantial. As the discussions progress, stakeholders will be watching closely to see how these ambitious plans unfold and what opportunities they may bring for the future.