Egypt and the UAE are joining forces to create a luxury resort near the Mediterranean Sea

By Tychyna TetianaFeb 27, 2024 23:30 PMNews
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Egypt and the UAE are joining forces to create a luxury resort near the Mediterranean Sea
The new place will attract up to 8 million tourists. Source: Freepik

The Ras El Hikma resort will be built on the Mediterranean coast, as agreed upon by Egypt and the UAE the day before, and an investment agreement worth $35 billion was signed. Egyptian officials say that this deal "is the largest in the field of direct investment in the history of Egypt."

According to the State Information Service of Egypt, it is planned that hotels and entertainment areas, as well as specialized business districts, will be built on the territory of the resort. A new international airport is planned to be built to the south of Ras El Hikma.

The agreement was signed by Egyptian Housing Minister Asem El-Gazzar and UAE Investment Minister Mohamed Al Suwaidi in the New Administrative Capital. It is planned that this will be a huge new urban, business, and tourist center on the northern coast of the country. The project to the west of Alexandria on the north coast will be implemented by the New Urban Communities Authority and Abu Dhabi Development Holding Company.

It is noted that the new project will change the North Coast and the face of the country in the long term. The Emirates' investment in the project, the largest of its kind in Egyptian history, is expected to reach at least $150 billion. The project will include residential areas, prestigious international hotels, tourist resorts, major entertainment and service facilities such as hospitals, schools, and universities.

There will also be administrative and office buildings, a free economic zone for information technology industries and logistics centers, and a central business district that will attract global companies. The project will also include a large marina for tourist yachts and ships.

"We expect that the new city will attract 8 million tourists to Egypt after its completion," Egyptian officials say. Both sides agreed to create and develop an international airport south of the city.

Earlier, TravelWise warned British tourists about vacationing in Egypt and Cyprus.

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