Egypt and UAE forge cooperation to launch Ras El-Hekma development project

Egyptian President Abdel Fattah El-Sisi and UAE President Mohammed bin Zayed Al Nahyan have witnessed the launch of the Ras El-Hekma development project on Egypt's northwest coast, marking a pivotal milestone in the expansion of economic collaboration between the two nations. This is reported by Daily News Egypt, a partner of TV BRICS.

With US$110 billion in investment allocated for the Ras El-Hekma city's development, Egypt is set to benefit from 35 per cent of the profits generated by the project. The launch event, attended by Egyptian Prime Minister Mostafa Madbouly and key business leaders from both countries, officially kicked off this initiative, which aims to transform the region into a significant urban hub.

During the ceremony, the presidents were presented with a comprehensive overview of the project's objectives, components, and its far-reaching economic, investment, real estate, tourism, and environmental impacts. Discussions also centred on the unique advantages of the region, the integrated services offered by the project, and the opportunities it represents for both development and economic growth.

A major highlight of the event was the signing of contracts between Egyptian and Emirati companies to initiate the project's construction phase. Both presidents extended their gratitude to the teams and individuals involved in the project's planning, highlighting it as a shining example of an effective partnership for growth between Egypt and the UAE. They also stressed the role the project will play in further bolstering economic and investment relations between the two countries.

Moreover, several partnerships between international, Egyptian, and Emirati firms were announced to drive innovation in electric vehicle technology within the Middle East and North Africa region, further solidifying the commitment to a sustainable future.

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