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Authorities in Egypt have approved the establishment of a special free zone and international tourist port in the Ras al-Hikma peninsula, west of Alexandria, a cabinet statement said on Wednesday.
In February, Egypt signed a $35 billion investment deal with the United Arab Emirates to develop the peninsula.
The approval also provides that the Ras al-Hikma Urban Development Project Company establish a specialised international tourist port in the new city of Ras al-Hikma.
Abu Dhabi Developmental Holding Company (ADQ) has been given the rights to develop the Ras al-Hikma project.
The $35 billion contract is considered Egypt’s largest foreign investment deal. Additionally, the value of the deal is divided into $24 billion in cash liquidity, and $11 billion from the UAE’s deposits with the Central Bank of Egypt (CBE).
In a recent interview with CNBC Arabia, Finance Minister, Mohamed Maait, said that Egypt will receive about $20 billion from the second tranche of the Ras al-Hikma project until the end of May 2024.
