Egypt’s Ras El-Hekma project to include free zone

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Ras El-Hekma city in Egypt, being developed by the Abu Dhabi Developmental Holding Company (ADQ), will include a free zone to facilitate the establishment of investment and financial projects, two unnamed sources familiar with the matter told Asharq Business.

This step aims at easing the process of setting up a global financial hub in Ras El-Hekma city, along with attracting foreign investments, one of the sources said.

Ras El-Hekma Company, a yet-to-be-established firm that will oversee the project’s development, will obtain a golden license from the General Authority for Investment and Free Zones (GAFI) to begin construction work in the free zone, the source added.

In February, Talaat Moustafa Group Holding (TMG) partnered with ADQ and Modon Properties to develop Ras El Hekma project.

Egypt will receive $35 billion in foreign direct investment (FDI) from ADQ for the Ras El Hekma project.