A new tourist resort to appear in Egypt on the Mediterranean coast
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A new tourist resort to appear in Egypt on the Mediterranean coast

News  
04-09-2024
 
Source: Pexels
A new tourist resort Ras al-Hekma will appear on the Mediterranean coast in Egypt. According to the project, the "new generation city" will be a developed tourist area, a financial center, as well as a free economic zone with world-class infrastructure. Ras al-Hekma will also have its own airport. On April 8, the Government approved the allocation of land plots for the construction of an international air harbor.

A resort area of more than 170 square kilometers will be erected on the site of a small town with a population of 10 thousand people that currently exists there. The project will be implemented by an Emirati company. Back in February, Egypt and the UAE signed a corresponding investment agreement worth $35 billion. Funds for the construction of $24 billion will be allocated by ADQ, an investment holding company headquartered in Abu Dhabi, which acquires the rights to build Ras al-Hekma, and will also invest $11 billion in the construction of first-class projects in other regions of Egypt. The Egyptian government will retain a 35 percent stake in the project.

Construction work is expected to begin in early 2025. According to the Egyptian side, the resort will be able to attract up to 8 million tourists a year in the future. 

Ras al-Hekma, 350 m away from Cairo, is located in the province of Matruh on the Northern Coast, as the Egyptians call the Mediterranean. Standing on a promontory prominent in the sea, it is considered one of the historical evidences of the existence of the western gate. Once there was a port for parking ships and a resting place for kings and presidents. The summer residence, where King Farouk once escaped from the hot Cairo, has still been preserved. Later, Egyptian presidents and their family members liked to relax there.
# Egypt
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