UAE’s ADQ-led consortium to invest $35bn in Egypt

SINGAPORE (ICIS)–A consortium led by UAE’s ADQ, an Abu Dhabi-based investment and holding company, plans to invest $35bn in Egypt, inclusive of the $24bn rights to develop the coastal region of Ras El-Hekma.

The remaining $11bn will be invested in other prime real estate projects in the north African country, ADQ said on 23 February.

The 170m-square metre Ras El-Hekma in Egypt is envisioned to be a mixture of a holiday destination, financial centre and free zone in the Mediterranean.

Work on the project is expected to begin in early 2025, with the Egyptian government retaining a 35% stake in the development, ADQ said.

“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 managing director and CEO Mohamed Hassan Alsuwaidi said.

Modon Properties is based in the UAE while Talaat Moustafa is a major property developer in Egypt.

Ras El-Hekma is expected to attract more than $150bn in investments over time, ADQ said.

The site is designed to “attract foreign direct investment, boost trade, support Egypt’s private sector via an in-country localization program and drive job creation to maximize economic benefits,” ADQ said.

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